Nifty Slips Below 23,015; PSU Banks in Focus
Nifty could not sustain above the 23,111 monthly resistance flagged in Monday’s view. It slipped below 23,030, came close to the 22,850 area and closed near 22,875, below the 23,015-22,920 pivot cluster. RSI at 37.81 has fallen sharply from the overbought zone to below the midline, showing weaker momentum.
GIFT Nifty is about 74 points higher as of this writing, which points to a possible gap-up towards 23,000.
Resistance: 23,111 / 23,300. Pivot cluster: 23,015-22,920. Support: 22,759 / 22,630.
Sustaining above 23,015 could bring 23,111 back into view, and holding above that for half an hour to an hour could open 23,300. A move below 22,920 on a half-hour or hourly closing basis could bring 22,759 and then 22,630 into focus.
Nifty PSU Bank rose 2.46% to 8,294 on Monday and is pressing against a falling trendline drawn from the August high, around 8,320-8,350. RSI at 54.74 has moved above the midline from near-oversold levels in early October.
