Nifty Stays Range-Bound; IRFC Tests Trendline

Nifty could not build on the previous session’s move. It stayed within the 22,650-22,500 pivot cluster, dipped towards 22,600 and closed near 22,625, in line with the broad range expected in the previous view. A slightly higher US CPI print dragged risk assets lower overnight, and GIFT Nifty is marginally lower. RSI at 53.24 has cooled from the overbought zone to just above the midline. Resistance: 22,650 / 22,740 / 22,840. Support: 22,450-22,400 / 22,150. A move above 22,650 on a half-hour closing basis could give the bulls an edge. If 22,650 holds, the 22,520-22,450 zone may come into focus.

(4H) has recovered about 8% from the 74 swing low and is now around 79.70, at a falling trendline drawn from the August highs. RSI at 58.50 has been making higher lows while price made lower lows, a positive divergence, and volumes have picked up on the rebound. The 81.5 area, the early-October high, is the next hurdle after the trendline. Support sits near 77-77.5, then 74. A positive RSI divergence shows selling momentum fading while price is still falling, and it gains weight when price also moves above a falling trendline. Disclaimer:This is for educational purposes only and is not investment advice. Please consult your financial advisor before making any investment decisions. SEBI Registered Research Analyst — INH000025212.