Nifty Tests Identical Support Near 23,070
Nifty opened with a gap-down below the flagged 23,300 support and extended losses to test the identical support near 23,070 — a level last hit back in June 2026 — briefly slipping below it before closing near 23,083, right in that zone. Rising yields and a weak global risk tone added to the pressure through the session.
RSI at 22.59 is deep in oversold territory, reflecting the sharpness of the fall. While oversold readings can precede a bounce, they can also persist through a strong trending move, so caution is warranted on aggressively fading the downside.
Resistance: 23,100-23,160 cluster, then 23,220 and 23,360. Support: 23,070-23,060 (identical support), then 22,980 and 22,890.
23,160 is the major resistance to track for the day — until this holds, the bias stays slightly on the lower side. A sustained move above 23,160 while holding 23,070 would support a double-bottom setup at this identical support, opening the path toward 23,220 and 23,360. If 23,160 continues to cap the upside and 23,070-23,060 gives way on a sustained basis, the index could see further downside toward 22,980 and 22,890.
