Nifty Pre-Open: Channel Holds; Intellect in Focus
As expected, Nifty took good support near the 23,300 levels and opened higher, testing the 23,400-23,450-objective flagged in yesterday's view, before settling at 23,428.90. GIFT Nifty is trading higher by nearly 70-80 points from yesterday's close, pointing to a positive start. RSI at 62.68 holds well above the midline, reinforcing the constructive tone built up through the rising channel since the 23,120 low.
Resistance: 23,500, then 23,550. Support: 23,420-23,380 cluster, then 23,330 and 23,255.
Given the positive GIFT Nifty cues, the index could test the 23,500-23,550 zone today. A sustained slip below the 23,420-23,380 support for half an hour could open the way toward 23,330, followed by 23,255. Until then, the view stays positive.
Options data shows Nifty PCR at 1.17, Put OI (21.69 Cr) ahead of Call OI (18.61 Cr), with the heaviest Put concentration near 22,950-23,350 and Call build-up emerging near 23,450-24,150. (Source: Sensibull)
has formed a bullish engulfing candle after a prolonged decline since July, with the pattern's high at 668 and low at 642.70 marking the two reference points. A close above 668 would confirm the engulfing pattern, while a break below 642.70 would negate it.
An engulfing candle's significance is defined by patterns high and low — a close beyond either level, not the candle alone, is what confirms or negates the read.
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.
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