Nifty50 Rises for Third Straight Session as Bulls Defend 23,100 - Can 23,615 Be Broken?
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Nifty50 extends its recovery with a 75.80-point gain as buyers continue to defend lower levels. Improving RSI and a strengthening short-term EMA setup support the rebound, while 23,615 remains the key hurdle for a move towards 23,800–23,920.
✨ Key Takeaways
Nifty 50 Extends Recovery for Third Straight Session as Bulls Defend Lower Levels
Nifty 50 continued its recovery on Friday, September 18, closing at 23,346.40, up 75.80 points or 0.33%. The index opened at 23,334.70 and moved to an Intraday high of 23,389.15 before witnessing some profit booking. However, buying interest emerged near the lower levels, with the index recovering from 23,286.60 and closing near the upper part of the day’s range. This marks the third consecutive session of recovery, with the index forming higher lows from the recent bottom near 23,100.
Bulls Attempt to Reclaim Key Resistance as Recovery Builds
Friday’s price action formed a bullish candle with an upper shadow, showing that buyers remained active despite some profit booking at higher levels. On the hourly chart, Nifty has moved above the short-term 8-EMA and 21-EMA, while the shorter EMAs have started turning upward. The 15-minute chart also shows the index holding above its short-term EMA cluster, supporting the improving intraday structure. However, 23,615 remains the key resistance. A sustained breakout above this level can strengthen the recovery towards 23,800–23,920, while 23,200–23,100 remains the immediate support zone.
RSI Recovers From Oversold Zone as Momentum Improves
Momentum indicators have also started improving after the recent sharp decline. The daily RSI has recovered to 33.66 from the oversold zone, indicating that selling pressure has moderated. On the hourly chart, RSI has moved above the neutral 50 level to around 52.96, while the 15-minute RSI is also holding above 50, reflecting improving short-term momentum. Despite this recovery, the daily RSI remains below 50 and Nifty is still below its major medium-term EMAs, keeping the broader trend cautious. Holding above 23,100 can sustain the higher-low structure, while a break below this level can bring 22,800–22,500 back into focus.
Disclaimer: The article is for informational purposes only and not investment advice.