Nifty50 Slips Towards 23,750 as Sellers Take Control - Is 23,600 Next?
Join Us
Follow Us
The index breaks below its rising trendline and remains under key EMAs, while weak RSI keeps the short-term setup bearish with 23,750–23,700 now the crucial support zone.
✨ Key Takeaways
Nifty50 Extends Friday's Weakness as Sellers Drag the Index Towards 23,750
Nifty opened 14.55 points lower on Monday and stayed under pressure for most of the session. It kept slipping, but found some buying interest near 23,737 and managed a small recovery to close at 23,779.15. Heavyweights added to the pain too - Infosys and Reliance alone dragged the index down by about 50.91 points. This weakness is really an extension of Friday's gravestone doji, and with the close happening here, the 23,750–23,700 zone now becomes the key area to watch next.
Price Slips Below the Rising Trendline, Putting 23,600 on Watch
The bigger picture has taken a hit too - Nifty has now slipped below the rising trendline that was visible on the daily chart, and it's trading close to an important support zone. On the hourly chart, the pattern keeps repeating itself: lower highs, lower lows, and every bounce toward the EMA cluster getting sold into. Immediate resistance is around 23,900, with 24,000 further up. Unless Nifty can push past these levels with some strength, buyers really don't have control here yet.
RSI Remains Below 50 as Key EMAs Keep the Pressure on
The indicators aren't offering much comfort either. Daily RSI has dropped to around 34.72, and the hourly RSI isn't far behind at 37 - both well under the neutral 50 mark, confirming momentum is still with the sellers. Price staying below the major EMAs on both timeframes just adds to the case that the short-term trend is weak. Tomorrow, the 23,750–23,700 zone is what matters most - hold it, and a short-term bounce is possible; break below it, and the slide could stretch toward 23,600.
Disclaimer: The article is for informational purposes only and not investment advice.