Nifty50 Stabilizes Above 23,100 After Sharp Fall - Recovery or Just a Pause?
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After Tuesday’s sharp decline, Nifty50 continues to defend the 23,100–23,150 zone, with daily RSI moving back toward 30. A sustained move above 23,450–23,615 would be important to strengthen the recovery setup.
✨ Key Takeaways
Nifty 50 Holds Above Key Support After Recent Sell-Off
Nifty opened at 23,195.25 and recovered from an Intraday low of 23,193.65 to touch 23,363.55, before settling at 23,270.60. After Tuesday's sharp sell-off and Wednesday's indecisive candle, Thursday's action shows things are starting to steady a bit near the 23,100-support zone. The index has managed to hold above that level so far, but the daily structure is still weak, with lower highs and lower lows in place. Resistance sits around 23,450–23,615, while a break below 23,100 would bring 22,479 into the picture.
Price Remains Below Major EMAs, But RSI Shows Early Stabilisation
The broader indicator setup is still bearish, with Nifty trading below the key EMA cluster on the daily chart. Those EMA levels are sitting well above current price, which keeps the medium-term trend under pressure. That said, daily RSI has ticked up slightly to around 29.95 after being deeply oversold, which points to some stabilisation in momentum. On the hourly chart, RSI is around 46.13, and the 15-minute RSI is near 47.69 — both showing intraday momentum has bounced back from the extreme weakness we saw during the recent fall. For a stronger recovery signal though, Nifty needs to clear 23,450–23,615 and hold there.
Consolidation Near 23,100 Support Keeps the Next Move Crucial
The hourly and 15-minute charts show Nifty consolidating after that sharp decline, with buyers repeatedly stepping in around the 23,100–23,150 zone. This rebound has brought price back closer to the short-term EMA cluster, but the index still hasn't managed a higher high yet. Wednesday's indecisive candle followed by Thursday's recovery suggests the selling pressure has eased off near support, though buyers aren't fully in control either. 23,100 remains the level that matters most — hold above it and a technical recovery toward 23,400–23,615 stays alive, but a clean break below would reopen the downside toward 22,479 and 22,287.
Disclaimer: The article is for informational purposes only and not investment advice.