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Nifty 50 rebounds, with 23,600 remaining key resistance

The Nifty closed near 23,450, gained nearly 118 points, and needs to clear 23,489 to confirm the recovery and target 23,600.

Reported · Written up by our desk · North America

LiveMint Markets reported the Nifty 50 recovered on Wednesday after selling pressure near 23,500, gaining nearly 118 points to settle close to 23,450, its highest close in nearly two weeks.

The index formed a bullish candle and held its early session low, while Wednesday’s range stayed inside Tuesday’s bearish engulfing pattern. The report said the bearish setup has not been negated yet, with the Nifty needing to move above Tuesday’s high of 23,489 for stronger momentum.

Resistance is cited at 23,489 to 23,600, where 23,600 is described as a major hurdle based on a change-in-polarity framework. On the downside, immediate support is placed at 23,350, followed by 23,285, and a break below 23,285 could weaken the rebound.

The report also noted that GNA Axles rallied nearly 75% from June lows to a high on July 16 before entering a counter trend corrective phase.

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