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Nifty closes below key 23,070 support after breakdown

A sustained move under 23,000 could push the index toward 22,719, while upside rebounds face resistance near the September 24 gap zone.

Reported · Written up by our desk · Asia

LiveMint Markets said India’s Nifty broke down after forming an inside candle on Wednesday and then opening with a gap down on Thursday, with selling pressure building as the session progressed.

The outlet reported the index slipped below the long bearish candle’s low from September 15 and breached the horizontal support area near 23,070, closing below the June 8 swing low at 23,070.

LiveMint Markets added that the breakdown from the four month horizontal support zone has turned the short term technical outlook negative, and it noted that a sustained break below 23,000 could extend losses toward the next support level of 22,719.

On the upside, any recovery attempt, according to LiveMint Markets, is likely to run into resistance in the September 24 gap zone.

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