“Sudeep Shah, Vice President and Head of Technical & Derivatives Research at SBI Securities, holds a bearish outlook for the Nifty in the near term. He notes the index is in a strong downtrend, having corrected over 12% in 27 sessions, and has closed below the crucial 61.8% Fibonacci retracement level, with weekly RSI at 30.43, its lowest since the COVID-19 market fall. Shah identifies immediate support for Nifty at 22,850-22,800, warning that a sustainable move below 22,800 could lead to a further correction towards 22,500, while 23,450-23,500 acts as immediate resistance.”

Sudeep Shah’s track record: 14 graded calls · 95% CI 16–61%