Nifty traded with a negative bias through the week and ended lower. 40.

The close near the lower half of the weekly range reflects renewed selling pressure, although the index continues to hold above the important 23,000–23,100 support zone created by the most recent swing low. 39.

22%). The broader technical structure remains corrective and range-bound.

63 remains considerably higher. More immediately, 23,500, the support that was recently violated, has now turned into the first important resistance.

At the other end, 23,000–23,100 remains the key support zone. This leaves the index compressed between nearby resistance and an important support.

A sustained move back above 23,500 could trigger a larger technical rebound, while a decisive break below 23,000 would weaken the structure and raise the odds of a deeper retracement toward the 200-week moving average region. ET CONTRIBUTORSMarkets are likely to see a tentative and largely range-bound start to the coming week unless either boundary of this immediate trading zone is violated.

Resistance is expected at 23,500 and 23,780; support is placed at 23,100 and 22930. With India VIX at relatively subdued levels, volatility expectations remain contained, though a break below 23,000 could quickly alter that environment.

39 and continues to remain below the neutral 50 mark. Theweekly MACD has shown a negative cross over; it is now bearish and stays below its signal line.

Pattern analysis shows Nifty continuing to operate within a broad consolidation structure. The index is now trading below several important weekly averages, keeping overhead resistance concentrated between roughly 23,950 and 24,650.

At the same time, rising long term trend support and the 200-week moving average, currently near 22,565, remain below the Index's current level. The 23,000–23,100 swing-low zone therefore assumes particular importance: holding it would preserve the possibility of another recovery within the broader range, while a breakdown would expose the index to the lower end of its long-term support structure.

The coming week warrants a measured, stock-specific approach while avoiding aggressive directional exposure. Fresh buying may be kept selective while Nifty remains below 23,500, and existing profitable positions should be managed with appropriate protection.