Nifty forms Inside Bar Candle, possible correction below 23,600

The Sensex and Nifty50 opened higher on Tuesday, recovering from their worst performance in three months.

The Nifty formed an inside bar candle on the daily chart, closing near the 23,700 mark. However, market sentiment remains cautious. If the index falls below the 23,600 level, it could trigger further corrections towards immediate support levels at 23,400 and 23,000. On the upside, resistance is seen at 23,800 and 24,000.

Technical indicators present mixed signals. The RSI at 43 points to bearish momentum, while the Stochastic RSI shows a bullish crossover, indicating a potential short-term recovery. This divergence suggests that market direction remains uncertain, and traders should stay vigilant, according to Mandar Bhojane from Choice Broking.

In open interest (OI) data, the highest OI on the call side was seen at strike prices 24,000 and 23,800, while the highest OI on the put side was at 23,500, followed by 23,700.

Key Levels to Watch:

Immediate Support: 23,600, 23,400, 23,000

Immediate Resistance: 23,800, 24,000

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