Immediate support for the Nifty 50 is placed near 22,700–22,500, followed by a stronger base around 22,200. On the upside, resistance is at 23,300, with a more significant hurdle near 23,500–23,600, close to short-term moving averages. In the near term, the index may witness a relief rally supported by short covering and improving sentiment. However, global cues, such as crude oil volatility and geopolitical developments, remain key risks. A decisive move above resistance levels could trigger further upside, while failure may lead to renewed consolidation.
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