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Nifty holds above 22,650: Will markets hit 23k or drop to 22k first? Analysts decode trends
M
Moneycontrol•06-10-2026, 12:04
Nifty holds above 22,650: Will markets hit 23k or drop to 22k first? Analysts decode trends
- •Benchmark index Nifty is trading firmly above 22,650 driven by gains in private banks, metal, and pharma shares.
- •Analysts suggest a break above 22,750 could push the index toward 23,000, while failure might lead to consolidation.
- •Immediate support is identified around the 22,400 to 22,450 zone, with key resistance placed near 22,700 to 22,750.
- •Market experts note that short-term indicators are oversold, increasing the chances of a technical bounce before a sustained trend reversal.
Key Questions Answered
Analysts note that holding above recent highs could open a pullback toward 22,750 and 23,000 levels. Conversely, a breach below the April 2026 low of 22,182 or support at 22,400-22,450 may signal extended declines toward 22,000 and the 2025 low of 21,743.
The benchmark Nifty index crossed 22,650 driven primarily by strong buying activity in private bank, metal, and pharma shares.
A meaningful trend reversal requires the index to form a sustained Higher High-Higher Low structure and successfully reclaim the 23,000-23,100 price level.
