Dalal Street Week Ahead: Can Nifty defend the 23,000 support zone?

Nifty traded with a negative bias through the week and ended lower. The index oscillated in a 476.75-point range before settling at 23,346.40. 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. Volatility cooled during the week; India VIX declined 7.32% to 11.39. Nifty eventually finished the week with a loss of 51.70 points (-0.22%).The broader technical structure remains corrective and range-bound. Nifty has slipped below its 20-week average at 23,955.75 & the 100-week moving average at 24,386.81, while the 50-week average at 24,641.63 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.