Nifty Signals Bottom Reversal, Faces Key Resistance Near 23,600

Authored By HDFC SKY | Last Modified: Mar 25, 2026 05:40 PM IST

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Nifty witnessed sharp upmove for the second consecutive sessions on Wednesday and closed the day higher by 394 points. After opening with an upside gap, the market moved up sharply in the early-mid part of the session. It was not able to surpass the hurdle of 23400 levels in the mid-to- later part of the session and finally closed near the highs.

A long bull candle was formed on the daily chart with minor upper shadow. Technically, the market action of the last two sessions indicates a formation of crucial bottom reversal around 22500 levels (23rd March). Presently, Nifty is encountering previous opening down gap resistance of 19th March around 23400-23600 levels.

The underlying trend of the market continues to be positive. Further sustainable upside from here could pull Nifty towards the next upside of 23850 levels in the near term. Any consolidation/dip from here could find support around 23000 levels.

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