#GiftNifty indicates a 120+ points gap down, reflecting a bearish outlook. However, Nifty50 may open with a smaller or no gap down at 9 AM, though the bearish sentiment is likely to persist. 

Nifty rejected 23,350, forming a bearish engulfing weekly candle, invalidating last week’s bullish harami.

Bank Nifty remains weak, trading below its channel with red daily and weekly candles.

Monthly candles for Nifty and Bank Nifty are negative, heading for their lowest closes since June and March.

Key supports are 23,000 and 22,800 for Nifty, with 23,270 and above as resistance.

FII is long on calls and puts, Pros are short on calls and long on puts, while clients are heavily short on puts.

Midcap and small-cap indices are bearish, with a breakdown risking significant correction.
#GiftNifty