Nifty tests 23,000 support; analysts see risk of fall to 22,600

Nifty faces a critical test at its key support level of 23,000, with analysts warning of a potential fall to 22,600 if this support fails. The index has declined for seven consecutive weeks, though indicators suggest selling exhaustion. Analysts recommend strategies like buying October futures with put hedges, noting pullbacks face resistance at 23,300–23,500, with recovery only signaled above 24,000. Bank Nifty also sits near crucial support at 55,000–55,500. Stock recommendations include buying Deepak Fertilisers and EID Parry, while selling IndusIndbk and Paytm, with varied technical setups across different analyst views.