Indian equity markets have been grinding through a corrective phase marked by lower highs and lower lows, but one technical analyst sees a potential inflection point forming. Dharmesh Shah, AVP Technical Analyst at ICICI Direct, laid out his short-term roadmap for Nifty and Bank Nifty in an interview with ET Now, flagging a critical resistance zone and a breakout stock to watch.
Shah noted that across recent trading sessions the Nifty has been making a consistent lower-top, lower-bottom formation, with no session closing above the previous session's high. That changes, he said, only if the index manages a decisive close above 23,350 to 23,400, a confluence zone where the falling trendline and the 10-day exponential moving average (EMA) are both converging.
