The Nifty may be setting up for a short-term rebound after its recent slide pushed momentum indicators close to oversold territory, while battered IT stocks are also showing early signs of a pullback, according to Anand James, Chief Market Strategist at Geojit Investments. James sees 23,720 as the initial upside level for the Nifty, even as a break below the 23,260–23,000 zone could reopen deeper downside risks. In IT, easing momentum pressure and improving derivatives positioning suggest the sector could attempt a recovery towards 29,300–30,200.
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