Trade Setup for January 23: Nifty outlook remains weak even as short-term bounce unfolds

The Nifty opened with a strong upside gap of 187 points and remained firm for the first 45 minutes of trade. However, sentiment turned after 10 am, with the Nifty slipping as much as 267 points to an intraday low of 25,168. Buying interest emerged precisely near the 200 DEMA placed at 25,164, triggering a sharp 164-point rebound in the final hour of trade.

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