Nifty Needs to Reclaim the 23,300-23,400 Zone to Turn Bullish, Says Enrich Money

Enrich Money: Nifty showed stabilisation above 23,200. Key resistance 23,300-23,400; break above opens 23,500-23,600. Support 23,100-23,070. Oil near $100/barrel keeps investors guarded.

Updated: 18 Sept 2026 • 9:08 am

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Nifty Needs to Reclaim the 23,300-23,400 Zone to Turn Bullish, Says Enrich Money

Quick Answer

Nifty needs to reclaim the 23,300-23,400 zone to meaningfully improve its near-term structure, according to Ponmudi, in a note carried by Moneycontrol. He said the index showed signs of stabilisation after holding above 23,200 in the previous session, though the broader near-term structure remains weak. A sustained move above 23,400 could open the way toward 23,500-23,600, while 23,100-23,070 stands as the crucial support zone on the downside. Separately, Ponmudi R, CEO of Enrich Money, flagged that while WTI crude's pullback from its recent peak offers some macro relief, oil hovering near 100 dollars a barrel remains high enough to keep investors cautious given its potential impact on India's import bill, inflation outlook and corporate margins, with continuing geopolitical uncertainty adding to the overhang.

Nifty needs to reclaim the 23,300-23,400 zone before its near-term structure can be called genuinely bullish again, according to Ponmudi at Enrich Money, even as the index showed early signs of stabilisation after holding above the 23,200 mark in the previous session.

Separately, in comments on the broader macro backdrop, Ponmudi R, CEO of Enrich Money, said that while the recent pullback in WTI crude from its highs has offered some relief, oil prices near 100 dollars a barrel remain elevated enough to keep investors cautious, given the knock-on effects on India's import bill, inflation trajectory and corporate profit margins.

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Table of Contents

Reading the Nifty 23,300-23,400 Zone

Ponmudi's framework treats 23,300-23,400 as the key resistance band standing between the current stabilisation attempt and a more durable recovery. A sustained close above 23,400 would, in his view, open the path toward 23,500-23,600, a meaningful extension from current levels rather than a marginal move.

On the downside, he flagged 23,100-23,070 as the crucial support zone. A break below that band would likely undercut the stabilisation narrative built over the past couple of sessions and put the index back into a more defensive posture.

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Why the Near-Term Structure Still Looks Weak

Despite the index holding above 23,200, Ponmudi's assessment that the near-term structure remains weak points to a market that has stopped falling without yet building convincing upward momentum. This kind of range-bound, resistance-capped action is typical after a period of volatility, when buyers and sellers are still testing each other's conviction at specific price levels rather than one side clearly winning out.

Traders watching the Nifty 23,300-23,400 zone specifically should treat it as the line that separates a genuine trend change from a temporary pause within a broader consolidation, rather than assuming stabilisation alone confirms a bottom is in place.

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Oil Near $100 a Barrel Remains a Macro Overhang

On the commodity side, Enrich Money's Ponmudi R noted that WTI crude's decline from its recent peak has eased some pressure, but with prices still hovering close to 100 dollars a barrel, the macro caution has not fully lifted. Elevated crude directly affects India's import bill, since the country imports the vast majority of its crude requirements, which in turn feeds into both the trade deficit and domestic inflation readings.

For corporates, sustained high oil prices raise input and logistics costs across multiple sectors, from aviation and paints to chemicals and tyres, squeezing margins even when topline demand holds up. Continuing geopolitical uncertainty, which has been a recurring driver of oil price volatility this year, adds a further layer of unpredictability that keeps this factor on investors' watch list.

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Conclusion

Enrich Money's view frames the next leg for Nifty around a specific technical band, the 23,300-23,400 zone, while flagging oil near 100 dollars a barrel as a genuine, ongoing macro constraint rather than a resolved risk. Investors should track both the index's behaviour around these levels and crude oil trends in the coming sessions, and should consult a SEBI-registered investment adviser before making investment decisions.

Disclaimer: Data and figures in this article are sourced from publicly available information. These may or may not be accurate. Please verify all data with the official NSE (nseindia.com) and BSE (bseindia.com) websites before making any investment decision. Investments in securities are subject to market risk. This content is for educational purposes only and is not investment advice by Univest (SEBI RA INH000013776).

FAQs

What does Enrich Money say Nifty needs to do to turn bullish?

Ans. Enrich Money's Ponmudi says Nifty needs to reclaim the 23,300-23,400 zone, its key near-term resistance, with a sustained move above 23,400 potentially opening the way toward 23,500-23,600.

What is the key support level for Nifty right now?

Ans. Ponmudi flagged 23,100-23,070 as the crucial support zone on the downside.

Has Nifty shown signs of stabilisation recently?

Ans. Yes. Nifty showed signs of stabilisation after sustaining above 23,200 in the previous session, though the near-term structure remains weak according to Enrich Money.

Why does Enrich Money remain cautious on oil prices?

Ans. Enrich Money's CEO Ponmudi R said oil near 100 dollars a barrel remains high enough to keep investors guarded, given its potential impact on India's import bill, inflation outlook and corporate margins.

Has the recent decline in oil prices removed investor caution?

Ans. Only partially. The pullback in WTI crude from its recent peak has offered some macro relief, but prices remaining near 100 dollars a barrel and continuing geopolitical uncertainty keep the overhang in place.