The Indian equity market opened on a flat to negative note and extended its losses during the first hour of trading, weighed down by global uncertainties and weakness in domestic heavyweight counters. However, the benchmark index stabilized near the 100-DEMA, which coincided with the previous session’s low, leading to a temporary recovery. For the remainder of the day, market activity remained largely range-bound with subdued volatility. Despite intermittent respite, the benchmark index failed to sustain higher levels and ultimately closed below the 24200 zone, ending with a decline of 0.21%.

Technically, the formation of a small-bodied candlestick on the Nifty50 chart reflects indecision among market participants, which is even reflected by the even steven in advances and declines in the broader markets. The overall chart structure remains unaltered, with limited price movement and the index continuing to hold above its key exponential moving averages (EMAs), indicating resilience despite subdued momentum. As long as Nifty sustains above the crucial 24100-24000 support zone, the broader outlook remains constructive, with any corrective move likely to present buying opportunities. On the upside, the 24300-24350 zone is expected to act as an immediate resistance, while the 24500 level continues to be a significant hurdle. A decisive breakout above this level would be required to trigger a stronger upward momentum.

Going forward, maintaining disciplined risk management remains imperative until greater clarity emerges on the market’s directional trend. In the interim, traders are advised to adopt a stock-specific approach, focusing on fundamentally and technically strong opportunities while aligning their trading decisions with the key support and resistance levels highlighted for the benchmark index.

Key levels to watch

NIFTY

Support: 24100 – 24000

Resistance: 24300 – 24350

BANKNIFTY

Support: 57500 – 57250

Resistance: 58350 – 58700

Osho Krishan, Chief Manager – Technical & Derivative Research, Angel One.