Amid mixed global cues, domestic markets opened firmly, with benchmark indices displaying renewed strength after momentum paused in the previous session. Although bullish sentiment remained resilient, investors showed caution at elevated levels, prompting the market to surrender part of its intraday gains. Nevertheless, underlying sentiment stayed broadly constructive throughout the session. Following the CAS, the Nifty50 index settled marginally above the 23,440 zone, ending the day with a modest gain of 0.50 percent, reflecting measured optimism despite persistent volatility in the broader domestic market.

The price action remained subdued, with the index confined to a narrow range and offering limited clarity regarding the near-term market trend. The market outlook is expected to remain cautious until the benchmark index reclaims the 23,500 level on a sustained basis. From a technical analysis perspective, the 23,500–23,580 zone represents an immediate and formidable resistance area, and a decisive breakout above this band would be necessary to revive bullish momentum and potentially propel the index towards the next key resistance near 23,800.

On the other hand, the 23,350–23,000 region is expected to provide support levels against short-term declines, and only a sustained breakdown below this zone may open the path towards the 23,120–23,100 levels in the forthcoming sessions. Until the index establishes a clear direction beyond the prevailing intermediate trading range, traders should adopt a disciplined, range-bound trading strategy, favouring buy on declines near support and profit-booking or selective selling on rallies approaching resistance, while maintaining appropriate risk controls and closely monitoring volume confirmation for stronger directional cues.

Going ahead, global developments are expected to significantly influence market direction, making it essential for investors to remain closely informed about evolving economic and geopolitical cues. Meanwhile, until broader clarity emerges across the benchmark indices, market participants should prioritise selective, stock-specific opportunities, supported by disciplined position sizing, clearly defined trading levels, and robust risk-management practices.

Key Levels to Watch

NIFTY

Support: 23,350–23,300
Resistance: 23,500–23,580

BANKNIFTY

Support: 56,200–56,000
Resistance: 56,750–56,900

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