Indian markets began the session on a subdued note, tracking mixed global cues. The benchmark indices remained hesitant as bulls failed to maintain previous day’s momentum, resulting in a choppy and range-bound trading session. Despite intermittent attempts to recover, the Nifty50 struggled to gain decisive traction and remained largely confined within a narrow range. Nevertheless, the index managed to close above the crucial 22600 mark, ending the session with a modest decline of 0.76 percent.

The technical structure remains largely unchanged, with the overall setup continuing to reflect a cautious and somewhat weak undertone. The index is still struggling to stage a meaningful recovery following recent developments. Momentum indicators remain mildly oversold, with the RSI hovering close to the oversold threshold, suggesting limited directional conviction at the current juncture. On the levels front, 22500 is likely to serve as an immediate support zone, while a decisive break below this level could intensify selling pressure and drag the index towards 22300 in the near term. Conversely, the 22700-22800 zone is expected to act as a formidable resistance area. Only a decisive and sustained move above this band could help restore buying momentum and improve the near-term market outlook.

Going ahead, the commencement of the quarterly earnings season is likely to bring renewed focus on stock-specific opportunities and could trigger heightened volatility in the coming period. At the same time, developments surrounding global concerns will remain crucial and could act as a key catalyst for the broader market trend. For now, traders are advised to maintain disciplined risk management and adopt a stock-specific approach, particularly as the broader market direction remains uncertain.

Key levels to watch

NIFTY

Support: 22500 – 22400

Resistance: 22700 – 22800

BANKNIFTY

Support: 54800 – 54500

Resistance: 55500 – 55700

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