The Indian equity markets commenced the week on a subdued note and remained confined within a narrow 300 point range, reflecting persistent investor tentativeness. The benchmark index oscillated around the cluster of short and medium-term EMAs before eventually slipping below these key moving averages by the weekly close. Amid continued hesitation at elevated levels, the Nifty50 index concluded the week on a negative note, declining 0.31% to settle near the 24175 zone. The cautious undertone highlighted lingering uncertainty and restrained participation across the broader market.

The technical setup continues to reflect hesitation and uncertainty in the directional trend, with the benchmark index oscillating between strong structural support near the 24050 zone, marked by the golden retracement, and resistance around the 24370 level, represented by the 200-DEMA. On the downside, a decisive breakdown below the 24050-24000 support zone could trigger further weakness toward the 23890-23820 region, where the prevailing bullish gap is expected to provide a cushion. On the contrary, the 24350-24370 zone is likely to act as an immediate resistance cluster. A sustained breakout above this hurdle would strengthen the outlook and potentially pave the way toward the 24500 mark in the near term. For now, the broader bias remains sideways to positive as long as the 24050 golden retracement holds. Accordingly, market participants are advised to maintain a cautious approach, closely monitor these key technical levels, and align their positions with the evolving price action.

Going ahead, market participants are advised to closely track key triggers that could determine the near-term market trajectory. Developments on the global front are likely to act as catalysts, providing much-needed momentum and greater clarity on the prevailing trend. Meanwhile, investors should refrain from taking aggressive bets and instead focus on selective opportunities within the broader market. Thematic and sector-specific movers are likely to offer relatively better performance amid the prevailing market environment.

Key levels to watch

NIFTY

Support: 24050 – 24000

Resistance: 24350 – 24370

BANKNIFTY

Support: 57200 – 57000

Resistance: 57800 – 58000

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