The Indian equity markets witnessed a subdued start to the new expiry despite supportive global cues. The benchmark index remained tentative through the session and gradually pared its early gains. Following the previous session’s upmove, the bulls failed to sustain follow-up buying, keeping sentiment cautious. After a largely range-bound session, the Nifty50 came under sharp correction toward the close amid the CAS closure, slipping to the 24200 zone, ultimately declining 0.52 percent.

The broader market participation remained broadly aligned with the underlying bullish bias, although profit booking across selects sectors capped the benchmark’s upside. Technically, the index continues to face hesitation around its 20 DEMA, and a sustained breakout above this key hurdle would be essential to trigger the next leg of momentum. Until then, the index is likely to witness some choppiness and consolidation. On the downside, a decisive break below 24200 could intensify selling pressure and drag the index toward the crucial 24050 zone, which coincides with the golden Fibonacci retracement support. On the upside, the 20 DEMA near 24300 remains a formidable resistance level. A sustained move above this barrier would help restore bullish momentum and potentially open the door toward 24500 and higher levels in the coming sessions. Hence, traders should closely monitor these key levels for directional cues and manage positions accordingly.

Going ahead, traders are advised to avoid aggressive bets until greater clarity emerges on the broader trend. Meanwhile, the broader market, particularly the mid and small-cap segments, along with select thematic movers, continues to offer opportunities. Participants should therefore maintain a focused approach and selectively track these themes for potential trading opportunities in the near term.

Key levels to watch

NIFTY

Support: 24150- 24050

Resistance: 24300- 24450

BANKNIFTY

Support: 57500 – 57200

Resistance: 58000 – 58250

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