Today’s session started with a strong gap-up opening driven by positive global cues, including ceasefire-related news and the RBI policy outcome, where the repo rate remained unchanged. Despite the strong start, the market remained largely range-bound throughout the day, indicating hesitation at higher levels.
In the closing session, a slight upward move was seen, suggesting buyers are still active, but a lack of strong follow-through highlights indecision near resistance zones.
Nifty View
Nifty is currently trading near resistance after a gap-up move.
Support: 23,944 – 23,909
Next Support: 23,829 – 23,793
Resistance: 24,128 – 24,146
Sustaining above 24,146 can trigger fresh upside momentum.
Failure to hold 23,944 may lead to range breakdown or profit booking.
Bank Nifty View
Bank Nifty also remained range-bound after a gap-up opening with slight strength in closing.
Support: 55,642 – 55,391
Next Support: 55,123
Resistance: 55,790 – 56,054
Sustaining above 56,054 can lead to continuation of bullish momentum.
Rejection from resistance may keep the market sideways.
Conclusion
The market showed strength due to positive news but lacked momentum to sustain higher levels, resulting in a range-bound session.
Tomorrow’s move will depend on whether the market sustains above resistance or breaks below support.
Key Takeaway:
Gap-up + range day = breakout pending. Trade only on level confirmation, avoid chasing.