Today market opened flat, and both Nifty & Bank Nifty initially showed strong buying momentum from lower levels. Buyers pushed price towards key resistance zones in the first half.
However, higher levels witnessed strong absorption in order flow, leading to rejection from resistance zones. After the pullback, market respected key support areas and closed with consolidation after a minor recovery bounce.
As it was monthly expiry, volatility remained high with sharp intraday swings and rotational movement.
NIFTY
Support: 23,905 – 23,880
Next Support: 23,835 – 23,797
Resistance: 23,965 – 24,010
Major Resistance: 24,046 – 24,128
View:
Above 23,905, bounce can continue towards 23,965–24,010.
Above 24,010, momentum may extend towards 24,046–24,128.
Below 23,880, weakness may continue towards 23,835–23,797.
BANK NIFTY
Support: 55,125 – 55,000
Next Support: 54,770 – 54,480
Resistance: 55,324 – 55,400
Major Resistance: 55,600 – 55,905
View:
Holding above 55,125 can push Bank Nifty towards 55,324–55,400.
Above 55,400, momentum may extend towards 55,600–55,905.
Below 55,000, weakness may continue towards 54,770–54,480.
Market Sentiment
Imbalance buying from lower levels
Higher zone absorption visible in order flow
Resistance rejection followed by consolidation closing
Trading Plan
Avoid chasing volatile moves
Watch support reactions for bounce setups
Wait for proper breakout confirmation before momentum trades