Today’s session started with a gap-up opening, but buyers failed to sustain momentum near higher levels. Strong selling pressure emerged around resistance zones, resulting in a clear sell-on-rise market structure throughout the day.
Both Nifty and Bank Nifty witnessed repeated rejections on recovery attempts, while aggressive selling during the final hours pushed the indices near their day’s lows. The market now stands at crucial support levels, making tomorrow’s session important for determining the next directional move.
NIFTY
Support
🔹 23,180 – 23,148
🔹 23,054 – 22,970
Resistance
🔹 23,240 – 23,304
🔹 23,344 – 23,404
View: Holding above 23,180 can trigger a relief bounce, while a breakdown below 23,148 may accelerate selling pressure toward lower support zones.
BANK NIFTY
Support
🔹 55,059 – 55,008
🔹 54,824 – 54,678
Resistance
🔹 55,240 – 55,347
🔹 55,589 – 55,825
View: Bank Nifty remains relatively stronger, but rejection from higher levels keeps the market cautious. Sustaining above 55,000 is important for recovery attempts.
Key Observations
✅ Strong absorption near resistance zones
✅ Sell-on-rise structure dominated the session
✅ Aggressive selling in the final hour
✅ Indices closed near key support levels
✅ Volatility remains elevated
Trading Plan
✔ Watch support reactions during opening trade
✔ Monitor follow-through selling below today’s lows
✔ Consider long positions only after confirmation above resistance zones
✔ Stay alert to global cues and news-driven volatility
Overall Bias
Cautious to Weak. Support levels will be crucial in deciding whether the market stabilizes or extends the ongoing correction.