Thursday’s session began with a gap-up opening, supported by strong buying in the early hours. However, as Nifty and Bank Nifty approached key resistance zones, strong absorption and profit booking emerged, leading to a sharp rejection from higher levels.
As the day progressed, long weekend positioning and news-driven volatility increased selling pressure, causing both indices to retrace most of their gains and close near important support zones.
📌 NIFTY
🔹 Support: 24,004 – 23,950
🔹 Resistance: 24,114 – 24,170
🔹 Major Resistance: 24,267
📌 BANK NIFTY
🔹 Support: 58,100 – 58,000
🔹 Resistance: 58,317 – 58,453
🔹 Major Resistance: 58,636
🔍 Key Takeaways
✅ Strong buying in the first half
✅ Absorption and profit booking near resistance
✅ News-driven volatility increased pressure
✅ Market closed near support levels
📈 Monday Bias
Above support: Recovery towards resistance remains possible.
Below support: Fresh selling pressure may extend the downside move.
Overall View
Range-bound structure remains intact. Buyers are defending support, while sellers remain active near resistance. Focus on reactions at key levels and wait for confirmation before taking aggressive positions. 📊