The market witnessed a gap-up opening today, supported by positive data and improved sentiment. Strong buying was seen during the first half of the session, pushing the indices higher.
However, in the latter half, the market faced rejection from higher levels, giving up part of its gains. This indicates that selling pressure is still active near resistance zones, and volatility continues to remain in the market.
Nifty View
Nifty moved higher but faced resistance near upper levels and closed with some profit booking.
Support: 23,250 – 23,200
Next Support: 23,050
Resistance: 23,400 – 23,500
Sustaining above 23,500 can trigger further bullish momentum.
Failure to hold may lead to consolidation or mild downside.
Bank Nifty View
Bank Nifty also showed strength initially but witnessed rejection from higher zones.
Support: 53,500 – 53,300
Next Support: 53,000
Resistance: 54,000 – 54,200
Sustaining above resistance is important for the continuation of the upside move. Otherwise, range-bound to volatile movement may continue.
Conclusion
The market has shown strength, but rejection from higher levels highlights that the trend is not fully stable yet. Volatility remains high, and both sides are active.
Traders should avoid chasing rallies and focus on confirmation near key levels.
Key Takeaway:
Positive momentum is visible, but resistance rejection suggests volatility is still in control.