Market Outlook for Monday
The market showed a *bounce from key support zones today*, indicating buying interest at lower levels. However, the upside move was not sustained at higher levels, showing that selling pressure is still active on rallies.
This clearly suggests that the market is currently in a *sell-on-rise structure*, with resistance zones holding strong.
Nifty View
Nifty took support near the 22,900 – 23,000 zone and bounced, but faced rejection near higher levels.
* Support: 22,900 – 23,000
* Resistance: 23,200 – 23,300
If Nifty sustains above 23,300, a stronger recovery can be seen. Otherwise, rejection from resistance may again push the index towards support levels.
Bank Nifty View
Bank Nifty also showed a similar pattern — bounce from support but inability to sustain higher levels.
* Support: 53,200 – 53,000
* Resistance: 54,000 – 54,200
Sustaining above 54,200 can trigger a recovery, while failure may lead to renewed selling pressure.
Conclusion
The market is currently range-bound with a slight negative bias. Until resistance levels are broken convincingly, traders should remain cautious and prefer confirmation-based trades.
Key Takeaway:
Bounce is visible from support, but lack of follow-through buying suggests that the trend is still not fully bullish.