Today market opened with a **gap-down opening** and initially witnessed downside volatility as traders reacted to global uncertainty and rising crude oil prices. However, the most important observation was that key support zones held firmly and selling pressure failed to extend lower.
Near the support area, strong absorption was visible in order flow, indicating buyers were actively defending lower levels. This was followed by aggressive short covering and fresh buying interest, which helped both Nifty and Bank Nifty recover sharply from the day’s lows.
Bank Nifty remained the stronger index throughout the session and witnessed significant momentum, supported by positioning ahead of the upcoming **RBI policy announcement on Friday**. The market eventually closed near the day’s higher zone, reflecting improved sentiment from lower levels.
Despite today’s recovery, global uncertainty, elevated India VIX, rising crude oil prices, and upcoming RBI events are likely to keep volatility elevated in the near term.
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**NIFTY**
Support: 23,371 – 23,315
Next Support: 23,242 – 23,152
Resistance: 23,476 – 23,531
Major Resistance: 23,601 – 23,653
**View:**
Holding above 23,371 can support continuation towards 23,476–23,531.
Above 23,531, momentum may extend towards 23,601–23,653.
Below 23,315, weakness may re-emerge towards 23,242–23,152.
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**BANK NIFTY**
Support: 54,016 – 53,954
Next Support: 53,775 – 53,602
Resistance: 54,243 – 54,495
Major Resistance: 54,733 – 54,975
**View:**
Holding above 54,016 can continue the recovery towards 54,243–54,495.
Above 54,495, momentum may extend towards 54,733–54,975.
Below 53,954, profit booking pressure may increase towards 53,775–53,602.
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**Market Sentiment**
Gap-down opening followed by support absorption
Strong short covering from lower levels
Bank Nifty showed relative strength
Market closed near higher zones
RBI policy expectations, rising crude, and elevated VIX remain key factors
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**Trading Plan**
Buy-on-dips structure remains valid while supports hold
Watch Bank Nifty for leadership cues
Avoid aggressive positions ahead of RBI policy event
News-based volatility can continue in both directions