Nifty 50 gained 30 points to close at 22,960, while Bank Nifty climbed 160 points to 49,259. About 1,796 shares declined compared to 835 shares that advanced on the NSE. The India VIX was up by more than 8.5%, though it cooled off towards the end and closed higher by 4.71% at 15.72. If the Nifty 50 closes and sustains above 23,000, the uptrend may extend toward the 23,300–23,500 zone. However, if it sustains below 23,.000, it may consolidate with support at. 22,800. The Bank. Nifty needs to sustain above 49,500 for an upward journey toward 50,000 and 50,500 levels, with 49.500 expected to be immediate support, followed by 48,500 as a key. support level, according to experts. The overall market breadth was positive, indicating that this fall had relatively lesser impact on the frontline stocks compared to the broader markets. The downside looks limited, making the risk-to-reward more favourable for the bulls. These technical signals suggest a positive outlook for Nifty in the near term. Key technical levels to watch include immediate resistance at 23,150, where selling pressure may emerge. The broader range for this week is therefore between the 22,600 and 23,700 levels. The sharp rebound from the key key support zone on the 75-minute chart suggests that bulls are regaining control of the index.
