The Indian stock market witnessed a volatile yet resilient session ahead of key election results, as both the Nifty 50 and Nifty Bank indices showed strength despite intraday profit booking. While Nifty ended nearly flat, the Nifty Bank index surged to a new all-time high, reflecting continued investor optimism and a firm underlying uptrend.
Nifty Ends Flat Amid Volatility
The Nifty 50 index ended the session at 25,879.15, marginally up by 0.01% after a choppy day of trading. The index opened on a positive note but failed to sustain its early gains, closing with a small-bodied candle and a long upper wick—a sign of hesitation and volatility near resistance levels.
Despite the intraday swings, Nifty continues to trade above the middle Bollinger Band, suggesting that the primary trend remains bullish. The 20-day EMA, currently around 25,750, acts as a key support level that helps maintain the short-term uptrend.
Key Technical Indicators
- Support Zone: 25,750 – 25,650
- Resistance Zone: 26,000 – 26,020
- RSI: 61 (Moderate Momentum)
- MACD: Slightly skewed to the downside, showing mild consolidation
The index faces immediate resistance near 26,000, a psychological barrier that needs a decisive breakout to confirm further upside potential. A close above 26,020 could trigger a rally towards the previous all-time high at 26,277.35.
Meanwhile, the India VIX settled at 12.16. Any rise above 13 could result in short-term volatility spikes, making it essential for traders to stay alert and manage positions cautiously.
Nifty Bank Hits Fresh Record High Amid Buying Momentum
The Nifty Bank index outperformed the broader market, ending the session at 58,381.95, up 0.18%. The index briefly touched a new all-time high of 58,615.95 before witnessing mild profit booking in the latter half of the session.
Despite intraday volatility, the overall structure remains bullish, supported by steady buying interest near lower levels. The index continues to trade comfortably above its short-term moving average, placed near 57,900, which reinforces the positive bias.
Technical Highlights
- All-Time High: 58,615.95
- Support Levels: 58,000 and 57,600
- RSI: Around 65, indicating improving momentum
- MACD: Consolidating in a narrow range
The daily candle reflects intraday swings but confirms broader strength, suggesting that as long as Nifty Bank remains above 57,700, the bullish trend is likely to continue. A breakout above 58,600 could open the door for further upside, supported by consistent accumulation and strong sectoral performance from banking heavyweights.
Market Sentiment and Outlook
The broader sentiment ahead of the election results remains cautiously optimistic. Both Nifty and Nifty Bank have shown remarkable resilience despite intermittent selling pressure.
While Nifty is consolidating near the 26,000 mark, Bank Nifty’s breakout to new highs underscores the market's leadership strength. The Banking index continues to act as a key driver for overall market direction.
In the near term, traders should watch the following:
- A sustained close above 26,020 on Nifty 50 for renewed bullish momentum.
- A hold above 57,700 on Nifty Bank to maintain upward bias.
- The India VIX trend, as a rise above 13 could signal volatility spikes.
Overall, the short-term market structure remains bullish with consolidation, and buy-on-dips strategies are likely to remain effective as long as the indices hold above their respective key support zones.
Conclusion
The Result Eve rally has reaffirmed the market’s underlying strength, with Nifty Bank setting new records and Nifty 50 holding steady near key resistance.
With positive technical indicators, strong support levels, and controlled volatility, the market seems well positioned for a potential breakout — provided it sustains momentum above critical resistance levels in the sessions ahead.
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