Market Update: Follow-Through Missing as Indices Drift Lower

Nifty 50 Overview

Close: 25,818.55 ( -0.16%)
Nifty remained choppy throughout the session, failing to sustain higher levels and ending near the lower half of the day’s range. The index continues to show hesitation with momentum slipping.

Key Technical Highlights

• Below Middle Bollinger Band: Indicates short-term weakness.
  
  
• Broke Below 9-Day Average (~26,000): Shows loss of near-term momentum.
  
  
• Repeated Selling at 26,000–25,900: Upside remains capped due to supply pressure.
  
  
• Trendline Breakdown (Hourly Chart): Nifty now consolidating below 25,900.
  
  
• RSI near 46: Momentum fading, stays below its average line.
  
  
• MACD: Below signal line, histogram in negative territory.
  
  

Important Levels

• Support: 25,720 – 25,650
  A breakdown below this may open further downside.
  
  
• Resistance: 25,950 – 26,020
  Only a decisive close above this zone can revive bullish momentum.
  
  

Volatility Check

• India VIX: 9.84
  Volatility remains subdued, but repeated bounces from this zone suggest a potential rise ahead.
  
  

Nifty Outlook

Near-term bias stays range-bound with a mildly cautious tone, and the index is likely to oscillate between 25,700 and 26,000.

Bank Nifty Overview

Close: 58,926.75 ( -0.18%)
Bank Nifty extended losses after facing a sharp intraday rejection near 59,100. Recovery attempts remained weak and unsustainable.

Key Technical Highlights

• Trading below the Donchian Channel midline (59,380) → Indicates drift toward the lower half of its range.
  
  
• Lower Donchian Band near 58,660 is coming into focus, suggesting rising downside risk.
  
  
• RSI near 49: Stays below neutral.
  
  
• MACD: Continues below the signal line.
  
  
• Trading under a descending trendline, intraday upticks face selling pressure.
  
  
• Facing resistance at key Fibonacci retracement zones:
  
  
  • 38.2% → ~59,000
    
    
  • 23.6% → ~59,400
    
    
  • 50% → ~58,500 (acting as lower range boundary)
    
    

Important Levels

• Support: 58,700 – 58,600
  
  
• Resistance: 59,300 – 59,380
  Only a close above this zone can trigger a meaningful rebound.
  
  

Bank Nifty Outlook

The index remains in a corrective phase, with intraday recoveries struggling to gain traction and downside levels being tested gradually.