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NIFTY

* Nifty remained volatile on Tuesday and declined by over 1%, extending the prevailing corrective phase.

* The market is now in the sixth week of correction, with the Nifty approaching its next critical support zone of 23,000–23,100.

* A decisive break below this band could accelerate the decline towards 22,400–22,500.

* On the upside, 23,400–23,600 is likely to act as the key resistance zone.

* Participants should prefer hedged index positions and consider booking partial profits in broader-market holdings, which had outperformed for some time.

BANK NIFTY

* The banking index witnessed pronounced selling pressure after two consecutive sessions of strength, despite reclaiming key long-term EMAs, but failing to sustain above them.

* Following a positive opening, persistent profit booking dominated the session, with no meaningful intraday recovery evident.

* Except HDFC Bank, all major banking constituents faced selling pressure and closed lower.

* Near-term resistance placed around 56,600 and crucial support at 55,000 overall levels.

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