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Below the Quote on Closing Market Summary by Hitesh Tailor, Technical Research Analyst at Choice Broking Private Limited

"Nifty closed at 22,555.75, up 133.80 points (+0.60%). The index opened gap-up by around 110 points and initially extended gains to an intraday high of 22,621.80. However, profit booking emerged after the opening spike, with Nifty slipping to an intraday low of 22,397.10 before recovering in the latter part of the session. The daily candlestick formed a doji-like pattern, reflecting indecision after the sharp intraday swings.

Price action indicates that buyers managed to defend the lower levels, but the inability to sustain the opening gains suggests supply remains visible at higher levels. Immediate support is placed at 22,350–22,400, while resistance remains at 22,600–22,650. RSI stood at 28.15, below its RSI average of 30.03, keeping momentum in the weak/oversold zone. A sustained recovery in RSI along with a decisive move above the immediate resistance would be important for improving the short-term structure.

Sectorally, FMCG, Consumer Durables, PSU Banks and Realty were among the stronger pockets. Auto and Metal remained largely sideways, while Pharma stayed under pressure. IT was broadly flat. With PCR at 0.99, the derivatives setup remained fairly balanced. Call OI concentration was seen around 22,600–22,800, while Put OI was concentrated around 22,500–22,400. India VIX rose to 14.7750, indicating a mild increase in market volatility.

Bank Nifty closed at 54,714.10, up 263.35 points (+0.48%). The index opened at 54,840.65 and witnessed an initial spike to 55,192.65, following which the momentum faded into sideways consolidation and profit booking. It declined to an intraday low of 54,370.60, before recovering to close firmly at 54,714.10. The daily candle formed a doji-like structure, highlighting indecision and a sharp recovery from the day's lower levels.

The price action suggests that buying interest emerged on declines, although the index continues to face overhead pressure. RSI improved to 36.31, while the RSI average stood at 37.38, keeping momentum in the weak zone but showing some stabilization after recent selling pressure. PSU Banks witnessed a notable recovery, supporting the broader banking space during the session.

Overall bias remains cautiously positive but still fragile. The recovery from intraday lows indicates the presence of buying interest, while doji-like formations across both indices highlight continued indecision. Momentum remains weak, and rising volatility calls for confirmation through sustained buying rather than treating the single-session recovery as a trend reversal."

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