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Below the Quote on Closing Market Summary by Sachin Gupta, VP – Technical Research at Choice Broking Private Limited

Indian equities witnessed a strong bullish session, with the Nifty closing at 22,997.35, up 374.65 points (+1.66%). The index opened higher by around 48 points from the previous close and touched an intraday low of 22,637.40 during the opening minutes, before witnessing a sharp upside rally. Strong buying momentum lifted the index to an intraday high of 23,056.40, followed by mild profit booking before it closed at 22,997.35. The session reflected a notable improvement in market sentiment, with buyers maintaining control for most of the day.

The daily candlestick formed a bullish pattern, breaking above the previous 11-session trading range and closing above the 20-day EMA, indicating improving short-term strength. The RSI stands at 49.94, above its average of 33.37, signalling a substantial recovery in momentum from recent oversold levels. Immediate support is placed at 22,750–22,800, while resistance is seen around 23,100–23,150. The PCR stands at 1.04, while India VIX declined to 14.0250 (-4.1%), indicating easing volatility alongside the market rebound.

Sectoral performance was mixed but broadly supportive of the market recovery, with buying interest in IT, Auto, Oil & Gas, Realty and Financial Services. Nifty IT was the highest gainer, rising 1.82%, while Media and PSU Bank were the weakest sectors, each declining 1.55%. FMCG and Consumer Durables also ended lower, indicating selective profit booking despite the broader market’s strong advance.

Bank Nifty closed at 55,810.50, up 494.50 points (+0.89%). The index opened higher at 55,445.75 and touched an intraday low of 55,279 during the opening minutes, from where buying interest remained strong. The index rallied to an intraday high of 56,065.50 before witnessing mild profit booking and closing at 55,810.50. The daily candle reflects a strong recovery, although the pullback from the intraday high suggests some selling pressure near higher levels. Immediate support is placed at 55,300–55,500, while resistance is seen around 56,100–56,400.

Private banking stocks showed strong performance overall, with most constituents closing positively, although Yes Bank recorded a sharp decline of 14.53%. ICICI Bank was the top performer among the private banking stocks, rising 3.80%. In contrast, the PSU Bank index declined 1.55%, with Canara Bank falling 6.12%. Bank Nifty’s RSI stands at 51.59, above its average of 39.51, indicating improving momentum and a shift towards positive territory. Sustained buying above the immediate resistance zone could support further recovery, while holding the support zone remains important for maintaining the positive momentum.

The overall market bias has improved to cautiously bullish, supported by strong gains in Nifty and Bank Nifty, Nifty’s breakout above its previous 11-session range, improving RSI readings and a decline in India VIX. However, resistance near 23,100–23,150 for Nifty and 56,100–56,400 for Bank Nifty remains important for confirming further upside. The broader recovery looks encouraging, but selective sector weakness and profit booking at higher levels warrant caution. Sustained buying above resistance, while maintaining key support zones, would strengthen the positive outlook."

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