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

"Nifty closed at 23,429, gaining 82.60 points (+0.35%), after opening almost flat at 23,330.20. The index touched an intraday low of 23,314.80 in the opening minute, followed by steady buying interest throughout the session, and moved to an intraday high of 23,466.80 before closing near 23,429. The daily candle formed a bullish candle with a small lower shadow and moderate upper shadow, reflecting sustained buying interest through the session, although some profit booking was visible near the day's high.

From a technical perspective, the recovery continues to provide near-term stability, with Nifty holding above the immediate support zone of 23,250–23,320. RSI has improved to 37.54, while the RSI Average stands at 32.54, indicating recovering momentum from oversold levels, though the indicator remains below the 50 mark. The 23,000 level remains the critical/make-or-break level for the broader structure. Immediate resistance is placed at 23,480–23,550. Options data shows Put OI concentration around 23,300–23,400, while Call OI concentration is around 23,400–23,500. PCR at 0.94 indicates a relatively balanced options setup, while India VIX declined to 11.22, reflecting subdued volatility.

Sectoral performance remained mixed but was led by Pharma, Healthcare, Realty, FMCG, Auto and Private Banks, which supported the broader index recovery. Metal, Financial Services and IT remained among the weaker major sectors, limiting the upside to some extent.

Bank Nifty closed at 56,494.90, gaining 136.20 points (+0.24%). The index opened almost flat at 56,361.90 and touched an intraday low of 56,269.55 in the opening minute, after which steady buying interest pushed it to an intraday high of 56,668.20. However, profit booking emerged from the day's high, resulting in a closing at 56,494.90. The daily candle formed a bullish candle with a prominent upper shadow, indicating buying interest at lower levels but selling pressure near higher levels.

Bank Nifty continues to trade below its 200-day EMA, with the 200-day EMA around 56,730 acting as the immediate resistance on the higher side. RSI stands at 44.62, with the RSI Average at 42.24, indicating some improvement in momentum but still below the 50 mark. Immediate support is placed at 56,000–56,270, while resistance remains at 56,700–57,000. Private Banks supported the index, while profit booking was seen largely in PSU Banking stocks.

The overall market tone turned cautiously positive, as Nifty sustained buying interest throughout the session and Bank Nifty also recovered from its opening low. Improvement in RSI and lower volatility provide some near-term stability, while sectoral participation from Pharma, Healthcare, Realty, FMCG and Private Banks supported the broader market. However, Nifty remains below the 23,500 zone and Bank Nifty is still below its 200-day EMA, keeping the broader trend in a cautious recovery phase."

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