Nifty 50 

NIFTY closed in the red again, moving sideways as it tries to stabilize. The index recovered from its intraday low and managed to close above the key level at 22,913.15, down 19.75 points (-0.09%).

🔻 Key Support Levels (Downside)

• 22,725 – A close below this level could open further downside.
• 22,580 & 22,480 – If the decline continues, these levels may act as the next support zones.

📈 Resistance Levels (Upside)

• 23,147 (20-day Moving Average) – This is the first major resistance. A breakout above this level could signal more upside.
• 23,347 & 23,500 – If NIFTY sustains above 23,147, these are the next targets.

📊 Market Sentiment

The market is trying to stabilize. A decisive close above 23,000 could indicate further recovery. However, any negative news could trigger a sharp decline, breaking key support levels. If there are no negative developments, NIFTY is likely to test the 20-day MA in the coming sessions.

bankNifty

Bank NIFTY closed in the red but managed to recover from the day’s low, settling at 49,334.55, down 235.55 points (-0.48%). For an upside move, it needs stability above the 20-day moving average (49,442).

🔻 Key Support Levels (Downside)

• 49,151 – Today’s low, acting as the first support.
• 48,900 & 48,740 – If Bank NIFTY breaks below 49,151, these levels could provide further support. Any close below these levels may lead to a deeper decline.

📈 Resistance Levels (Upside)

• 49,700 – Needs to sustain above this level for further strength.
• 49,952 – The next key resistance.
• 50,200 – 50,400 – A breakout above 49,952 could trigger a strong upward move toward this zone.

📊 Market Sentiment

We need to see significant short-covering for a strong upside move. A decisive break of key levels will determine the next trend.