In the latter half of the session, price action turned range-bound, reflecting the absence of strong directional cues.
Despite surrendering a large part of its intraday gains, the Nifty managed to end higher, settling 57 points up at 25,782, though well off the day’s peak.Among index heavyweights, Bajaj Auto, HCLTech and Tata Steel led the advances, while SBI, Reliance Industries and Adani Ports featured among the top laggards.
Sectoral trends remained mixed. Metals, pharma and auto stocks outperformed, whereas PSU banks, FMCG and realty counters witnessed continued selling pressure.
Broader markets showed relative resilience, with the Nifty Midcap 100 and Nifty Smallcap 100 indices gaining 0.58% and 0.94%, respectively, outperforming the headline index.
Market participants are now awaiting the release of India’s new GDP series on Friday, which is expected to offer clearer signals on the trajectory of domestic growth.
Siddhartha Khemka of Motilal Oswal said that while selective buying is visible across sectors, the broader undertone remains cautious and markets are likely to stay range-bound in the near term, driven by macro triggers and stock-specific developments.From a technical perspective, the index continues to exhibit choppy movement, mirroring the sentiment of recent sessions.
It has broadly oscillated between its 200-DMA near 25,341 and the 21-EMA around 25,610 over the past two days, indicating indecision among traders.
Nagaraj Shetti of HDFC Securities believes the market may offer a sell-on-rise opportunity, with strong resistance placed in the 25,700 to 25,800 zone. Immediate support is seen between 25,400 and 25,350.
Rupak De of LKP Securities expects sideways movement to persist until investor confidence improves. He places immediate support at 25,300 and says that holding above this level keeps the possibility of a rebound alive.
On the upside, resistance is pegged in the 25,650 to 25,750 range.
Nandish Shah of HDFC Securities also sees the index confined between 25,300 and 25,700 in the short term, with a decisive breakout on either side likely to determine the next meaningful directional move.
According to Sudeep Shah of SBI Securities, the 25,400 to 25,350 band remains a critical support area, having triggered strong rebounds on the previous two occasions.
A sustained breach below this zone could lead to gap filling and extend weakness towards 25,150 and subsequently 24,950 in the near term.
On the higher side, the 25,600 to 25,650 region is expected to act as immediate resistance.
