The Indian equity benchmarks remained largely range-bound as the market sentiment failed to be decisive on Tuesday. According to analysts, the lack of directionality may persist for the Nifty index.
"On the daily chart, it formed a small-bodied candle, indicating a lack of strong conviction from both bulls and bears and a phase of indecision," said Sudeep Shah, Head of Technical and Derivatives Research at SBI Securities.
Nandish Shah, the Deputy Vice President at HDFC Securities echoed the same view and said that technically, Nifty continues to consolidate within a narrow range over the past five sessions, highlighting the absence of a clear directional bias and lack of follow-through moves.
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As per analysts, the index faces immediate resistance near 23,800, while on the flipside the support zone is placed in the 23,480–23,450 zone.
Pre-market indicator, GIFT Nifty, was trading 0.02% lower as of 10 p.m. IST.
Bank Nifty
The Bank Nifty index also remained range-bound within a narrow range of 433 points, marking its lowest daily range since February 2026.
"On the daily chart, it formed a small-bodied candle, indicating lack of strong directional conviction and subdued price action," pointed out Shah. The broader sentiment for the index remains weak, as per analysts.
Going ahead, the 53,900–54,000 zone is likely to act as an immediate resistance. On the downside, the 53,100–53,000 zone is expected to provide crucial support.
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Market Recap
Benchmark indices ended the session marginally lower, with Nifty at 23,618, down 0.14%, and Sensex at 75,200.85, lower by 0.15%. The indices closed in negative territory after trading in a narrow range through the session.
Broader markets outperformed, with Nifty Midcap 150 rising over 0.5% and Smallcap 250 gaining more than 1%, snapping two-day declines. Nifty IT was the top sectoral gainer, up over 3%, driven by stocks like Coforge and Infosys
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