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The Nifty slipped to an intraday low of 24,526 on Monday but recovered later in the day. Overall sentiment remained subdued with no strong buying interest. The Nifty 50 ended the session 34.10 points lower, down 0.14%, at 24,716.60. The BSE Sensex also remained weak throughout the day and ended almost flat at 81,373. The Bank Nifty outperformed the broader indices.

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On Monday, the Indian stock market opened with a minor gap-down and continued to face selling pressure in the early hours, with the Nifty slipping to an intraday low of 24,526. Although there was some recovery later in the day, overall sentiment remained subdued, and the market lacked strong buying interest.

The Nifty 50 ended the session 34.10 points lower, down 0.14%, to close at 24,716.60. The BSE Sensex also remained weak throughout the day and ended almost flat at 81,373. On the other hand, the Bank Nifty outperformed the broader indices, gaining 103 points or 0.18% to settle at 55,903, supported by strength in banking stocks.

Among sectors, the realty index was the top performer, rising 2.3%, reflecting strong investor interest in the real estate space. PSU Banks continued their positive momentum and gained 2.31% during the session.

On the flip side, the metal and IT sectors were under pressure, with both indices declining by 0.70% each.

In terms of stock-specific action, Adani Ports led the gainers with a rise of 2.56%, followed by Britannia, which gained 1.70%, and Mahindra & Mahindra which moved up 1.65%. Among the top losers were Hero MotoCorp, which fell 1.79%, Tech Mahindra down 1.58%, and JSW Steel, which lost 1.48% amid weakness in the metals segment.

The Nifty witnessed another day of range-bound action but managed to close slightly in the green, ending with a minor loss of 34 points at 24,716.60.

Despite the closing being positive, the index saw a sharp dip during the session, touching a low of 24,526.15 before recovering. It continues to trade within a narrow consolidation band of 24,500 to 25,000 for the 11th consecutive session.

The 20-day moving average, currently placed at 24,705, is acting as a strong near-term support. The index respected this level once again today, reinforcing its importance. A decisive breach below this could open the door for a further decline towards 24,400.

On the upside, immediate resistance remains in the 24,850–24,900 zone, and a breakout above this band may push the index towards 25,100.

From a technical perspective, Nifty is still trading above both the 20-day moving average (24,705) and the 40-day exponential moving average (24,297.30), which is a positive sign. However, caution remains warranted as the daily momentum indicator continues to hover near the equilibrium line, showing no clear direction, and suggesting this consolidation phase may soon give way to a directional breakout.

On the hourly chart, the index is currently trading below both the 20-hour (24,732) and 40-hour (24,757) exponential moving averages, which indicates short-term weakness. However, if Nifty sustains above the 24,700 mark, there is a possibility of an upward shift in momentum in the coming sessions.

Ankush Bajaj is a Sebi-registered research analyst. His registration number is INH000010441.

Investments in securities are subject to market risks. Read all the related documents carefully before investing.

Registration granted by Sebi and certification from NISM in no way guarantee performance of the intermediary or provide any assurance of returns to investors.

Disclaimer: The views and recommendations given in this article are those of individual analysts. These do not represent the views of Mint. We advise investors to check with certified experts before making any investment decisions.

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