The index opened on a weak note but recovered in the early to mid-part of the session. However, it failed to sustain above the 24,450-24,500 resistance zone and slipped from the highs towards the close.
Nifty managed to hold above the 24,350 mark and ended the session marginally higher by 11 points at 24,365.
On the stock-specific front, Trent and JSW Steel emerged as top gainers among Nifty constituents, showing relative strength, while Jio Financial Services and Hindalco were among the key laggards.
Sectorally, Nifty Media and PSU Bank indices outperformed and ended in the green, while Nifty IT and Realty indices were the top underperformers.
The broader market remained under pressure, with both the Nifty Midcap 100 and Nifty Smallcap 100 indices closing in the red.
From a technical standpoint, analysts see key levels coming into focus. According to Nagaraj Shetti of HDFC Securities, immediate support is placed at 24,100, while resistance is seen at 24,500.
Rupak De of LKP Securities noted that the index’s inability to move past 24,500 raises doubts over the current rally. He sees support at 24,270, with resistance at 24,500 and 24,800.
Sudeep Shah of SBI Securities highlighted the 24,230-24,200 zone as a crucial support band, while the 24,480-24,500 range remains a strong resistance area. A decisive breakout above 24,500 could trigger further upside towards 24,650 in the near term.
