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Below the Market Comment by Mr Shrey Jain Founder and CEO SAS Online - India`s Deep Discount Broker

With today being a Friday before a long weekend (due to a holiday on Monday), market movements might be subdued. After a continued range-bound movement observed over the last four sessions, it seems Nifty and Bank Nifty are currently in a trap zone. For Nifty, this zone is between 23,300 and 23,400, while for Bank Nifty, it is between 49,600 and 50,200. It's crucial for these indices to break out of these zones to establish a clear trend.

Nifty has strong support at 23,200 - 23,300 and resistance at 23,500. For Bank Nifty, support around 49,500 is expected to hold, potentially leading to a recovery from these levels. The market is still looking for some news to trigger a breakout or breakdown.

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