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Nifty

* Nifty began the new derivatives series on a muted note, extending the prevailing corrective phase.

* After an initial uptick, the Nifty traded in a narrow range for most of the session; however, selling pressure in select heavyweights during the closing hours dragged the index lower.

* Notably, the Nifty is now approaching a critical support zone at 24,250–24,350.

* That said, participants should continue to adopt a cautious approach, with greater emphasis on risk management, until there are clear signs of a consolidation.

Bank Nifty

* The banking index extended its decline for a fifth consecutive session, reaching a three-month low and despite a positive opening, sustained selling pressure dominated the session.

* The index currently trades below its 100-day exponential moving average (DEMA) but remains above the 200-DEMA.

* Sector momentum was mixed, with Kotak Bank and Federal Bank showing strength, while AU Bank and IndusInd Bank underperformed.

* Immediate resistance is at 54,400, with key support levels at 53,500 and 53,000.

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