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The index continued to exhibit resilience, recovering from intraday losses to close near the day’s high, forming a bullish ‘Hammer’ candlestick—signaling a potential short-term reversal. This follows the earlier ‘Bullish Belt Hold’ formation near the crucial 23300 support, strengthening the case for a rebound within the ongoing 23300–24000 range. Immediate resistance is placed at 23500, followed by 23800, while the broader trend remains in a consolidation phase. Despite prior selling pressure, the index is stabilizing around key support zones, indicating underlying strength. Momentum indicators like RSI, though below 50, are showing early signs of a potential turnaround. On the downside, support is seen near 23300, with the next key level at 23105, aligning with the retracement of the April rally from 22182 to 24602. Additionally, the unfilled gap near 23150 could act as a strong accumulation zone, attracting fresh buying interest. A sustained move above 23800 could pave the way for an advance toward 24000, which also coincides with the 50 DEMA and remains critical for a meaningful shift in sentiment. Overall, while some caution persists, the index’s ability to defend key supports and improving undertone across broader markets point toward a constructive outlook. Investors should remain disciplined, focus on fundamentally strong stocks, and adopt a level-based approach to capitalize on emerging opportunities.

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