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Below the Perspective on Markets by Shiju Koothupalakkal, Senior Manager, Technical Research, PL Capital

“As we have been witnessing, Nifty has been gripped between a tight range since the last one month having the tough resistance hurdle at 24400 zone which desperately needs to be conquered to trigger for a breakout whereas, on the downside, the important zone near 23800 level has been acting as the crucial near-term support which needs to be sustained to maintain the overall bias intact as of now

With the ongoing result season, we expect fluctuations and volatility in the market with currently the Banking sector dragging the market with HDFC Bank, ICICI Bank, SBI, Axis Bank and Kotak Bank among the major losers in the category. With the overall bias and sentiment maintained with a cautiously positive approach, we anticipate for the index to be range bound as of now, sustaining the important support zone of 23800 level failing which there can be fresh downward slide with the bias weakening having the next major support positioned near the 23000 and 22400 levels”

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