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Below the Quote on Market Morning inputs by Shrikant Chouhan, Head Equity Research, Kotak Securities 

The benchmark indices experienced range-bound activity today. The Nifty closed 70 points higher, while the Sensex rose by 260 points. In terms of sectors, the Digital index gained 1.35 percent, while some financial stocks faced intraday profit booking at higher levels.

After a muted opening, the market showed signs of recovery from its lower levels. However, it is still trading below the 20-day Simple Moving Average (SMA) of 24,700, which is generally seen as negative. We believe that the current market structure is non-directional, and the intraday trend indicating range-bound activity is likely to continue in the near future.

For traders, key levels to watch are 24,450 and 24,700. A move above the 20-day SMA or 24,700 could lead to a rally toward the levels of 24,760 to 24,850. Conversely, if the market falls below 24,450, it may experience increased selling pressure, potentially slipping to the levels of 24,350 to 24,300.

For the Bank Nifty, support is at 55300 and resistance is at 55800. A break above 55800 could push the market up to 56000 and 56150 again. Conversely, a break below 55300 may lead to a retest of the 55000-54900 levels.

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