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Below the Quote on Post market comment for Thursday August 6 by Sachin Gupta,  VP – Technical Research at Choice Brokinga

Indian equity benchmark Nifty 50 ended the session almost unchanged at 24,636.00, up 11.35 points (+0.05%), after a subdued and range-bound trading session. The index opened at 24,641.00 and traded within a narrow range of 24,604.15–24,677.05, reflecting a lack of directional conviction throughout the day. Intraday price action remained confined within a tight consolidation band, with neither buyers nor sellers establishing clear dominance. Despite the muted session, Nifty continued to hold above its key moving averages on the daily chart, indicating that the broader bullish structure remains intact

Technically, Nifty formed a small-bodied candle on the daily chart, signalling continued consolidation after the recent rally. The RSI strengthened to 62.20, indicating that momentum continues to favour the bulls despite the lack of follow-through buying. Sector-wise, PSU Bank, Chemicals, Oil & Gas, Bank and Consumer Durables witnessed buying interest, whereas Realty, Media, Auto, Metal and IT ended under pressure.

India VIX edged higher to 12.15, reflecting a marginal rise in market volatility. In the derivatives segment, the PCR remained healthy at 1.18, indicating a cautiously positive undertone. Immediate support is placed at 24,400–24,450, while 24,750–24,800 remains the key resistance zone. A sustained move above resistance could trigger fresh buying momentum, whereas a break below support may invite short-term profit booking. The expected trading range for the next session is 24,400–24,800.

Bank Nifty ended the session on a positive note at 58,063.65, gaining 323.70 points (+0.56%) after witnessing steady buying interest throughout the day. The index opened at 57,815.00, touched an intraday low of 57,714.70, and gradually advanced to an intraday high of 58,076.85, eventually closing near the day's high. Intraday price action reflected consistent buying on dips, while the daily chart formed a strong bullish candle, highlighting sustained strength and reaffirming that buyers continue to remain in control of the broader trend.

Technically, Bank Nifty continues to maintain a Sideways to Bullish bias as long as it sustains above the 57,500–57,700 support zone. Price action suggests that buying interest remains intact on declines, while 58,250–58,500 continues to act as the immediate resistance area.

The broader market structure remains constructive as Nifty continues to consolidate above its key moving averages, while Bank Nifty maintains its positive undertone with sustained buying interest near support levels. Although Nifty witnessed a narrow range-bound session, the absence of aggressive selling suggests that bulls continue to retain control of the broader trend. The overall bias remains Sideways to Bullish, with dips towards support levels likely to attract fresh buying interest. A decisive breakout above the immediate resistance zones could revive momentum and extend the ongoing uptrend.

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