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Nifty witnessed a sharp rally of 340 points after an initial decline of nearly 270 points, forming an indecisive Doji candlestick on the daily chart. This pattern signals a potential reversal in sentiment; however, further confirmation is required to determine the next directional move. If the index sustains above the 23,180 level, it could see further upside toward the 23,260–23,500 range. On the downside, immediate support is placed at 22,950 and 22,775, which could offer attractive buying opportunities for traders.

Among the top Nifty losers were M&M, Bharat Electronics, Eicher Motors, ITC, and Hero MotoCorp, while the major gainers included SBI Life Insurance, Bajaj Finserv, HDFC Life, Shriram Finance, and Tata Steel. Sectorally, all indices ended in the red except PSU Banks and Metals, with the Realty index declining nearly 3%.

India VIX, a key gauge of market volatility, increased by 0.17% to 14.89, indicating rising market uncertainty. In the derivatives market, open interest (OI) data revealed the highest call OI at the 23,300 strike, while the put side saw the highest OI at the 23,000 strike. This suggests that Nifty may face resistance near the 23,300 level, with traders positioning for further gains. A sustainable move above these key levels will be crucial in determining the market's next direction.

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