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Below the Technical View on Daily Market Commentary from Hrishikesh Yedve, AVP Technical and Derivative Research, Asit C. Mehta Investment Interrmediates Ltd

The Nifty index began the day on a positive note, after the initial uptick, the index entered range bound consolidation, and eventually settled on a positive note at 25,966. Technically, on the daily chart, Nifty formed a bullish candle and defended the 50-DEMA support at 25,775, as well as the swing low of 25,690—reflecting some relief for bulls. Major support lies in the 25,690–25,775 zone, while resistance stands at 26,100. A firm break above 26,100 could pave the way toward 26,250–26,300. Overall, the index is likely to consolidate in the 25,700-26,300 range in short term.

The Bank Nifty index opened on a positive note, witnessed range-bound consolidation, and settled on a positive note at 59,069. Technically, on the daily chart, Bank Nifty defended the low of an inverted hammer candle (58,712) and formed a doji candle on both the daily and weekly scales, indicating uncertainty. As long as the index holds above 58,712, a relief rally could continue; however, a firm break below 58,712 could resume the weakness towards the 58,450–58,000."

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