NIFTY Plays See-Saw: Shoots Up, Trips Over Resistance, Then Takes a Power Nap on Support
Finally, a rewarding day in the markets with healthy two-way swings giving traders ample opportunities to make handsome profits. After a moderate gap-up of around 70 points, NIFTY surged nearly 300 points from the previous close, hitting an intraday high of 24,899. However, this marked a known resistance zone, triggering short trades and intraday profit booking. As a result, the index slipped to around 24,700, which once again acted as a strong support level.
INDIA VIX expectedly was down more than 4% to close at 15.08.
Sectors that moved the market: NIFTY REALTY stole the spotlight, clocking impressive gains of 1.75%. All major players in the index (except PHOENIXLTD) were up by 1–2%, making it the clear star performer.
NIFTY PSUBANKS took a breather after a strong three-day rally. The sector saw some profit booking, with BANKBARODA topping the losers’ list, down 1.5% for the day.
Defense stocks were on fire once again, soaring 2.3%, thanks to COCHINCHIP, which led the charge with a staggering 12.45% intraday gain.
NIFTY PSUBANKS took a breather after a strong three-day rally. The sector saw some profit booking, with BANKBARODA topping the losers’ list, down 1.5% for the day.
FNO Top Gainer/Loser:
Gainers:
HINDZINC led the pack with a solid 5% gain, making it the top performer. Close behind were GLENMARK (4.75%), LTF (4.65%), and ANGELONE (4.57%), all posting strong upmoves and keeping the momentum alive.
Loser:
On the flip side, RBLBANK took the biggest hit in the F&O segment, slipping 2.63% and ending the day as the top loser.
Sector Update:
Learnings for traders and retailers:
- Respect the Resistance, Don’t Chase the Rally
Chasing a sharp rally near resistance zones can trap you. Always look at historical levels—24,899 was a resistance area, and smart traders used it to short or book profits. - Support Zones Are Gold Mines for Re-Entries
The bounce from the 24,700 support level proves the power of technical levels. Learn to identify strong supports—they offer great re-entry or fresh, long opportunities with low risk.
KEY CITATION—Money Control
