GIFTNifty higher, trading at a premium of over 140 points from Nifty Futures Monday's close, indicates a gap-up start for the Indian market

Key Levels For The Nifty 50 (22,889)

Resistance based on pivot points: 23,096, 23,174, and 23,30

Support based on pivot points: 22,844, 22,766, and 22,640

Special Formation: The Nifty 50 formed a long red candle on the daily chart and closed marginally below the 20-day exponential moving average (EMA), reflecting weakness in the market. The index also remained below its 50-day, 100-day, and 200-day EMAs, indicating a weak broader trend. The Relative Strength Index (RSI) edged lower to 47.72 but remained comfortably above its signal line. Meanwhile, the Moving Average Convergence Divergence (MACD) continued its upward trajectory towards the zero line, holding above the signal line. The green histogram bar also expanded for the fourth consecutive session. These indicators suggest that the broader trend remains weak, although improving MACD momentum points to a potential recovery in the near term.

Key Levels For The Bank Nifty (55,488)

Resistance based on pivot points: 55,779, 55,909, and 56,120

Support based on pivot points: 55,357, 55,226, and 55,015

Resistance based on Fibonacci retracement: 56,238, 56,819

Support based on Fibonacci retracement: 55,049, 54,053

Special Formation: The Bank Nifty formed a bearish candle with small upper and lower wicks, closing marginally below the 20-day EMA, placed near 55,500, after settling above this level in the previous two sessions. This indicates renewed selling pressure. The index also failed to reclaim the 50-day EMA during its recent recovery and continued to trade below its medium- and long-term moving averages, signalling broader weakness in the banking index. The RSI declined to 48.25 but remained above its signal line. Meanwhile, the MACD continued to trend higher and stayed above the reference line. However, the histogram contracted after expanding for five consecutive sessions. These indicators suggest that the br...