Indian equity markets opened flat, indicating early consolidation after the sharp multi-day rally. The lack of strong follow-through buying at higher levels, despite a powerful positive catalyst, suggests near-term exhaustion. Mild profit-booking and range-bound movement are natural after such a strong run-up. However, the meaningful easing of external trade risks, sustained capex momentum, and a stable macro backdrop continue to keep the near- to medium-term outlook constructive. Market direction from here will depend on whether fresh buying emerges at current levels or indices pause to digest recent gains through time correction.
Nifty 50
Nifty 50 opened flat to marginally higher and continues to trade within yesterday’s consolidation band of 25,700–25,860. Early price action remains extremely tight, accompanied by low volumes, extending the sideways and low-conviction trade seen in the prior session. The sharp gap-up on February 3 has not yet seen convincing follow-through buying. Instead, repeated selling pressure has emerged near the 25,850–25,900 zone, preventing a sustained move higher. Immediate support is placed at 25,500–25,600, while 26,000 remains a strong psychological resistance. For today, the bias remains range-bound, with the possibility of a gradual drift toward 25,650–25,700 unless strong volumes push the index decisively above 25,900.
Bank Nifty
Bank Nifty opened flat to slightly positive near the 60,100 zone, showing relative strength compared to the broader market. Immediate support is seen near 59,800, while resistance is placed in the 60,300–60,500 band. A sustained breakout above this zone could open the path toward 61,000. The short-term bias remains neutral to mildly bullish. As long as the 60,000–59,800 support zone holds, banking stocks are likely to either lead further upside or consolidate with limited downside pressure. A decisive close above 60,300, supported by strong volumes, would confirm a resumption of bullish momentum.