The Nifty index opened on a positive note and showed strong buying interest throughout the day, closing at around 23,907. The India Vix, which measures market volatility, increased by 0.67% to 16.10, indicating higher volatility.
On the daily chart, the index formed a large green candle, suggesting strength, and successfully crossed the 23,800 level, closing above it. The immediate resistance is seen at 24,040-24,050, while support is at 23,800. If the index continues to move above 24,050, it could potentially rally towards 24,200-24,300.
Similarly, the Bank Nifty index also started positively with significant buying interest and closed at 51,135. It maintained its position above the hammer candle high of 50,652 and formed a substantial green candle. The index has broken through the resistance level of 50,984, and if it remains above 50,980, a rally towards 51,500-52,000 is expected. In the short term, a buy-on-dips strategy is recommended for both indices.