A day after the break, Indian benchmark indices, Sensex and Nifty, are expected to open flat to positive amid a lack of global cues. With most global markets shut, analysts expect volumes to remain low. However, today, the settlement day for monthly contracts on the NSE, will keep individual stocks volatile. 

“With no significant domestic triggers, markets are expected to take cues from global trends and foreign investor activity in the coming sessions. Amid heightened volatility and persistent FII selling pressure, a cautious approach is advised for market participants. The focus will remain on global developments to navigate this uncertain environment,” said. Vikram Kasat, Head – Advisory, PL Capital – Prabhudas Lilladher

Gift Nifty at 23,802 indicates a marginal gain of about 30 points for Nifty.

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Mandar Bhojane, Research Analyst, Choice Broking, said: Market volatility, as indicated by the India VIX, eased by 2.53 per cent to close at 13.1775, signalling reduced uncertainty. Despite the muted closing, sectoral strength in key areas helped the indices hold above crucial support levels. 

The Nifty is consolidating within a narrow range of 23,900 to 23,600, reflecting indecision among market participants. Resistance near 23,900 capped gains, while the index held support at 23,600. A decisive breakout above 24,000 is needed to drive the index toward its next resistance levels of 24,200 and 24,400. On the downside, a break below 23,550 could lead to further correction, with support at 23,400 and 23,250. 

“Open interest data indicates key levels of interest for traders. Significant call open interest at 24,000 and 24,200 highlights resistance, while maximum put open interest at 23,500 suggests strong support at this level. This points to a range-bound market with directional clarity likely to emerge only after a breakout or breakdown from the current range.,” he said. Overall, the market remains in a consolidation phase, with cautious positioning recommended until a clear trend emerges