Nifty 50 closed at 22,700 yesterday, holding the 22,700 resistance after a week of choppy action that saw the index swing between 22,550 and 22,800. The 22,700 level, which traders are watching closely, was defended for most of the day before a brief 0.5% rally pushed it back up.
The Nifty Bank index mirrored the broader index’s range‑bound behaviour, staying between 55,500 and 55,800. Call writing activity at 55,500 and 56,000 indicates that 55,500 is the biggest upside hurdle, while 55,000, with the highest put open interest, remains the key support. A dip below 54,900 could trigger a slide toward 54,400, whereas a move above 55,900 might lift the index to 56,300.
Primary market activity is set to inject fresh volatility: four IPOs are open for subscription, raising over ₹8,000 crore, and Jio Platforms plans to issue 27 crore fresh equity shares with a quota for existing shareholders. The Jio IPO will likely lift the index if Reliance Industries reacts strongly, adding momentum to an already jittery market.
Earnings season is in full swing, with 25 companies reporting after market hours on Thursday. Names such as 360 ONE WAM, HDFC AMC, IIFL Finance, and Tech Mahindra are slated to release numbers that could sway the index further. The mix of strong earnings and cautious guidance from these firms will shape short‑term sentiment.
Looking ahead, HDFC Securities’ Nagraj Shetti sees the 22,700‑22,800 zone as a decisive breakout point; a move above 22,800 could open the door to 23,000. Religare Broking’s Ajit Mishra warns that 22,850 or the 20‑DEMA will be the next key hurdle, while SAMCO’s Om Mehra notes that 55,700 is a critical level for Nifty Bank. The week’s expiry and the flow of IPOs and earnings will test the resilience of these support and resistance zones.