Nifty 50 finished Monday at 22,310, a slight dip of around 0.5% from its 22,410 peak, but managed to keep the critical 22,300 level intact.
The 10‑year Indian government bond yield is now 7.4%, a pressure point for the market that investors are watching closely, as it directly influences borrowing costs and bank stock valuations.
Oil prices have slipped back below the $105 mark, yet they remain elevated enough to weigh on the index; a sustained rally in crude could still trigger a risk‑off turn.
Earnings are set to light up the session: HCLTech has announced a strong quarter and a raised FY guidance, while ICICI Prudential AMC, RBL Bank, and ICICI Prudential Life are slated to report, plus new listings such as SS Retail and Hero Motors.
Technically, 22,300 is the immediate support; a break below could push the index towards 22,100 or even 22,000. Resistance sits at 22,420 and 22,650, with a 22,500‑22,530 range acting as a potential breakout zone if momentum shifts right.
The upcoming weekly options expiry adds another layer of risk—heavy put writing around 22,400 could accelerate a slide if the market fails to stay above 22,300. Traders are also keeping an eye on the Nifty Bank index, which has been a stronger performer, with 54,700–54,500 as a key support and 55,100–55,500 as resistance.