The Nifty 50 managed to hold the 22,600 mark on Wednesday, stalling a deeper pullback following the mid-week volatility. Traders are now eyeing 22,500 as the next critical support zone. If the index slips below that line, the downside could accelerate quickly.
Resistance sits firmly in the 22,700-22,800 band. Bulls need to reclaim and sustain levels above this zone to target 23,000 again. The handover from Wall Street was mixed, though key macro indicators like bond yields and crude oil prices remained largely unchanged from the previous morning.
The Nifty Bank index showed relative strength, closing above the 55,000 mark. Analysts are watching 54,500 as a strong support level for the banking index. Smallcap indices have also remained resilient, showing less sensitivity to the broader market jitters compared to large caps.
Today marks the start of the Q2 earnings season with TCS reporting its results. GM Breweries is also scheduled to present. Investors are closely monitoring these updates, along with upcoming data from Senco Gold, Jubilant Foodworks, TD Power, and Ola Electric, to gauge corporate health post-policy shifts.