The Nifty 50 closed at 23,200, a 0.3% lift from 23,100, breaking through the 23,000 support that had held since late June.
Brent crude rebounded to $106.5 a barrel after President Trump’s latest policy proposal was rejected, and the 10‑year Indian government bond yield held steady at 6.8%, keeping the risk‑premium narrow.
Paper supply remains heavy: block‑deal volume hit ₹7.5 billion last session, and a fresh IPO of Clean Max priced at ₹250 a share is set to launch on Wednesday, while Prestige Estates and SAIL also continue to add liquidity.
Resistance sits squarely between 23,150 and 23,250. A dip below 23,000 would likely drag the index to around 22,700, a level that has previously triggered a pullback.
Market participants are eyeing the Tuesday monthly expiry, with the next major data releases on PMI, retail sales, and the Reserve Bank of India’s policy meeting scheduled for Friday.
If the Nifty can stay above 23,000 until expiry, brokers anticipate a modest rally; otherwise, a decline toward 22,700 remains a realistic scenario.