Nifty finished the session at 23,329, a 0.43% decline after sliding 85 points from its 23,414 peak—its first loss in a four‑day winning streak.
Coal India and Eternal led the gains among constituents, while Tata Consumer Products and Nestlé India were the largest laggards. On the sector front, Nifty Media and Nifty Realty outperformed, whereas Nifty IT and Nifty Cement fell sharply.
Both the Nifty Midcap 100 and Nifty Smallcap 100 finished in negative territory, underscoring the broader market’s sideways‑to‑slight‑downward bias.
Nagaraj Shetti of HDFC Securities warned that the index could test the 23,200‑23,100 zone in the short term and that any recovery would face resistance at 23,500‑23,600. Hitesh Rathi of Angel One highlighted the same 23,500 level as immediate resistance, with 23,100‑23,000 as key support. Rupak De of LKP Securities flagged 23,300 as a critical support level, noting a break below could drive the index toward 23,000.
Bank Nifty has been consolidating around the 1,300‑point range. Sudeep Shah of SBI Securities pointed out that the 56,700‑56,800 band, which aligns with the 200‑day exponential moving average, remains a pivotal resistance level. On the downside, the 55,800‑55,700 zone is a key support area, and a sustained break below 55,700 could push the index toward 55,200.
Going forward, investors will keep an eye on the S&P Global Manufacturing and Services Purchasing Managers' Index data due Wednesday for fresh clues on domestic activity. Global factors—West Asian developments, Brent crude prices, foreign fund flows, and overall market sentiment—will continue to shape near‑term Nifty performance.