Pullback or Pause? Nifty and Bank Nifty Take a Breather After the Rally

 Good morning, all

Nifty closed at 24246, down by 0.34%, while Bank Nifty ended at 55370, slipping by 0.30%.
After a strong upward run, both indices saw mild profit booking on Thursday — a natural breather after the recent momentum.

NIFTY ANALYSIS

Nifty formed a small bearish candle with an upper shadow on the daily chart — suggesting that sellers stepped in at higher levels. However, this isn't a reversal just yet. We’ll need a follow-through move to confirm weakness or continuation.

OI & PCR Data:

 Image from Sensibull

• Put-Call Ratio (PCR):
  Overall PCR at 0.8 and 0.86 around ATM → Neutral to Bullish
  (We’ll monitor OI trend more closely after market opens)

Key Levels:

• Support: 24200

• Resistance: 24300 and 24500

View: Neutral to Bullish

The trend remains upward, but the price action suggests a short pause. A move above 24300 may bring back bullish momentum. Below 24000, caution is advised.

BANK NIFTY ANALYSIS

Bank Nifty slipped slightly but held above its key support levels.
The drop came with profit booking at higher levels — nothing unusual after a sharp rally in recent sessions.

Key Levels:

• Support: 55000 and 54500

• Resistance: 55300 and 56000

View: Neutral

The structure remains healthy, but we’re in wait-and-watch mode now.
As long as the index holds the channel and key support zones, dips may still attract buying.

Let’s see what the market does today.

Quick Takeaway:

Even strong trends need to breathe. Both indices are consolidating after a run-up. Patience and level-based action is the key right now.