Nifty and Bank Nifty Stay Range-Bound as Markets Show Signs of Fatigue

 The Indian equity benchmarks continued their sideways journey on Friday, ending almost flat for the day.

Nifty closed at 24346, up by 0.05%
Bank Nifty closed at 55115, also up by 0.05%

Despite early optimism, both indices showed visible signs of hesitation at higher levels. The week closed with clear indications of consolidation and indecision.

NIFTY Analysis

• Nifty has been trading in a tight range between 24000 and 24450 for the past 5–7 sessions.

• On Friday, the index once again faced selling pressure near resistance, forming a Shooting Star or Gravestone Doji — a classic candle that signals hesitation and potential reversal.

• Bulls need a strong closing above 24450 for the next leg higher.

OI & PCR Data:

Image from Sensibull

• PCR: 0.7 around ATM, 0.8 overall → Neutral to Slightly Weak

• OI in Nifty Futures: Decreased by 0.44% → Long Unwinding

Support: 24200

Resistance: 24500 

View: Neutral to Slightly Bearish

The range remains intact. Until there's a decisive breakout, the bias stays sideways-to-weak in the short term.

BANK NIFTY Analysis

• Bank Nifty mirrored Nifty’s action and stayed flat.

• Friday’s session formed a Doji candle — highlighting market indecision at current levels.

• No fresh long buildup visible; in fact, positions are slowly getting unwound.

OI Data:

• OI in Bank Nifty Futures: Decreased by 1.77% → Long Unwinding

Support: 54500

Resistance: 56000

View: Neutral

Traders should wait for clearer signals before positioning aggressively.

Summary:

• Both indices are consolidating with signs of fatigue at higher levels.

• OI trends suggest long unwinding, and candlestick patterns reflect hesitation.

• Until we see a breakout above key resistances, expect more range-bound action.

Let’s see what the market brings this week — patience is key until clarity emerges.