India's benchmark Nifty index continues to trade in a narrow range amid mixed analyst signals. A bullish market structure remains in place even as resistance levels cap gains.
The Nifty is currently moving within defined boundaries as traders look for clearer direction. Resistance stands at 24,600 while support is seen at 23,800, according to market observers.
Benchmark Nifty closed lower last week as analysts flagged 23,800 as a key resistance level. They expect continued range-bound movement this week between 23,800 and 23,200.
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The Nifty index achieved a strong breakout above the 23,500 level, leading technical analysts to become more optimistic about further advances.
Indian stock markets recorded their steepest single-day decline in nearly a month. The drop followed a worldwide selloff in technology shares and concerns over possible US interest rate moves.
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Indian stock markets surged more than 2 percent on Friday amid expectations of a diplomatic breakthrough between the US and Iran.