Technically, immediate support for the index is placed around 53,200–53,000, which acted as a strong intraday demand area. A decisive breach below this region could accelerate weakness toward 52,500. On the upside, immediate resistance is visible near 54,400, followed by stronger hurdles around 55,250–55,550, where the 21- and 50-DMA are positioned. The index is currently trading below its major moving averages, indicating that the broader structure remains weak despite intermittent pullbacks. Going forward, market participants are expected to closely monitor global interest-rate cues, institutional flows, and banking earnings momentum. Unless the index sustains above 55,500, rallies are likely to face selling pressure, while range-bound consolidation with a negative bias may continue in the coming sessions.
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