On the downside, immediate support is at 54,700 (the day’s low), followed by 54,000–53,900 (the early-October swing low). A break below this zone could take the index toward 53,500. On the upside, 55,265 (the 21-SMA) is the first hurdle, followed by selling pressure in 55,800–56,000. 56,380–56,890, where the 50-, 100-, and 200-SMAs sit close together, remains a major barrier. Axis Bank’s Q2 earnings miss is still weighing on private lenders, foreign investors keep selling, and India VIX is higher, so the bias stays cautious. We expect a range-bound to mildly negative trade, and only a sustained close above 56,000 would bring back bullish momentum.
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