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Market Commentary
Nifty Remains Locked in Range, Consolidation Phase Continues
Posted On : 2026-05-21 20:51:02( TIMEZONE : IST )
Technical Analysis Report: Om Mehra, Technical Research Analyst, SAMCO Securities
Nifty ended the session flat at 23,654.70, down just 0.02%, as the index remained confined within a narrow range for yet another session. The daily chart continues to highlight a Darvas Box formation between 23,260 and 23,860, reflecting a clear absence of direction. The rising trendline support drawn from the March lows remains intact, continuing to provide a cushion beneath the ongoing consolidation. As long as this trendline holds, the correction is likely to remain limited.
The middle line of the Donchian Channel, placed near 23,870 and closely aligned with the 20-day SMA, is acting as the immediate short-term barrier. The RSI is placed near 45, reflecting subdued momentum. India VIX declined further to settle at 17.82. Meanwhile, USD-INR eased 0.40% to 96.19, with the rupee witnessing a mild recovery after touching recent historic lows near 96.95.
On the downside, the 23,400 level, followed by 23,300, remains the immediate support zone. On the upside, the 23,860-23,900 region continues to act as the immediate resistance. Nifty is likely to remain range-bound until a decisive breakout occurs from the current Darvas Box.
Nifty Bank ended the session at 53,439.40, declining 0.23%, after a wide intraday range. The daily chart candle with wicks on both sides reflects continued indecision within the current range. The index remains trapped between the 50% Fibonacci retracement at 53,700 and the 61.8% retracement at 52,820. Multiple sessions have now been confined within this band. Nifty Bank remains below all the moving averages. The RSI is placed near 40.
Nifty PSU Bank gained 0.22% to settle at 7,988.35, while Nifty Private Bank declined 0.15% to close at 25,990.05, indicating a rotation within the banking space. For the Nifty Bank index, on the downside, the 53,000-52,820 zone, aligned with the 61.8% Fibonacci, remains the support while on the upside, the 54,000-54,500 remains the next resistance.
