Bulls closed Thursday nominally green but surrendered nearly 80% of the intraday range, leaving 24,186.50 as the only level that matters — a reclaim opens upside, a rejection confirms distribution.
Bulls printed 24,220 intraday but could not hold it, closing at just 30% of range — reclaim and sustain 24,220 on Thursday to confirm intent, or the session was distribution.
Sellers dominated Tuesday's close, leaving Nifty pinned near session lows at 24,035; today's directional conviction hinges on whether 24,023 holds or breaks with volume.
Nifty held 24,000 on Monday but rejected the highs convincingly; the 24,000 floor is the only level that matters today, and a clean break below it shifts the bias decisively short.
Nifty closed at 83.8% of Friday's range with no intraday pullback, signaling strong directional intent; bulls control the tape heading into Monday's open at 24,211.
Record retail trading volume is historically a contra-indicator: when participation peaks, aggregate retail returns trough, suggesting current euphoria marks distribution, not opportunity.
Institutional net buying of over ₹4,600 crore failed to translate into price gains, signaling distribution or supply overhead near 24,500 that absorbed every rally attempt this week.
Bulls tested 24,134 intraday but failed to hold it, leaving Thursday's close at 23,981 still below the 24,000 level that defines whether this range resolves higher or remains containment.
Nifty closed near session lows with no late recovery, signaling persistent distribution; 23,805 is the line where institutional defense either holds or confirms a deeper corrective leg.
Tuesday's close at the extreme low end of range confirms sellers control the tape; bulls need a decisive reclaim above 24,424 early or further downside remains the path of least resistance.
Buyers held every intraday dip and closed near session highs, placing Tuesday's session squarely at overhead resistance where the market must either break through or stall.
Nifty closed near session lows after fading from an early gap-up high, signaling distribution; Monday's first test is whether 24,252 holds or the gap to 24,167 fills.