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Nifty formed a Doji like candlestick pattern on the daily chart indicating indecision among bulls and bears.

Nifty opened higher at 24825, hit an intraday high of 24893, and a low of 24677. Nifty ended the session at 24834, up 81 points.

Nifty rebounded nicely after a couple of days of correction and closed the monthly F&O contracts expiry session with a 0.3 percent gain, while defending the 24700 level amid a sharp fall in the volatility index.

Positive cues such as an improved monsoon forecast, a Favorable inflation outlook, and expectations of robust Q4 GDP growth, with the economy projected to expand by 6.7% its strongest pace in a year initially supported sentiment. However, Market experienced a slight decline by the close.

Nifty has been hovering around the 10 day EMA for over a week and has also remained within the 24450/25100 zone for more than couple of weeks.

As long as the Nifty manages to hold 24700 in the upcoming sessions of the June series, a march toward the 25000/25100 zone remains possible. However, if it falls and sustains below 24700, levels to watch would be 24500/24450.

“If the market sustains above these level, Chances of hitting 25000/25100 become brighter. However, a break below 24650 could change the sentiment. Below this level, traders may prefer to exit their long positions.”

Nifty 24700 and 24650 will act as key support zones for traders.

Sustaining above 24700 can drive Nifty towards 25000, VIX at over one month low.

Sector Wise :- Realty was the top gainer followed by Metal, which gained 0.8 percent.