Technical levels to watch for Sensex, Nifty, and Bank Nifty: Details

Amol Athawale, VP of Technical Research at Kotak Securities, observes the current market conditions as weak but oversold, suggesting the possibility of a pullback rally from current levels. Short-term traders should focus on the key levels of 22,200 for Nifty and 73,500 for Bank Nifty.

"If the market drops below these levels, we could see a decline toward 22,000-21,800 for Nifty and 73,000-72,500 for Bank Nifty. However, if the index manages to stay above 22,200/73,500, market sentiment could shift positively, leading to a potential rally towards 22,300/74,000, with the possibility of further upside that could take the market to 22,500/74,500," Athawale explained.

From a technical standpoint, the Nifty 50 is approaching a significant support zone between 21,800-22,000, which is seen as an important inflection point by multiple indicators. Ajit Mishra, SVP of Research at Religare Broking Ltd., warns that a decisive break below this range could trigger a decline toward 21,000-21,200, potentially marking the index’s entry into a bear market.