Markets moved in a narrow but positive range last week, with profit booking at peaks and support emerging on dips. Nifty swung within a 367-point band from 24,000.20 to 24,367.50 and closed with modest gains. India VIX climbed 7.35 percent to 13.15, reflecting a slight rise in expected volatility. The index added 127 points, or 0.53 percent, for the week. The overall technical picture stays constructive even without strong directional thrust. Nifty again protected the 23,800-24,000 band, confirming it as a vital support base for the ongoing recovery. Room has opened for an extension toward 24,500, where the 100-week moving average may act as resistance. The recovery structure holds as long as the index stays above 23,800. A sustained break above 24,500 would strengthen the medium-term outlook. Trading is expected to open steadily with a positive bias. Resistance lies at 24,500 then 24,780, while support rests at 24,000 and 23,800. The weekly RSI at 51.49 shows no divergence, and the MACD remains above its signal line. A small bullish candle formed, indicating continued accumulation. Pattern studies confirm recovery after holding the lower edge of the broader range. Defense of the 23,800-24,000 zone adds technical weight to this area. The rebound now nears a supply zone near 24,500. Participants should stay balanced. Fresh buying is best limited to stocks with strong relative strength. As long as Nifty holds above 24,000, the recovery tone persists. Traders are advised to remain selective and watch price action around 24,500. Relative Rotation Graphs place Realty, Pharma, Media and Midcap 100 in the leading quadrant. Energy, Infrastructure and Metal sit in the weakening quadrant. PSE and Auto are in the lagging quadrant, while IT and PSU Bank show improving momentum. Services and Financial Services have moved into the improving quadrant.
