Nifty closed just 14 points above its session low on Monday, surrendering 86% of its intraday range despite a nominal 44-point gain, signaling that bulls lack the conviction to hold ground even when DIIs step in.
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.