Market breadth is still positive even though Nifty gave back almost the full gap-up move. That usually means selling is happening more in index-heavy stocks, not across the whole market. Pharma, healthcare and chemical stocks are still seeing decent buying. Some midcaps are also holding up quietly in the background. On the other side, oil and energy stocks are under pressure as crude stays high near 108, and that’s keeping Nifty from moving higher. One good thing today is, Bank Nifty is still holding okay even after the morning drop. That’s helping the market avoid bigger damage for now. 23900 is the important level now. If that holds, this looks more like normal profit booking after a gap-up opening, not a major breakdown.

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