A quieter index, but the internal tone has improved. Nifty is hovering around 23,400 with minimal movement, yet breadth is positive this time with advances clearly ahead of declines. That’s a shift from recent sessions where the index masked broader weakness. Strength is coming from Metal, Capital Markets, logistics and internet names, along with steady support from Auto. On the flip side, IT and PSU Banks are acting as drags. Midcaps are holding up better, which suggests risk appetite is slowly returning beneath the surface. Structurally, 23,250 becomes the immediate support to watch as long as that holds, dips are getting absorbed rather than sold into.

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