Trading volumes in cash instruments on the NSE experience a significant decline.

Cash market volumes on the NSE plummeted to Rs 0.79 lakh crore on Monday, marking the lowest level since January 1, 2024, according to Deepak Jasani, Head of Retail Research at HDFC Securities. Asian stocks surged on Monday as Chinese industrial output and retail sales exceeded expectations, while investors awaited upcoming central bank decisions.

European markets kicked off Monday with modest gains ahead of policy decisions scheduled this week by Japan’s central bank and the US Federal Reserve, Jasani noted.

Recently, the Nifty has struggled to maintain its intraday gains entirely. Despite this, it finds support at lower levels and is likely to remain within the 21,905-22,204 range in the short term, he added.

Rupak De, Senior Technical Analyst at LKP Securities, observed that the Nifty displayed volatility throughout Monday, fluctuating between 21,900 and 22,100.

So far, the bulls have effectively defended the 21,900 level. However, a drop below 21,900 could bolster the bears’ position. Nonetheless, current market downturns are being met with buying activity, according to De.

If the index manages to sustain a climb beyond 22,100, it could be propelled towards 22,250 and beyond. Support is evident at 21,900, but a breach might lead the index towards 21,700, he added.