Nifty opened with a gap-up today, extending last week's recovery attempt. The index pushed higher through the morning and touched the session high of 24,220 by 10:15 AM — a level that lines up closely with last week's high before the market rolled over.

From 12:15 PM, sellers took control. The index gave back the morning's gains through the afternoon, slipping to a day low of 24,010, before a modest recovery into the close. Nifty finished the session at 24,078.

Zoom out and the last two weeks tell the real story. July 7 marked a high of 24,530. The very next session, July 8, saw a sharp slide to 23,800. Since then, the index has been consolidating in a tight band — unable to sustain a break in either direction.

Two levels are doing the real work right now: 23,666 on the downside and 24,244 on the upside. A close outside either of these would be the first real signal of which side — bulls or bears — takes structural control of the next leg. Until then, this is a market catching its breath, not making a decision.

Results season has now begun, adding a new variable — earnings surprises can move the market faster than any technical level.

We watch tomorrow's close for the next clue.