The equity markets are currently experiencing a relief rally, primarily driven by optimism rather than solid fundamentals. A recent announcement regarding the reopening of the Strait of Hormuz to global shipping led to a temporary drop in oil prices, alleviating fears of soaring costs. However, this announcement was quickly reversed, indicating ongoing geopolitical tensions. Despite the initial positive impact, oil prices are expected to rise slightly again, maintaining a volatile environment. The banking sector, being a significant component of the Nifty index, is likely to dictate market movements. Retail traders are showing a heightened risk appetite, with increased turnover in high-volatility futures and stock options. The Nifty index is currently facing resistance at the 24,400 level, and sustained trading above 24,650 could signal a new bullish phase. Conversely, falling below 23,550 may trigger further weakness. Investors are advised to trade cautiously with stop-loss measures in place due to anticipated volatility.