In the previous session (24th April 2026), benchmark indices remained under pressure and failed to sustain higher levels, highlighting continued selling interest near resistance zones. The price action indicates that the market is undergoing a short-term corrective phase, with recovery attempts likely to face hurdles unless key resistance levels are decisively crossed.
From a technical perspective, the Nifty 50 continues to trade with a negative to sideways bias in the short term. The index is struggling to sustain above short-term moving averages, while momentum indicators like RSI are hovering near 49.21 the neutral zone, indicating lack of strong directional strength. Immediate support is placed around 23,900–23,800 levels. On the upside, resistance is seen at 24,200, with a stronger hurdle placed near 24,500–24,600. A sustained move above 24,200 is necessary to revive bullish momentum, while failure to hold 23,800 could lead to further downside pressure.
Bank Nifty is showing relative resilience but is also entering a consolidation phase after its recent outperformance. The index is facing resistance at higher levels, and momentum indicators are flattening, suggesting limited upside in the near term. Immediate support is seen around 55,700 while stronger support is placed near 55,600. On the upside, resistance is placed at 56,500–56,600 levels. A decisive move above 57,000 will be required for further strength, while a breakdown below support could trigger extended consolidation.
On the institutional front, 24th April 2026 saw aggressive FII selling, with foreign investors offloading equities worth ₹8,827 crore, while DIIs provided partial support with net buying of ₹4,700 crore. This divergence reflects continued caution from global investors, even as domestic institutions absorb selling at lower levels. Volatility remains elevated, with India VIX closing at 19.71, indicating increased uncertainty and the likelihood of sharp intraday swings. The rise in volatility, along with neutral momentum indicators, suggests a choppy trading environment.
Overall, the technical setup indicates a gap-up opening followed by range-bound to mildly volatile trade. The immediate range for Nifty is seen between 23,800 and 24,200. While the broader trend remains positive, the short-term structure suggests limited upside unless the index sustains above resistance levels,” says Aakash Shah, Technical Research Analyst at Choice Equity Broking Private Limited.
