From a technical perspective, Nifty 50 continues to trade in a sideways to mildly negative trend in the short term. The index is still struggling to sustain above key resistance levels and short-term moving averages. Momentum indicators such as RSI are hovering near the neutral zone, indicating lack of strong directional strength. Immediate support is placed around 23,800–23,700, as a crucial support zone. On the upside, resistance is seen at 24,200–24,300. A sustained move above 24,500 is required to confirm continuation of bullish momentum, while failure to hold 23,700 may lead to renewed downside pressure.
Bank Nifty outperformed and showed relative strength in the previous session, supporting the broader market rally. However, the index is now approaching resistance zones and entering a consolidation phase. Immediate support is placed at 55,400–55,300, while resistance is seen at 56,500–56,700. A decisive breakout above 57,000 is needed for further upside, while a breakdown below 55,300 could result in extended consolidation.
On the institutional front, FIIs remained net sellers, offloading equities worth approximately ₹1,152 crore on 27th April, indicating continued caution from global investors. On the other hand, DIIs provided strong support, with net buying of around ₹4,124 crore, helping the market sustain higher levels despite selling pressure from FIIs. Volatility eased slightly but remained elevated, with India VIX closing around 18.37, indicating continued uncertainty and the possibility of intraday swings. Although volatility has cooled marginally, it still reflects a cautious market environment.
On the sectoral front, pharma and metal stocks showed strong momentum in the previous session and are likely to remain in focus from a technical perspective. FMCG continues to act as a defensive pocket and may see steady buying in volatile conditions. Banking and financials, while supporting the index, are showing early signs of consolidation near higher levels and should be closely watched. IT stocks remain under pressure, with weak structure despite occasional pullbacks, while auto and energy sectors may stay sensitive to global developments, particularly crude oil movements.
Overall, the technical setup suggests a flat to mildly negative opening followed by range-bound and volatile trade. The immediate range for Nifty is seen between 23,800 and 24,300. While the broader trend remains positive, the short-term structure indicates consolidation, and a decisive breakout above resistance levels is required for further upside,” says Aakash Shah, Technical Research Analyst at Choice Equity Broking Private Limited.