Hrishikesh Yedve, AVP Technical and Derivatives Research at Asit C. Mehta Investment Interrmediates Ltd.’s Markets Commentary for 26th April 2024.

“Domestic equity benchmarks halted their five-day winning streak on Friday, driven by weak global cues. The Nifty opened on a positive note on the first day of the May series but could not sustain at higher levels and closed the day on a negative note at 22,420. The broader market outperformed the benchmarks, with the midcap and smallcap indices registering fresh lifetime highs. Technically, the index has formed a dark cloud cover candlestick pattern on a daily scale. Thus, for the short term, 22,620-22,630 will act as resistance for the index. If the index sustains above 22,630, Nifty could attempt to break its all-time high of 22,776; otherwise, the index might consolidate in the range of 22,000-22,600.  Short-term support levels for Nifty are at 22,300 and 22,000, while resistance levels are 22,630 and 22,800.

The Nifty Bank index opened with a gap up but failed to sustain at higher levels, settling the day on a negative note at 48,201. Over the past couple of days, the index has crossed 48,500 levels but has been unable to close above it. If the Bank Nifty closes above 48,500, then the rally might extend towards 49,000-49,500 levels. Short-term support levels for Bank Nifty are indicated at 47,000 and 46,600, while resistance levels are 48,500 and 49,500″.