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The Nifty 50 experienced volatility on 30 April due to escalated geopolitical tensions, raising investor caution and pushing the India VIX up as much as 6.5%. Additionally, the weekly F&O expiry was advanced due to a market holiday on 1 May, adding to the choppiness.

Profit booking in the auto and banking sectors, alongside gains in realty and pharma, contributed to the mixed market movement. Technical resistance near 24,400 capped gains, suggesting potential near-term consolidation.

Buy: Divi’s Laboratories Ltd (Current price: ₹ 6,087) 

Buy: Bharti Airtel (Current price: ₹ 1,864) 

The Nifty 50 traded with increased volatility on 30 April, but managed to hold above the 24,300 mark, maintaining its broader uptrend. Despite sharp intraday fluctuations, the index remained resilient, reflecting underlying bullish sentiment. Another small-bodied ‘doji’ candle formed on the daily chart, indicating ongoing indecision as profit-booking emerged at higher levels. Barring realty and pharma, all major sectoral indices closed in the red, with banking, energy, IT, and metals the biggest losers. The advance-decline ratio turned negative and settled at 1:3.

Technically, the Nifty continued to trade comfortably above its 200-DMA. The RSI remains in the bullish zone, currently around 62. However, its slope turned downward. The MACD is trending above the central line with a positive crossover. Both the weekly RSI and MACD are trending upward, indicating continued bullish momentum.

According to O'Neil’s methodology of market direction, the Nifty 50 transitioned from a "Rally Attempt" to a “Confirmed Uptrend." 

Despite the volatility, the index displayed resilience and managed to close on a flat note. Intraday pullbacks from higher levels highlight persistent supply pressure, signaling the need for near-term caution. Technically, the index struggled to sustain above 24,400. A decisive breakout above this range could open the path toward 24,700-24,900. On the downside, strong support is seen around 24,000-23,900. A breakdown below this could lead to increased selling pressure.

On Wednesday, the Nifty Bank index witnessed a volatile session, closing at 55,087, down 0.55%. The index traded within a narrow range, forming a lower-high and lower-low on the daily chart, indicating continued profit-booking for the second consecutive day and forming another bearish candle on the daily chart. In addition to the Nifty Bank, both the FINNIFTY and the Nifty PSU Bank closed in the red. Within the banking and financial space, PSU banks emerged as the biggest losers of the day.

From a technical standpoint, the Nifty Bank continues to trade above all its key moving averages and remains in a consolidation phase. The RSI on the daily chart is still in the positive zone. However, its slope turned downward on Wednesday, indicating waning momentum. Similarly, the MACD is trending above the central line with a positive crossover, but it is now converging toward its signal line, suggesting a potential loss of bullish strength.

According to O'Neil’s methodology of market direction, the Nifty Bank transitioned from an "Uptrend Under Pressure" to a “Confirmed Uptrend."

The Nifty Bank maintains a positive outlook while consolidating within a defined range. The short-term trend remains bullish as long as the index holds above the key support zone of 54,500–54,000. Immediate resistance is placed at 56,000, and a breakout above this level could lead to a rally toward 57,500–58,000. The bullish trend is expected to persist as long as the index remains above 54,000.

MarketSmith India is a stock research platform and advisory service focused on the Indian stock market. It offers tools and resources to help investors make informed decisions based on the CAN SLIM methodology, founded by legendary investor William J. O'Neil. You can access a 10-day free trial by registering on its website.

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Disclaimer: The views and recommendations given in this article are those of individual analysts. These do not represent the views of Mint. We advise investors to check with certified experts before making any investment decisions.