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Indian equity benchmarks rebounded on Wednesday, 29 April, with the Nifty 50 rising 181.95 points, or 0.76%, to close at 24,177.65, reclaiming the 24,000 mark. The Sensex advanced about 0.73% to end near 77,446.

Sentiment was supported by optimism around fourth-quarter earnings, led by Maruti Suzuki and an improvement in global risk appetite, even as tensions in West Asia persisted.

Gains were led by FMCG and auto stocks, with the Nifty FMCG index up 1.75% and the Nifty Auto index rising 1.15%. Realty stocks also saw traction, with the Nifty Realty index gaining 1.48%. Financial services and PSU banks, however, witnessed mild profit booking and ended lower.

Market breadth remained broadly balanced but tilted slightly negative, with 1,626 stocks advancing against 1,667 declining, indicating selective buying in large-caps amid caution in the broader market.

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Indian equities ended firm on 29 April, with the Nifty 50 rising 0.76% (181.95 points) to close at 24,177.65, though it pared gains after briefly nearing 24,300. The Sensex moved in tandem, reflecting a positive but cautious undertone.

Sectorally, FMCG, auto, IT and realty stocks led the gains, signalling strength in consumption and defensives, while financials and PSU banks lagged, capping the upside. Broader market participation remained mixed, with the advance-decline ratio slightly negative at 1,626 advancing stocks against 1,667 declining, pointing to underlying fragility despite headline gains. Metals, pharma and oil & gas saw modest buying interest, while consumer durables and media closed lower.

From a technical standpoint, the Nifty formed a modest bullish candle with an upper shadow, indicating supply at higher levels. The index appears to be stabilising after its recent corrective phase, holding above a rising trendline from the March lows, which keeps the near-term bias constructive. Momentum indicators are improving gradually: the RSI is around 53, suggesting recovery without overbought conditions, while the MACD remains in positive territory with a rising histogram, signalling strengthening momentum, albeit with some flattening in line with late-session profit booking.

According to O’Neil’s market direction framework, the market has shifted to a “Confirm Uptrend” from a “Rally Attempt”.

In terms of levels, immediate support is seen around 23,800, with a stronger base at 23,500–23,550, near the 21-day moving average. On the upside, resistance is likely in the 24,250–24,300 zone, with a stronger supply band at 24,800–25,000, where multiple key moving averages converge.

Nifty Bank opened marginally higher but came under selling pressure through the session, reflecting a lack of follow-through on early gains. The index opened at 55,634.50, touched an intraday high of 56,178.75, slipped to a low of 55,290.50, and closed at 55,403.60, largely flat with a marginal gain of 0.1%. The inability to hold near the day’s high points to profit booking and persistent overhead supply. Intraday volatility and a narrow closing range underscore indecision, with buyers failing to sustain momentum amid broader consolidation.

From an indicator perspective, momentum remains weak. The RSI stands at 48.46, below the neutral 50 mark, indicating a mild bearish bias and fading strength after a recent recovery. The MACD, while still in positive territory with the MACD line above the signal line, shows a flattening histogram, suggesting waning bullish momentum and a pause in the recent upmove. Together, these signals indicate a fragile equilibrium, with no clear confirmation of a sustained reversal.

Key support is seen in the 54,800–54,900 zone, near the 21-day moving average, followed by 54,000, which aligns with recent swing lows. On the upside, immediate resistance is placed at 56,500 (50-DMA), with stronger hurdles at 57,200 (200-DMA) and 58,000 (100-DMA). Structurally, the index remains in a pullback within a broader consolidation band, and a sustained move above 56,500 is needed to revive bullish momentum. Until then, the near-term outlook remains range-bound to slightly bearish.

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.MarketSmith India breaks through the market clutter to bring actionable investment ideas into focus. Our founder and legendary investor, William J. O'Neil, studied these trends and formulated the pathbreaking methodology, the CAN SLIM®. For over five decades now, MarketSmith has been successfully delivering great investment ideas based on its investment philosophy.

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