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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.

Vedanta Ltd (current market price ₹773.60)

Buy above ₹775, stop ₹725, target ₹850 (Multiday)

IndusInd Bank (current market price ₹913.75)

Buy above ₹917, stop ₹877 target ₹1040 (Multiday)

Tata Consumer Products Ltd (current market price ₹1168)

Buy above ₹1170, stop ₹1135, target ₹1255 (Multiday)

TATACONSUM: Buy above ₹1170, stop ₹1135 target ₹1255 (Multiday)

Indian equity benchmarks rebounded on April 29, 2026, supported by value buying in blue chips and firm cues from Asian markets. The Sensex rose 609 points to close at 77,496, while the Nifty gained 182 points to settle at 24,178. Broader markets were mixed, with the Nifty Smallcap 100 advancing 0.65% even as the Midcap 100 edged down 0.07%.

Buying was led by auto, realty, IT and FMCG stocks, reversing the weakness seen in the previous session, when indices had declined on expiry-led volatility. Sentiment remained underpinned by a largely stable earnings season, with few negative surprises so far, barring subdued IT guidance. Elevated crude prices and persistent foreign outflows—already exceeding last year’s levels—continued to weigh, but domestic inflows, attractive valuations and bargain hunting helped offset global headwinds. The session underscored the market’s resilience, with selective sectoral strength driving the recovery.

Bank Nifty continues to underperform the Nifty, with repeated selling on rallies indicating a persistent downward bias. While sectoral rotation is underway, divergence across indices is becoming more pronounced.

Weakness in HDFC Bank following its Q4 results has weighed on the index, limiting its ability to sustain gains. Attempts to move higher have struggled, with bearish pressure emerging at elevated levels. In the absence of strong triggers, Bank Nifty is likely to remain range-bound, with limited scope for a sharp recovery in the near term.

The broader market is also showing signs of fatigue. Despite a positive start, indices failed to hold higher levels, reflecting a lack of sustained participation. A move below 24,000 on the Nifty could reintroduce bearish pressure, with higher levels increasingly being used to initiate short positions.

For Bank Nifty, the 53,800 level remains a key support, while 56,500 is the immediate resistance to watch. A decisive move above 56,500 is needed to revive bullish momentum; until then, stock-specific action is likely to dominate amid divergent trends across constituents.

PSU and private banks remain subdued, with continued volatility in private sector names weighing on overall sentiment. This weakness could spill over into sectors such as auto, realty and financials. While select sectors may continue to show resilience, the inability of Bank Nifty to break higher levels is likely to cap broader market gains in the near term.

The Nifty is also struggling to clear immediate resistance around 24,500, which coincides with the max pain level and continues to act as a cap on upside. Open interest data points to strong resistance at higher levels, suggesting limited progress unless a decisive breakout occurs.

Traders should closely track Thursday’s 30-minute range. A sustained move above this band could act as a trigger for fresh long positions.

At the moment the bearishness has not been able to drag the index much lower. Until we see Nifty move below 24000 decisively the Open Interest data retains that 24200 as the next set of resistance emerging. As ranging market is in play, we need to be quick in profit taking as we the trend does not have sufficient steam to move strongly in either direction.

Raja Venkatraman is co-founder, NeoTrader. His Sebi-registered research analyst registration no. is INH000016223.

Investments in securities are subject to market risks. Read all the related documents carefully before investing. Registration granted by Sebi and certification from NISM in no way guarantees performance of the intermediary or provide any assurance of returns to investors.

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.Raja Venkatraman is the co-founder of NeoTrader, where he heads the training division. He conducts both offline and live market workshops, seminars, and webinars. He has been working under the guidance of Dr C K Narayan, his mentor and founder of Growth Avenues, for more than 20 years. He is an active trader in multiple asset classes, and actively shares his views on YouTube, blogs at NeoTrader, and on reputed news channels and websites. His Sebi-registered research analyst registration no. is INH000016223.

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