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The Nifty 50 and Bank Nifty started off the week on a strong note, climbing sharply by more than 1 percent on April 28 and forming long bullish candlestick patterns on the daily charts, with the upper band of the Bollinger Bands expanding further. According to experts, the Nifty needs to close decisively above the 24,350–24,400 zone for a move toward the immediate resistance of 24,500, followed by 24,800. Until then, consolidation may continue, with 24,000 acting as key support. The Bank Nifty may see a further uptrend toward the 56,000 zone as long as it holds 54,600 as support.

On Monday, April 28, the Nifty 50 soared 289 points (1.2 percent) to 24,328, and the Bank Nifty rallied 769 points (1.41 percent) to finish at 55,433, but the market breadth was not strong. About 1,342 shares saw buying interest compared to 1,235 shares under pressure on the NSE.

Nifty Outlook and Strategy

Jay Thakkar, Vice President & Head of Derivatives and Quant Research at ICICI Securities

The Nifty has provided a clean breakout above the 23,800–24,000 levels, and this range will now act as critical support in the near term. As this is a truncated week, some volatility can be expected. However, as long as 23,800 holds, the overall short-term trend remains positive. On the upside, the immediate target is 24,500, and only above that can the trend extend up to 24,800.

The index typically trades within a 5 percent range on a weekly basis, so the expected range for this week is 23,800 to 24,800, with the index currently trading in the middle of the range. The Nifty PCR (Put-Call Ratio) is at 1.17, which is considered bullish for the week. The 24,000 strike has a higher Put base, indicating near-term support, while the 24,500 strike presents immediate resistance, followed by 25,000. The Nifty is trading well above its 20-day VWAP (Volume Weighted Average Price) of 23,400, and also above its maximum pain level of 24,250, both of which will act as crucial supports in the near term.

Key Resistance: 24,500, 24,800, 25,000

Key Support: 24,000, 23,800

Strategy: Buy Nifty Futures at the current market price as well as on dips near 24,250, with a stop-loss at 23,950, targeting 24,500 and 24,800.

Jigar S Patel, Senior Manager - Equity Research at Anand Rathi

The Nifty 50 found support at the R3 monthly pivot, with the daily RSI (Relative Strength Index) reversing from the 60 level, signaling potential bullish momentum in the coming sessions. For the session on April 29, the 24,250–24,400 zone will be critical to watch, as it will set the tone for the market's direction. The Immediate resistance is at 24,400, where profit booking may emerge, while the crucial support is 24,250.

Key Resistance: 24,400, 24,500

Key Support: 24,250, 24,000

Strategy: Buy Nifty Futures above 24,500, with a stop-loss at 24,300, targeting 24,850.

Bank Nifty - Outlook and Positioning

Jay Thakkar, Vice President & Head of Derivatives and Quant Research at ICICI Securities

The Bank Nifty appears to have completed its short-term correction within the ongoing uptrend, as the index reversed well from the 54,000 support level. On the upside, the immediate resistance is the recent swing high, but there is no major hurdle beyond that level.

The PCR is at 1, which is neutral, but good Put additions at 55,500 and 55,000 strikes indicate these as short-term support levels. From a positional perspective, the overall trend remains bullish as long as 52,000 is held. The index is trading above its 20-day VWAP level of 52,800 and its maximum pain level of 54,700, reinforcing a bullish short- to medium-term trend.

Key Resistance: 56,000, 57,000

Key Support: 55,000, 54,000

Strategy: Buy Bank Nifty Futures at the current market price and on dips near 55,200, with a stop-loss at 54,400, targeting 56,000 and 57,000.

Jigar S Patel, Senior Manager - Equity Research at Anand Rathi

The Bank Nifty received support at the R2 monthly floor pivot, and with the daily RSI reversing from the 67 level, it indicates the potential for continued bullish momentum in the upcoming sessions. For the session on April 29, the 55,160–55,700 range will be a key area to monitor, as it will determine the market’s direction. The immediate resistance may be at 55,600, where profit booking may emerge, while the crucial support is 55,000.

Key Resistance: 55,600, 56,000

Key Support: 55,000, 54,600

Strategy: Buy Bank Nifty Futures near 55,400, with a stop-loss at 55,000, targeting 56,200.

Disclaimer: The views and investment tips expressed by experts on Moneycontrol are their own and not those of the website or its management. Moneycontrol advises users to check with certified experts before taking any investment decisions.

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