NIFTY MID SELECT

Nfty index needs a decisive close above 24,000 zone for a move toward 24,300–24,500 levels, 23,900–23,800 range expected to be immediate key support, Bank Nifty needs to move convincingly above 55,900 for uptrend toward 56,300–56,700 zone

* Nfty index needs a decisive close above 24,000 zone for a move toward 24,300–24,500 levels
* 23,900–23,800 range expected to be immediate key support
* Bank Nifty needs to move convincingly above 55,900 for uptrend toward 56,300–56,700 zone

shorts/business/trading-plan-can-nifty-50-bank-nifty-take-a-small-breather-after-5-day-winning-streak

After Wednesday’s stellar rally and continuation of the upward journey over the last five consecutive sessions, the market may take a small breather, which is generally a phase of consolidation before getting into further leg of upmove. Technical indicators signal strengthening momentum, with the index negating the lower high–lower low formation and VIX falling sharply. The index needs a decisive close above the psychological 24,000 zone for a move toward the 24,300–24,500 levels. However, the 23,900–23,800 range is expected to be immediate key support. Meanwhile, the Bank Nifty needs to move convincingly above 55,900 for an uptrend toward the 56,300–56,700 zone. However, 55,000 may act as immediate support, followed by 54,800 as crucial support.

On April 8, the Nifty 50 spiked 874 points (3.78 percent) to 23,997, while the Bank Nifty surged 2,988 points (5.67 percent) to 55,704, with strong market breadth. A total of 2,795 shares saw buying interest compared to 250 shares that were under pressure on the National Stock Exchange.

Nifty Outlook and Strategy

Sudeep Shah, Head - Technical and Derivatives Research at SBI Securities

The benchmark index, Nifty, extended its pullback rally on Wednesday following the announcement of a two-week ceasefire between the US and Iran. From the recent swing low of 22,182, the index staged a swift recovery of more than 1,800 points (8.19 percent) within just four trading sessions. Notably, the index has recorded positive closes for the fifth consecutive session, marking its longest winning streak since the onset of the US-Iran conflict. Alongside this recovery, market participation has broadened meaningfully, with market breadth showing significant improvement, reflecting increased buying interest across broader segments.

Adding further strength to the technical setup, the Nifty has decisively moved above its 20-day EMA for the first time since February 23, signalling a short-term trend reversal. Momentum indicators have also witnessed a sharp turnaround. The daily RSI is currently hovering near the 54 level and continues to trend upward, highlighting strengthening bullish momentum. Meanwhile, the fast stochastic has surged above the 80 mark and remains in a rising mode, indicating strong price momentum. Additionally, the MACD histogram has sustained above the zero line for the last three trading sessions, suggesting improving trend strength and a positive momentum bias.

On the volatility front, the India VIX has cooled off sharply, declining by more than 20 percent, which indicates a notable reduction in market fear and uncertainty. This contraction in volatility further supports the ongoing improvement in risk sentiment and increases the possibility of consolidation with a positive bias in the near term.

Going ahead, considering the prevailing chart structure and the improving momentum setup, we believe the Nifty is well positioned to extend its ongoing pullback rally in the near term. On the upside, the Nifty is likely to test the 24,300 level initially, followed by 24,500. A sustained hold above these levels could further strengthen the bullish bias. On the flip side, the immediate support for the index is placed in the 22,800–22,750 zone, which is expected to act as a strong demand area.

Key Resistance: 24,300, 24,500

Key Support: 22,800, 22,750

Strategy: Buy Nifty Futures on dips between 23,950–24,100, with a stop-loss of 23,780, targeting 24,450.

Nilesh Jain, VP- Head of Technical and Derivative research at Centrum Finverse

Technically, the Nifty has negated the lower top–lower bottom formation and confirmed a breakout from a falling wedge pattern on the daily chart. The index has now retraced 38.2 percent of the entire decline from 26,341 to the recent low, with this level around 23,770 already achieved. The next key resistance is placed at 24,250, which coincides with the 50 percent retracement level. A sustained move above this zone could pave the way for an upside towards 24,800.

Momentum indicators are also showing improvement. On the downside, immediate support is seen at 23,600. Meanwhile, the India VIX has declined sharply and slipped below the 20 mark. Any further cooling in volatility would provide additional comfort to the bulls.

Overall, the technical setup remains positive, with further upside potential towards the 50-DMA at 24,500, provided Nifty Futures sustain above the 24,100 level.

Key Resistance: 24,250, 24,500

Key Support: 23,850, 23,620

Strategy: Buy Nifty Futures above 24,100, with a stop-loss of 23,900, targeting 24,500.

Rupak De, Senior Technical Analyst at LKP Securities

The Nifty stayed strong after opening with a gap up, supported by news of a temporary ceasefire in the Middle East conflict. The weakness in the rupee also helped the index hold firm throughout the session.

On the hourly chart, the index reclaimed its 200 SMA on Wednesday after closing above the 50 SMA in the previous session. This suggests that near-term sentiment may remain positive, with the Nifty potentially moving towards 24,265, a crucial resistance level where selling pressure could emerge again.

However, any negative development in the US–Iran truce talks could bring back investor nervousness and push the index towards lower levels. Hence, investors should avoid becoming completely complacent, as risks could quickly resurface if the situation takes an unfavourable turn.

Key Resistance: 24,265, 24,550

Key Support: 23,800, 23,500

Strategy: Buy Nifty 23,700 PE of April 13 expiry at Rs 90, with a stop-loss of Rs 60, targeting Rs 150.

Bank Nifty - Outlook and Positioning

Sudeep Shah, Head - Technical and Derivatives Research at SBI Securities

The banking benchmark index has also continued to demonstrate strong follow-through in its pullback rally. From the recent swing low of 49,954, the index has staged an impressive rebound of over 5,800 points, translating into a sharp upside of 11.63 percent in a short span. This strong recovery highlights renewed buying interest in frontline banking stocks and improving risk appetite across the financial space.

Adding to the positive setup, Bank Nifty has decisively crossed above its 20-day EMA for the first time since February 27, indicating a short-term trend reversal. Momentum indicators, too, have witnessed a strong pullback, reinforcing the bullish undertone and suggesting that the recovery is supported by improving internal strength rather than just short covering.

Going ahead, considering the current chart structure and strengthening momentum indicators, the Bank Nifty is likely to continue its pullback rally in the near term. On the upside, Bank Nifty is expected to move towards 56,500 initially, followed by 57,200, which are placed at key resistance levels. On the downside, the zone of 55,300–55,200 is likely to act as an immediate support area.

Key Resistance: 56,500, 57,200

Key Support: 55,300, 55,200

Strategy: Buy Bank Nifty Futures between 55,700–56,000, with a stop-loss of 55,200, targeting 57,000.

Nilesh Jain, VP- Head of Technical and Derivative research at Centrum Finverse

Bank Nifty reclaimed its 21-DMA near 53,900 and closed above the 55,700 mark. It has also negated the earlier bearish setup by surpassing the previous lower top around 54,100.

Overall, Bank Nifty’s structure appears stronger than Nifty, and the outperformance is likely to continue in the short term.

Key Resistance: 56,000, 56,800

Key Support: 55,300, 54,800

Strategy: Traders may consider initiating long positions in Bank Nifty Futures above 56,000, with a stop-loss below 55,550. A follow-up move towards 56,800 levels cannot be ruled out in the near term.

Rupak De, Senior Technical Analyst at LKP Securities

The Bank Nifty has given a falling channel breakout on the hourly chart, suggesting rising optimism in the market. The RSI has also witnessed a consolidation breakout on the daily chart. Besides, the index has moved above the 200 SMA on the hourly chart, indicating an improving technical trend.

As long as it remains above 54,400, the trend may continue to favour the bulls. However, a fall below 54,700 could open the gates for the bears. A decisive break below this level may put the current rally under serious question. Therefore, investors should remain cautiously bullish while keeping risk management firmly in place.

Key Resistance: 55,850, 57,200

Key Support: 54,400

Strategy: Buy Bank Nifty April 57,000 CE at Rs 550, with a stop-loss of Rs 425, targeting Rs 750.

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.

Trading Plan: Can Nifty 50, Bank Nifty take a small breather after 5-day winning streak?

Technical and momentum indicators show further improvement, with sharp fall in VIX and oil prices, Nifty 50 may see some consolidation before getting ready for next leg of upmove toward 24,300–24,500 zone, 23,800 likely to act as support in the upcoming sessions

* Technical and momentum indicators show further improvement, with sharp fall in VIX and oil prices
* Nifty 50 may see some consolidation before getting ready for next leg of upmove toward 24,300–24,500 zone
* 23,800 likely to act as support in the upcoming sessions

shorts/business/trade-setup-for-april-9-top-15-things-to-know-before-the-opening-bell-2

It was a great session for the equity markets on April 8, as the Nifty 50 saw more than a 3 percent gap-up opening and closed with nearly 4 percent gains, extending the uptrend for the fifth straight day following the global rally after the US and Iran agreed to a two-week ceasefire, with the condition of safe passage through the Strait of Hormuz. Technical and momentum indicators also showed further improvement, with a sharp fall in the VIX and oil prices. After a stellar run, the Nifty 50 may see some consolidation before getting ready for the next leg of the upmove toward the 24,300–24,500 zone. However, 23,800 is likely to act as support in the upcoming sessions, experts said.



Here are 15 data points we have collated to help you spot profitable trades:

1) Key Levels For The Nifty 50 (23,997)

Resistance based on pivot points: 24,025, 24,072, and 24,147

Support based on pivot points: 23,875, 23,829, and 23,754

Special Formation: The Nifty 50 formed a healthy green candle after a robust gap-up opening and convincingly negated the lower high–lower low formation, signalling a bullish breakaway gap. The index climbed above the 10- and 20-day EMAs, both of which are now trending upward, though it remains below medium- and long-term moving averages. The RSI climbed further to 53.89, while the MACD maintained a bullish crossover with a further rising histogram. All this indicates improving bullish momentum.

2) Key Levels For The Bank Nifty (55,704)

Resistance based on pivot points: 55,801, 56,033, and 56,407

Support based on pivot points: 55,052, 54,820, and 54,446

Resistance based on Fibonacci retracement: 55,860, 57,253

Support based on Fibonacci retracement: 54,386, 53,532

Special Formation: The Nifty Bank also recorded a long green candle on the daily timeframe after a robust gap-up opening and closed a tad below the 50 percent Fibonacci retracement of the recent fall, with a 5.67 percent rally, signalling a bullish breakaway gap after the likely formation of a bottom near 50,000. The banking index also rose above short-term moving averages but remains below medium- and long-term moving averages. The RSI jumped further to 53.41, while the MACD sustained a positive crossover with further green bar expansion in the histogram. All this indicates strengthening momentum.



3) Nifty Call Options Data

According to the weekly options data, the 24,500 strike holds the maximum Call open interest (with 65.42 lakh contracts). This level can act as a key resistance level for the Nifty in the short term. It was followed by the 24,000 strike (52.83 lakh contracts) and 24,300 strike (28.67 lakh contracts).

Maximum Call writing was observed at the 24,500 strike, which saw an addition of 28.72 lakh contracts, followed by the 24,700 and 24,600 strikes, which added 17.62 lakh and 15.42 lakh contracts, respectively. The maximum Call unwinding was seen at the 23,500 strike, which shed 16.89 lakh contracts, followed by the 23,600 and 23,400 strikes, which shed 5.76 lakh and 3.86 lakh contracts, respectively.



4) Nifty Put Options Data

On the Put side, the maximum Put open interest was seen at the 23,500 strike (with 38.37 lakh contracts), which can act as a key support level for the Nifty in the short term. It was followed by the 24,000 strike (38.31 lakh contracts) and the 23,900 strike (36.12 lakh contracts).

The maximum Put writing was placed at the 23,900 strike, which saw an addition of 36 lakh contracts, followed by the 24,000 and 23,500 strikes, which added 33.36 lakh and 33.07 lakh contracts, respectively. There was hardly any Put unwinding seen in the 23,400-24,800 strike band.



5) Bank Nifty Call Options Data

According to the monthly options data, the 55,000 strike holds the maximum Call open interest, with 6.31 lakh contracts. This can act as a key level for the index in the short term. It was followed by the 57,000 strike (5.76 lakh contracts) and the 56,000 strike (5.33 lakh contracts).

Maximum Call writing was observed at the 57,000 strike (with the addition of 1.69 lakh contracts), followed by the 55,500 strike (80,580 contracts) and 55,600 strike (73,320 contracts). The maximum Call unwinding was seen at the 55,000 strike, which shed 88,380 contracts, followed by the 54,500 and 54,800 strikes, which shed 39,660 and 5,010 contracts, respectively.



6) Bank Nifty Put Options Data

On the Put side, the maximum Put open interest was seen at the 55,000 strike (with 6.24 lakh contracts), which can act as a key support level for the index. This was followed by the 56,000 strike (2.86 lakh contracts) and the 55,500 strike (2.37 lakh contracts).

The maximum Put writing was placed at the 55,000 strike (which added 3.28 lakh contracts), followed by the 55,500 strike (1.62 lakh contracts) and 56,000 strike (1.3 lakh contracts). There was hardly any Put unwinding seen in the 54,500-57,250 strike band.



7) Funds Flow (Rs crore)



8) Put-Call Ratio

The Nifty Put-Call ratio (PCR), which indicates the mood of the market, was unchanged at 1.13 on April 8, compared to previous session.

The increasing PCR, or being higher than 0.7 or surpassing 1, means traders are selling more Put options than Call options, which generally indicates the firming up of a bullish sentiment in the market. If the ratio falls below 0.7 or moves towards 0.5, then it indicates selling in Calls is higher than selling in Puts, reflecting a bearish mood in the market.



9) India VIX

India VIX, which measures expected market volatility, fell sharply by 20.24 percent on Wednesday to the 19.70 level, providing comfort for bulls. A further consistent fall in the volatility index toward the 14 level is necessary for bulls to get into a major comfort zone.



10) Long Build-up (106 Stocks)

A long build-up was seen in 106 stocks. An increase in open interest (OI) and price indicates a build-up of long positions.



11) Long Unwinding (7 Stocks)

7 stocks saw a decline in open interest (OI) along with a fall in price, indicating long unwinding.



12) Short Build-up (10 Stocks)

10 stocks saw an increase in OI along with a fall in price, indicating a build-up of short positions.



13) Short-Covering (95 Stocks)

95 stocks saw short-covering, meaning a decrease in OI, along with a price increase.



14) High Delivery Trades

Here are the stocks that saw a high share of delivery trades. A high share of delivery reflects investing (as opposed to trading) interest in a stock.



15) Stocks Under F&amp;amp;O Ban

Securities banned under the F&amp;amp;O segment include companies where derivative contracts cross 95 percent of the market-wide position limit.

Stocks added to F&amp;amp;O ban: SAIL

Stocks retained in F&amp;amp;O ban: Sammaan Capital

Stocks removed from F&amp;amp;O ban: Nil

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.

Disclaimer: Moneycontrol is a part of the Network18 group. Network18 is controlled by Independent Media Trust, of which Reliance Industries is the sole beneficiary.

Trade Setup for April 9: Top 15 things to know before the opening bell

Markets may reclaim all-time highs this financial year, India's valuation premium has cooled, boosting investor interest, Domestic investors and mutual funds expected to lead recovery

* Markets may reclaim all-time highs this financial year
* India's valuation premium has cooled, boosting investor interest
* Domestic investors and mutual funds expected to lead recovery

HDFC Securities CEO Dhiraj Relli expects Indian markets to reclaim all-time highs this financial year, driven by moderating valuation premiums, steady earnings growth, and renewed investor interest, with domestic investors likely leading the recovery.

shorts/business/markets-could-hit-all-time-high-near-diwali-after-18-month-correction-dhiraj-relli-hdfc-securities

After the ongoing time correction seen over the past 18 months, the markets may be able to reclaim their all-time high this financial year, suggested Dhiraj Relli, Managing Director and Chief Executive Officer, HDFC Securities. He believes that the Nifty could hit its record of 26,373.20 later this year.

Speaking at an HDFC Securities' The Big Review report launch, he added, &quot;We should get that number in this financial year. Whether we get it in the 2nd quarter, 3rd quarter, 4th quarter, I don't know. But I hope that somewhere closer to Diwali we should get that.&quot;

However, the analysts at the event said that the India story still hinges on a familiar equation: relative valuations and earnings growth. Usually, while market participants argue that India remains expensive compared to other emerging markets, HDFC Securities disagreed, pointing out that a valuation premium has long been justified.

Historically, Indian equities have traded at a premium due to stronger return on equity (RoE), a well-diversified private sector, and robust regulatory safeguards that enhance investor protection.

While India’s valuation premium over emerging markets peaked at nearly 100% in 2023, it has since cooled to around 33%, which is closer to its long-term average. This moderation is already triggering renewed investor interest, with early enquiries from FPIs beginning to pick up.

That said, flows have not yet fully returned. Currency concerns, particularly dollar strength against the rupee, and some uncertainty around the depth of earnings growth continue to weigh on sentiment. However, expectations of 10–12% earnings growth, if sustained, could make valuations more attractive on a PEG basis, potentially drawing investors back.

A key near-term trigger remains geopolitical clarity. While risks persist, there are growing signs of a possible resolution to ongoing global conflicts, reducing the likelihood of extreme downside scenarios for markets. As a result, sentiment appears to be at a turning point.

Domestic investors are expected to lead the recovery. Mutual funds are sitting on sizeable cash buffers, and there are early signs of a shift toward higher-quality stocks, particularly in large caps. Buying interest is already visible in sectors where valuations corrected despite limited direct earnings impact.

Structural themes such as manufacturing, infrastructure, and domestic cyclicals continue to attract attention. Sectors like banking, IT, industrials, and real estate are seeing improving risk-reward dynamics, while investors are gradually adding exposure through staggered investments.

Read More | India at a sweet spot with 18x valuations and 10-15% upside: Dhiraj Relli on India's strong macros even amid war jitters

Disclaimer: The views and investment tips expressed by investment experts on Moneycontrol.com are their own and not those of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.

Markets could hit all-time high near Diwali after 18-month correction: Dhiraj Relli, HDFC Securities

In April, market cap surges by nearly Rs 34 lakh crore, More than 400 stocks hit the upper circuit, nearly 100 scrips touch 52-week high on BSE, Nifty 50 records 8 percent rally from April low

* In April, market cap surges by nearly Rs 34 lakh crore
* More than 400 stocks hit the upper circuit, nearly 100 scrips touch 52-week high on BSE
* Nifty 50 records 8 percent rally from April low

shorts/business/investors-wealth-soar-rs-17-lakh-crore-as-us-iran-ceasefire-lifts-market-sentiment

The market staged a stellar performance following the United States and Iran agreeing to a two-week ceasefire and the opening of the Strait of Hormuz for commercial oil and gas supply, trading strong throughout the session and rising nearly 4 percent on April 8. Also, the RBI’s status quo stance has further supported financials. Hence, this bullish market sentiment ultimately resulted in an increase in investors' wealth by nearly Rs 17 lakh crore in a single session and Rs 34 lakh crore in April.

The much-awaited announcement of the ceasefire brought significant relief across asset classes, with oil prices falling below the $100-a-barrel level, and also reduced earnings downgrade risks and inflation concerns.

&quot;The interim ceasefire is seen as a step toward broader regional stability. India benefits immediately from the reopening of the Hormuz Strait, which has pushed oil prices below $100 a barrel and reduced downside risks to FY27 EPS growth,&quot; Vinod Nair, Head of Research at Geojit Investments, said.

Although the Q4 results outlook remains muted, investors are focusing on reasonable valuations and a stable medium-term earnings trajectory, suggesting that the rally still has room to continue in the near term, Vinod Nair believes.

The benchmark indices started off the day with 3 percent gains and stayed bullish throughout the session before closing at 77,563, up 2,946 points (3.95 percent—the biggest single-day rally since February 1, 2021). The market breadth was largely dominated by bulls, with seven shares advancing against one declining share on the BSE.

The sharp rally, with support from all sectors, increased the BSE market capitalisation to Rs 445.51 lakh crore on Wednesday, up by Rs 16.83 lakh crore from Rs 428.77 lakh crore in the previous session. In April, the market cap surged by nearly Rs 34 lakh crore from Rs 411.55 lakh crore on March 30, the day when it made a bottom after the recent West Asia war-led steep fall.

There was a Rs 56.71 lakh crore loss in investors' wealth since the start of the Middle East war that had stopped oil supply from the Strait of Hormuz and raised several risks to global growth.

More than 400 stocks hit the upper circuit on the BSE, and nearly 100 scrips touched a 52-week high.

The Nifty 50 spiked 874 points (3.78 percent) to 23,997, taking the total gains to 8 percent from the April low, while the Nifty Midcap and Smallcap 100 indices soared over 4 percent each.

Rate-sensitive sectors recorded the biggest gains, with Nifty Realty at the top with a 6.75 percent surge, followed by Nifty Auto (6.69 percent) and Bank Nifty (5.67 percent), after the Reserve Bank of India decided to hold the repo rate at 5.25 percent with a neutral stance, which was perceived as supportive for equities.

&quot;While the sharp rally is encouraging, its sustainability will depend on continued follow-through buying and stability in crude oil prices and global cues,&quot; said Ajit Mishra, SVP, Research at Religare Broking.

Meanwhile, the sharp improvement in investor sentiment has driven a notable decline (of 1.9 percent to below 7 percent) in the 10-year bond yield and strengthened the rupee by 0.57 percent to 92.61 (at the time of writing this article). The currency appreciated sharply in the last couple of weeks, especially from the record low of 95.23 on March 30.

Brent crude prices, the international oil benchmark, were trading at $93.01 a barrel, down 10.07 percent (at the time of writing this article) after a gap-down opening following the ceasefire announcement.

US President Donald Trump has suspended attacks on Iran for two weeks, with the condition that Tehran allow safe passage through the Strait of Hormuz, the waterway used for the supply of 20 percent of global oil. Trump said the United States had received a 10-point proposal from Iran that is a workable basis for negotiations.

“Almost all of the various points of past contention have been agreed to between the United States and Iran, but a two-week period will allow the agreement to be finalised and consummated,” Trump said in a social media post, while Iranian Foreign Minister Seyed Abbas Araghchi said Tehran will allow safe passage through the strait during the ceasefire via “coordination with Iran’s Armed Forces and with due consideration to technical limitations,” reports CNBC.

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.

Investors wealth soar Rs 17 lakh crore as US-Iran ceasefire lifts market sentiment

Next immediate crucial resistance zone for Nifty 50 seen at 24,200–24,300, 23,800 may be support level, Necessary for VIX to sustain below 20 zone to bring bulls back into strong action

* Next immediate crucial resistance zone for Nifty 50 seen at 24,200–24,300
* 23,800 may be support level
* Necessary for VIX to sustain below 20 zone to bring bulls back into strong action

shorts/business/technical-view-nifty-sees-biggest-single-day-rally-since-may-2025-after-ceasefire-24-300-key-for-further-gains-bank-nifty-targets-56-300-as-vix-drops-over-20

The benchmark Nifty 50 logged its biggest single-day gains since May 2025, rising nearly 4 percent and extending gains for the fifth consecutive session on April 8. The index saw a sharp gap-up opening after Donald Trump announced a two-week ceasefire, with the condition of opening the Strait of Hormuz, the waterway used for 20 percent of global oil supply. Technically, the index climbed well above short-term moving averages as well as the midline of the Bollinger Bands, with both the 10- and 20-day EMAs sloping upward, while the volatility index tumbled over 20 percent and oil prices fell 9 percent, favouring bulls.

The momentum indicators also aligned with the market rally, with the RSI rising above the 50 level to 53.89, and the Stochastic RSI jumping to 100, while the MACD maintained a bullish crossover with an expanding histogram.

Now, the next immediate crucial resistance zone for the Nifty 50 is seen at 24,200–24,300 (50-day EMA and 50 percent Fibonacci retracement of the fall from the January high to the April low), followed by 24,500 (where the highest Call open interest is seen), and 24,800 being a critical hurdle (61.8 percent retracement). However, 23,800 (38.2 percent retracement) is going to be a support level, according to experts.

The Nifty 50 opened more than 700 points higher and climbed to 24,025 intraday. The index sustained above 23,800 throughout the session and closed at 23,997, up 874 points (3.78 percent, the biggest single-day rally since May 12, 2025), taking the total recovery to over 8 percent from the April low.

On the daily charts, the index formed a long bullish candle after the formation of a huge unfilled opening upside gap, indicating the Bullish Breakaway Gap, which reflects the formation of an important bottom reversal for the market at the recent swing low of 22,182 on April 2.

According to Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities, the overall chart pattern is positive, and if this gap remains unfilled for the next 3–4 sessions, then that could suggest a broad-based rally for the markets ahead.

&quot;The next upside levels are to be watched around 24,500. Immediate support is placed at the 23,800 level,&quot; he said.

The weekly options data indicated that the Nifty 50 is likely to face resistance at 24,500, and support is placed at the 23,900–23,800 levels. The maximum Call open interest was observed at the 24,500 strike, followed by the 24,000 and 24,200 strikes, while the 24,000 strike holds the maximum Put open interest, followed by the 23,500 and 23,900 strikes.

The maximum Call writing was seen at the 24,500, 24,000, and 24,700 strikes, while the 23,900, 24,000, and 23,500 strikes hold the maximum Put writing.

Meanwhile, the India VIX, the fear gauge, plunged sharply by 20.24 percent on Wednesday to below the 20 zone at the 19.70 level, signalling comfort for bulls. It is necessary to sustain below the 20 zone to bring bulls back into strong action.

Bank Nifty

The banking index mirrored this strength, opening with a sharp gap-up of 2,188 points and maintaining upward momentum throughout the session. The rally was further supported by the Reserve Bank of India maintaining the status quo on interest rates in its Monetary Policy Committee (MPC) meeting. This helped ease concerns around rising yields and inflationary pressures stemming from elevated crude oil prices and geopolitical tensions.

The Bank Nifty surged 2,988 points (5.67 percent, the biggest single-day gain since February 1, 2021) to 55,704, moving above short-term moving averages and inching closer to medium- and long-term moving averages.

The index formed a green candle on the daily timeframe, signalling a big bullish breakaway gap with above-average volumes. The momentum indicators also signalled a bullish bias, with the RSI rising to 53.41 and the MACD sustaining a positive crossover with further green bar expansion in the histogram.

&quot;The immediate resistance for Bank Nifty is placed in the 56,200–56,300 zone. Any sustainable move above this zone could result in Bank Nifty extending its pullback towards 56,700, followed by 57,000 in the short term,&quot; Sudeep Shah, Head – Technical and Derivatives Research at SBI Securities, said.

On the downside, the 55,200–55,100 zone is likely to act as immediate support, he added.

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.

Technical View: Nifty sees biggest single-day rally since May 2025 after ceasefire; 24,300 key for further gains; Bank Nifty targets 56,300 as VIX drops over 20%

3 out of 5 years NIFTY MID SELECT has given positive returns in April.

Type	R1	R2	R3	PP	S1	S2	S3
Classic	13,302.23	13,384.57	13,526.18	13,160.62	13,078.28	12,936.67	12,854.33
Fibonacci	13,246.17	13,299.02	13,384.57	13,160.62	13,075.07	13,022.22	12,936.67
Camarilla	13,240.43	13,260.96	13,281.49	13,160.62	13,199.37	13,178.84	13,158.31

INDEX CONTRIBUTION - NIFTY MID SELECT

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