Indian stock market: Nifty 50 retreats after facing resistance at 24,400. Can it reclaim 25,000 level? ((Image: Pixabay))AI Quick ReadThe Indian stock market opened higher on April 16, extending its rally for the second consecutive session, but failed to hold gains and slipped into the red in the second half of the trade due to selling pressure.
The Sensex had surged 619 points to 78,730.32 in early deals, while the Nifty 50 climbed 169.65 points to 24,400.95. However, by 14:12 IST, the Nifty 50 was down 0.29% at 24,170 . 10 and the Sensex fell 0.24% to 77,927.27.
Despite the intraday weakness, the broader trend shows signs of recovery, as per experts. The Nifty 50 had staged a strong rebound in the previous session, closing above the 24,200 mark and retracing nearly 50% of its decline from the peak of 26,341 to the recent low of 22,183, with this retracement level placed around 24,255.
The performance across various timeframes continues to present a mixed picture. According to NSE data, the index has increased by 1.57% in the past week and 3.16% over the last month, but is facing challenges in the medium-term, having dropped 6.01% over the past three months and 5.61% over the last six months.
Year-to-date, it has decreased by 7.64%, yet it has managed to achieve a 3.04% return over the previous year, showcasing some level of resilience. It is worth noting that the Nifty 50 has retreated from the 25,000 mark since March 2, 2026.
Sunny Agrawal - Head of Fundamental Research at SBI Securities, said that fundamentally, post 18 months of correction, the situation seems to be much better with relatively better global cues related to energy supply disruption. Valuations have turned comfortable with Nifty 50 trading at 18x PE multiple.
“Provisional business updates from banks have been upbeat and recent industry level credit growth is also at 2 year. This is augurs well for heavy weight banking sector. IT sector is also witnessing recovery post sharp sell off due to AI related growth concern. Hence, scaling back 25,000 levels over the next 3-4 months should not be a challenge,” said Agrawal.
According to Rajesh Bhosale, Equity Technical and Derivative Analyst at Angel One, bulls have made a strong comeback in recent weeks, with the Nifty 50 rallying over 2,000 points from recent lows in just 15 days and retracing nearly 50% of its earlier decline from the February peak. During this recovery, the index has formed multiple bullish gaps, and a key trend has been consistent buying on dips, in contrast to the sharp sell-offs seen in March.
Bhosale noted that markets are now absorbing geopolitical developments, including US–Iran tensions, more efficiently. However, the index has entered a crucial resistance zone of 24,400–24,800, which coincides with key technical indicators such as the 50 and 89 EMA and the 61.8% retracement level.
“This zone could act as a hurdle, and a sustained breakout above it is essential for further upside. In the near term, some consolidation is likely, while the 24,000–23,900 zone is expected to provide immediate support,” opined Bhosale.
Disclaimer: The views and recommendations above are those of individual analysts, experts and broking companies, not of Mint. We advise investors to check with certified experts before making any investment decision.
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