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Stock market recap: Equity markets staged a robust recovery on Tuesday, as benchmark indices rebounded from volatility to finish with healthy gains. The Nifty 50 index closed at 24,576.60, up 211.75 points (0.87%), while BSE Sensex mirrored this strength, surging more than 600 points to settle above 79,100.
Market sentiment was bolstered by easing crude oil prices and renewed optimism surrounding potential US-Iran diplomatic talks, which helped temper regional geopolitical concerns. On the sectoral front, the performance was broad-based, led by a sharp rally in Nifty FMCG (2.55%) and Nifty Realty (2.14%). Financials and Private Banks also provided significant structural support, with Nifty Private Bank gaining 1.50%. Conversely, defensive pockets like Nifty Pharma and Consumer Durables faced mild selling pressure, ending the day in the red. The market breadth remained in favour of bulls; the overall advance-decline ratio stood at a healthy 2,089 stocks advancing to 1,247 stocks declining.
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Buy: Cupid Ltd (current price: ₹109)
Nifty 50: how the benchmark index performed on 21 April
Indian equities closed on a firm note, with Nifty 50 gaining 0.87% (up 211.75 points) to settle at 24,576.60, after trading within a range of 24,354–24,601. The benchmark sustained its upward bias throughout the session, indicating continued buying interest at lower levels.
Broader market breadth remained positive, with 2,089 stocks advancing vs. 1,247 stocks declining, and 101 remaining unchanged, reflecting healthy participation beyond index heavyweights.
On the sectoral front, FMCG outperformed with a sharp 2.55% gain, followed by realty (+2.14%) and private banks (+1.50%), while financial services also lent support. IT and auto posted modest gains, whereas pharma and consumer durables ended marginally in the red, indicating selective profit booking. The rally was largely driven by defensives and rate-sensitive sectors, suggesting improving investor confidence.
The index has exhibited a recovery in recent sessions, with price action forming a sequence of higher lows after a sharp corrective phase, indicating a potential trend reversal. Notably, the index has successfully reclaimed its 50-DMA, a key short-term trend indicator, suggesting improving bullish momentum and a shift in near-term sentiment.
Momentum indicators are aligning with the positive price structure. The RSI has rebounded strongly and is now trending higher, moving above the midline and indicating strengthening buying momentum without yet entering overbought territory.
Meanwhile, the MACD has delivered a bullish crossover and is rising steadily, with histogram bars expanding in the positive zone, reflecting increasing upside momentum.
According to O’Neil’s methodology of market direction, the Indian equity market transitioned to a ‘confirm uptrend’ from a ‘rally attempt’.
On the technical front, Nifty 50 is approaching a key supply zone, with immediate resistance placed in 24,700–24,800, followed by a more critical hurdle around 25,000, coinciding with the confluence of the 100-day EMAs. On the downside, immediate support is seen near 24,000–23,950, which is likely to act as a near-term cushion. A breach below this band could expose the index to further weakness, with stronger support positioned around 23,500, a level that previously served as a base during the recent corrective phase.
How did Nifty Bank perform on Tuesday?
Nifty Bank opened on a positive note at 56,823, reflecting early buying interest. It witnessed steady intraday strength, touching a high of 57,456 while the low was recorded near 56,696. The index sustained gains throughout the session and closed firmly at 57,371, up approximately 1.39%. The price action indicates a continuation of the ongoing pullback from recent lows, with the index holding above key short-term averages. Notably, the recovery appears supported by improving sentiment in heavyweight banking stocks, suggesting selective accumulation at lower levels and a gradual return of bullish participation.
From an indicator perspective, momentum is showing signs of improvement. The RSI has moved higher and is currently hovering near 59, indicating strengthening bullish momentum while still leaving room for further upside. The MACD has formed a positive crossover and is trending upward; rising histogram bars further reinforce this recovery. This combination suggests improving internal strength, though the index is still in a phase of rebuilding trend confidence after the recent correction.
Technically, immediate support is placed near 56,700–56,500, followed by a stronger base around 55,700, which coincides with the short-term moving averages. On the upside, resistance is seen in 57,800–58,200, where the 100-DMA and prior supply area are positioned. A sustained move above this zone could open the path toward 59,000 in the near term. Given the improving momentum indicators and supportive price structure, the index is likely to remain in a recovery mode, though intermittent consolidation near resistance levels cannot be ruled out.
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