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Indian equities experienced a volatile session on 28 April, with Nifty 50 ending at 23,995.70, down 0.40% or 97 points. The index faced significant resistance near 24,100–24,150 and slipped below the psychologically important 24,000 mark as investor sentiment was dampened by escalating geopolitical tensions in the Middle East and a subsequent surge in Brent crude prices toward $110 per barrel.
Sectoral performance was predominantly bearish. Nifty PSU Bank (-2.15%) and Private Bank (-1.23%) led the laggards following muted Q4 earnings from heavyweights like Axis Bank. Conversely, Nifty Oil & Gas (+1.55%) emerged as the top performer, buoyed by gains in ONGC and Coal India.
The advance-decline ratio reflected a cautious undertone, with 1,490 stocks advancing and 1,784 stocks declining, signaling broad-based selling pressure. Moving forward, the market’s trajectory will likely be dictated by the remaining Q4 earnings and the volatility in global energy prices.
Indian equities ended marginally lower on 28 April, with Nifty 50 slipping 97 points (-0.40%) to close at 23,995.70, reflecting a lack of sustained buying interest after early intraday gains. The index witnessed a gradual decline throughout the session, indicating profit-booking at higher levels. Market breadth remained weak, with 1,490 stocks advancing and 1,784 stocks declining, highlighting a negative undertone despite the relatively modest index fall.
Sectorally, PSU Banks and Private Banks led the losses, dragging the broader market, while Autos and Financials also traded under pressure. On the other hand, Oil & Gas and Metals provided some support, emerging as the key outperformers amid selective buying interest. FMCG and Pharma remained largely subdued, pointing to a lack of defensive participation.
The index continues to exhibit a weak technical structure, with price action indicating a lack of follow-through on recent recovery attempts. The index has resumed its downfall after a brief pullback and is forming a sequence of lower highs, reinforcing a short-term bearish bias.
Notably, the index is facing strong resistance at its 50-DMA, where selling pressure has consistently emerged, capping upside momentum. From a momentum standpoint, the RSI is hovering near 50, indicating a loss of bullish strength and a shift toward a neutral-to-bearish zone. The inability of RSI to sustain above higher levels suggests fading buying interest. Meanwhile, the MACD is showing signs of flattening after a recent positive crossover, with histogram bars losing strength.
According to O’Neil’s methodology of market direction, the Indian equity market transitioned to a “Confirm Uptrend” from a “Rally Attempt.
Nifty 50 is currently approaching a key near-term support zone around 23,800, with the next meaningful cushion placed in 23,500–23,550, which aligns closely with the 21-DMA. On the upside, the index is likely to encounter initial resistance in 24,250–24,300. Meanwhile, a stronger supply zone is seen in 24,800–25,000, where multiple key moving averages converge, potentially limiting further upside in the near term.
Nifty Bank opened on a negative note and extended its decline through the session, closing sharply lower by 863.95 points (-1.54%), reflecting sustained selling pressure. It opened at 55,862.50, touched an intraday high of 56,138.05, but failed to hold gains as profit booking emerged near resistance levels. The index then slipped to an intraday low of 55,263.75 and settled near the day’s low at 55,400.35, indicating weak intraday recovery. The formation of a bearish candle near the lower end of the range highlights continued supply dominance. This price behavior reinforces a short-term downtrend, with sellers actively defending higher levels and limiting any meaningful upside attempts.
From a momentum standpoint, the RSI is around 48, slipping below 50, which indicates weakening momentum and a shift toward a bearish bias. It is neither oversold nor showing strength, implying room for further downside. The MACD, while still in positive territory, shows a flattening histogram with the signal line converging toward the MACD line, hinting at a potential bearish crossover. This reflects waning bullish momentum. Together, these indicators suggest consolidation to bearish undertones, with no immediate signs of strong reversal unless momentum improves decisively.
On the levels front, immediate support is placed near 55,200, followed by stronger zones around 54,700 (near 21-SMA) and 54,000. A breakdown below these could accelerate selling pressure. On the upside, resistance is seen at 56,600 (50-SMA), with higher hurdles near 57,250 (200-SMA) and 58,050 (100-SMA).
Structurally, the index remains in a corrective phase after a sharp decline in March, and the recent bounce appears to be losing steam. Unless the index convincingly reclaims 56,600, rallies are likely to face selling pressure. Broader macro cues and banking sector sentiment will be key, but technically, the bias remains cautious to negative in the near term.
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