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While the market shows some promise and trends are expected to gain momentum, current upward movement is limited. Higher price levels are meeting selling pressure, which is dampening bullish sentiment.
Buy above ₹520, stop ₹490, target 575 (multiday)
Buy above ₹181, stop ₹168, target ₹205 (multiday)
Buy above ₹76, stop ₹71.50, target ₹85 (multiday)
On 20 April, Indian equity markets witnessed a volatile session, extending gains for the second consecutive day but ultimately closing flat as global uncertainties weighed on sentiment. The Nifty opened on a mildly positive note and showed strength during the late morning trade, supported by selective buying in banking and metal counters. However, profit booking in the afternoon erased intraday gains, leaving the index almost unchanged by the close.
The Sensex ended higher by 26.76 points or 0.03% at 78,520.30, while the Nifty added 11.30 points or 0.05% to settle at 24,364.85. Market participants remained cautious amid concerns over the Iran-US ceasefire, which kept overall sentiment subdued. Stocks such as Trent, SBI, JSW Steel, and Asian Paints were among the active movers during the day. Broader indices mirrored the volatility, with midcaps and smallcaps struggling to sustain momentum, reflecting a wait-and-watch approach among investors.
Positive domestic and geopolitical news has helped trends revive, though the markets failed to sustain at higher levels and remain largely neutral. We are currently negotiating the 24,300 level. After a quiet start, yesterday’s impressive recovery reignited a bullish bias. With positive traction returning, investors should focus on stocks resuming their primary trends. As the current environment suggests a slow pace over the next few days, we expect global cues to drive the next move.
Since the market is struggling to maintain its upward momentum, a more cautious approach is needed. Options data shows Nifty resistance has shifted to 24,500, where steady call shorting is capping gains. Immediate support holds at 24,200, likely keeping the weekly range between 24,200 and 24,900. With the Put-Call Ratio (PCR) reaching 1 in both Nifty and Bank Nifty, bullish enthusiasm is returning as oversold levels are hit. Bank Nifty, having cleared the 52,000 mark, remains slow but could eventually lead the market higher.
Open Interest data indicates that hurdles have shifted toward 24,900, while the gap near 25,700 may also act as a major barrier to future rallies. As this remains a "buy on dips" market, we are looking for entry points in support zones. Specifically, Nifty’s 24,000 level has now turned into a support floor for buyers to watch during pullbacks.
Raja Venkatraman is co-founder, NeoTrader. His Sebi-registered research analyst registration no. is INH000016223.
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Disclaimer: The views and recommendations given in this article are those of individual analysts. These do not represent the views of Mint. We advise investors to check with certified experts before making any investment decisions.
Raja Venkatraman is the co-founder of NeoTrader, where he heads the training division. He conducts both offline and live market workshops, seminars, and webinars. He has been working under the guidance of Dr C K Narayan, his mentor and founder of Growth Avenues, for more than 20 years. He is an active trader in multiple asset classes, and actively shares his views on YouTube, blogs at NeoTrader, and on reputed news channels and websites. His Sebi-registered research analyst registration no. is INH000016223.