According to reports from Business Standard, the Nifty opened flat and experienced volatile trading throughout the day after four days of continuous selling pressure. The index reached the support cluster of 23,300–23,400, which coincides with the 50 per cent Fibonacci retracement level of the 22,182-24,602 rally and the lower end of the gap area formed on April 8. Technical analysts expect the Nifty to hold this support cluster and trade with a positive bias over the next few trading sessions, with potential upside toward 23,800, which is the 40-hour moving average. The latest session saw the Nifty rebound after hitting an intraday low of 23,262 and nearly filling the gap around the 23,150 level, though selling pressure resurfaced in the latter half.
As reported by Business Standard, Bank Nifty continued to see selling pressure and closed in the red, trading around the 53,700 level, which coincides with the 50 per cent Fibonacci retracement level of the 49,955-57,456 rally. The index formed a small-bodied bearish candle with shadows on both sides, suggesting high volatility. Analysts expect Bank Nifty to consolidate within the 53,200–54,500 range over the next few trading sessions, with the banking index still having room to close its gap near the 52,800 mark. The IT pack continues to drift lower gradually, while the broader markets displayed strength with the midcap index gaining nearly 1 per cent and the smallcap index advancing 0.38 per cent.
According to Teji Mandi Investment Technologies, Jatin Gedia recommends buying NTPC Green at current market price of ₹111.25 with a stop-loss at ₹107 and target of ₹118. The stock has broken out of a falling wedge pattern, suggesting a resumption of the uptrend and has sustained above the 20-day moving average. For Balrampur Chini (Balramchini) at ₹548.9, the recommendation includes a stop-loss at ₹535 and target of ₹583, as the stock has broken out of a triangle pattern. Trent at ₹4,084.5 is recommended with a stop-loss at ₹4,000 and target of ₹4,430, as it maintains a short-term uptrend and respects its 40-day average. The MACD indicator has positive crossover signals for both NTPC Green and Balrampur Chini, while the RSI is respecting the 50 levels for Trent.
As reported by Teji Mandi Investment Technologies, the MACD indicator has positive crossover signals for both NTPC Green and Balrampur Chini, signaling buy opportunities. For Trent, the RSI is respecting the 50 levels, keeping the bullish sentiment intact. A breach below 23,250 can lead to a decline toward the 23,100–23,000 zone, while analysts expect the Nifty to rise toward 23,800 on the upside. The rebound was largely driven by oversold market conditions and buying in select heavyweight stocks, though investor sentiment remained cautious amid ongoing geopolitical uncertainty surrounding the US-Iran conflict and persistent foreign institutional outflows. Market participants also reacted to the government's decision to raise import duties on gold and silver, which led to sharp moves across bullion-linked counters and ETFs.
