The Gift Nifty is trading flat at around 24,150, signalling a muted opening for the Indian stock market today. According to reports from Live Mint, Vaishali Parekh, Vice President — Technical Research at Prabhudas Lilladher, believes the Indian stock market bias remains cautiously positive as the Nifty 50 index faces a hurdle at 24,300. The expert noted that the 50-stock index needs to close above 24,300 to strengthen bulls' conviction in the fresh uptrend, while on the downside, near-term support would be positioned near the 23,800 level with the next major support at 23,200. Recent market analysis from The Economic Times suggests that Nifty has a bit of momentum but faces resistance at 24,300-24,700, with technical signals indicating the market is attempting to transition from a corrective phase to a more durable uptrend.
The Indian stock market witnessed a volatile session on Thursday, with the Nifty 50 closing at 24,196, down 34 points, and the BSE Sensex finishing at 77,988, losing 122 points. As reported by Live Mint, the Bank Nifty index closed 215 points lower at 56,086. Sectorally, the trend remained mixed with metals, IT, and energy stocks supporting the index, while banking and auto stocks faced pressure. Broader markets continued to outperform, with midcap and smallcap indices gaining around 0.6–1%, reflecting sustained positive market breadth.
According to Vaishali Parekh's analysis reported by Live Mint, the Nifty 50 opened with a gap up near the 24,400 zone but fizzled out, finding resistance and slipping down as the day progressed with profit booking. The Bank Nifty index opened near the 56,800 zone where it found resistance and, with heavy profit booking, slipped down to close near the 56,000 zone. Parekh emphasized that the Bank Nifty would need to breach above the 57,000 zone decisively to establish conviction, while the index would need to sustain the 53,500-level as the important support zone. Recent technical analysis from The Economic Times indicates that Nifty is now approaching key moving averages (100 and 200 DEMA) in the 24,600–24,800 zone, with sustained strength above this band potentially opening room for further upside towards 25,200.
Vaishali Parekh recommended three intraday stocks for today's trading: MGL at ₹1091 with target ₹1130 and stop loss ₹1070, NCC at ₹160 with target ₹168 and stop loss ₹156.50, and SJVN at ₹76.30 with target ₹80 and stop loss ₹75. As reported by Live Mint, these recommendations are for intraday trading purposes and come from the technical analysis of the current market conditions. The expert's recommendations reflect her cautiously positive outlook despite the muted opening signals from Gift Nifty.
Analysts broadly see the market attempting to transition from a corrective phase to a more durable uptrend, supported by improving momentum and selective buying interest. According to The Economic Times, traders may consider a 'buy on dip' approach in the 24,150–24,250 range, with a stop-loss at 23,900 and potential targets of 24,800 and 25,200. For the April 28, 2026 expiry, the recommended strategy involves a call spread with the break-even point at 24,530, offering a maximum potential profit of ₹11,050. The overall outlook remains positive as the weekly RSI continues to stay above its reference line, indicating that positive momentum is still intact. However, analysts caution that the move remains at a critical juncture, with resistance zones likely to test the strength of the recovery.
