Indian equity markets wrapped up the final week of the April derivatives series on a mixed note, as broader indices traded within a narrow range amid rising geopolitical concerns. Market sentiment was overshadowed by fears of potential conflict between India and Pakistan, which kept investor enthusiasm in check despite recent gains.
The Nifty index managed to clock a robust rally of over 10% during April, surging from the 21,700 level. This move reflected a cautiously optimistic undertone, with strength concentrated in select stocks. However, technical resistance near the 24,600 mark continued to cap upward momentum, prompting a pullback toward the 23,800–24,000 support zone.
Market analysts note that a convincing weekly close above 24,600 could reignite bullish sentiment, potentially propelling the index toward the 25,000–25,200 region. Conversely, a decisive breach below 23,800 may signal a short-term trend reversal, with downside risk extending to 23,000–23,200 — levels that coincide with previous monthly lows.
Bank Nifty Maintains Outperformance
Meanwhile, the Bank Nifty outshone the benchmark Nifty over the past fortnight. The banking index has established a strong support base in the 52,000–53,000 zone. As long as it holds above 53,000 on a weekly closing basis, analysts expect continued stock-specific buying with an eye on the 56,000 resistance level. The index is projected to trade within a 53,000–57,000 range in the coming week.
Key Levels and Market Outlook
Both Nifty and Bank Nifty concluded the April series above their respective crucial monthly support levels of 23,500 and 52,000, indicating resilience despite external headwinds. The long-term support zones of 21,700 for Nifty and 50,500 for Bank Nifty are expected to play a pivotal role for fresh long entries.
Traders are advised to monitor resistance levels at 24,600 and 25,000 for Nifty, while keeping an eye on the 56,000 and 57,000 marks for Bank Nifty. In the current environment of uncertainty, driven largely by geopolitical developments, staying vigilant and adhering to technical indicators remains crucial.
Weekly Stock Picks
Brokerage recommendations for the week include:
- Cyient Ltd.: Buy in the ₹1,190–1,200 range with a stop loss at ₹1,160 and a target of ₹1,260.
- BEML Ltd.: Buy between ₹3,220–3,230 with a stop loss at ₹3,130 and a target of ₹3,350.
- Chambal Fertilisers & Chemicals: Buy around ₹692–695 with a stop loss at ₹680 and a target price of ₹715.
As markets navigate a mix of technical levels and geopolitical influences, strategic positioning and disciplined risk management remain the key to navigating the upcoming trading sessions.
