Market Overview
On April 22, the Nifty 50 continued its upward momentum but showed early signs of a pause after a strong five-day rally. The index gained 42 points to close at 24,167, marking a 0.17% rise for the day.
In contrast, the Bank Nifty outperformed broader indices, closing at a record high of 55,647, up 343 points or 0.62%, inching closer to the psychological 56,000 mark.
Nifty at a Glance
- Intraday High: 24,243 (highest since December 18, 2024)
- Closing Level: 24,167
- Daily Pattern: Small red candle with upper and lower shadows resembling a Doji-like pattern
This Doji pattern indicates indecision at higher levels, which could mean a potential pause or mild consolidation in the upcoming sessions.
Despite crossing the 24,200 resistance level, Nifty couldn’t hold above it consistently. After a sharp uptrend in the past 7–8 sessions, short-term consolidation appears likely.
Key Resistance and Support (As per Options Data)
- Resistance Zone: 24,200 – 24,500
- Current Trend: Slightly bullish but may turn sideways or marginally bearish in the short term
Bank Nifty Highlights
- Closing Level: 55,647
- Intraday High: 55,961
- Daily Pattern: Bullish candle with long upper shadow, showing buying pressure with some late-session exhaustion
Important Technical Levels:
- Immediate Support: 55,300
- Break Below Support May Lead To: 54,400
- Short-Term Trend: Positive, but fading momentum signals caution
Despite the all-time high, signs of fatigue were visible in the latter half of the session. A decisive move below 55,300 could lead to sharp profit booking.
Volatility Check
- India VIX: Closed at 15.23, down 1.84%
- The fear index staying below 16 is a positive signal for market stability
- Also trading below short-term EMAs (5, 10, 20-day), suggesting steady sentiment
Summary
The latest Nifty news indicates a market in wait-and-watch mode after recent highs. While the Nifty 50 showed signs of hesitation near key resistance, Bank Nifty led the charge with a fresh record close. However, technical cues suggest traders should brace for minor pullbacks or sideways movement ahead of the April 23 session.
Stay tuned for more Nifty news updates as market dynamics continue to evolve.
Stay updated with all the insights.
Navigate news, 1 email day.
Subscribe to Qrius
