Morning Bell 24th April 2026 by Bajaj Broking
Nifty Outlook
The index formed a bearish candlestick pattern signaling consolidation with corrective bias for the second session in a row after recent strong up move .
Nifty in the last two sessions witnessed profit booking after rallying more than 2400 points in just 3 weeks which has pushed the daily and weekly stochastic oscillators into overbought territory . Nifty has reacted lower from the key resistance area of 24 ,650 - 24 ,800 being the confluence of the previous breakdown area, 200 days EMA and the 61.8% retracement of the entire decline 26 ,373 to 22 ,183.
Hence, some consolidation at current level cannot be ruled out. We expect the index to consolidate in the range of 23 ,600 - 24 ,800 . Stock specific action will continue to remain in focus as we progress through the quarterly earning session .
Short -term support is positioned around 23 ,600 –23 ,500 range being the confluence of last week low and 38 .2% retracement of the last 3 weeks pullback (22 ,183- 24 ,601).
Intraday Support & Resistance
* Significant call writing addition is observed at 24,200 level, which is likely to act as immediate resistance.
* Limited put writing is seen in the 24,200 –24,000 zone, making it a crucial support base; a breach below this range may trigger sharp downside.
* A sustained move and reclaim above 24,200 can lead to further upside towards 24,400 –24,500 levels.
* The immediate deciding range for Nifty is 24,000 –24,200, and a breakout on either side may trigger a directional move.
* Sell on rise strategy should be adopted unless the resistance levels are decisively taken out.
Bank Nifty Outlook
The index formed a bearish candlestick pattern signalling consolidation with corrective bias for the second session in a row after recent strong up move .
Bank Nifty in the last two sessions witnessed profit booking after rallying more than 7500 points in just 3 weeks which has pushed the daily and weekly stochastic oscillators into overbought territory . Hence, some consolidation at current level cannot be ruled out. We expect the index to consolidate in the range of 54 ,000 - 57,500 .
On the higher side only a breakout above the key resistance area of 57,500 will infuse further momentum and will open upside towards 58 ,500 - 59 ,000 levels in the coming weeks being the previous breakdown area and key retracement of previous decline .
From a short -term perspective, support is placed in the range of 54 ,500 –54 ,000 zone, being the confluence of the last week low and 38 .2% retracement of the last 3 weeks pullback (49 ,955 - 57,456 ).
Intraday Support & Resistance
* Put writing is visible at the 56,000 strike, which will act as key support; a breach below this may trigger sharp downside.
* Resistance is placed at the 56,500 level, where put unwinding along with call writing has reinforced this zone.
* Dominance of call writing across strikes indicates multiple resistance levels up to 56,500, while limited put writing suggests a weak support base.
* A breakout on either side of the range above 56,500 or below 56,000 is likely to trigger sharp momentum. Sell on rise strategy should be adopted unless resistance levels are convincingly taken out.
Above views are of the author and not of the website kindly read disclaimer
.jpg)
