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ICICI Direct

OUTLOOK

Published on 23-04-2026 10:53 am

Intraday Rational:

* Trend- Breather post sharp 15% rally over 13 trading session, indicating temporary pause in upward momentum

* Levels- Sell around 38.2% retracement of yesterday decline.

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ICICI Direct

OUTLOOK

Published on 23-04-2026 10:51 am

Technical Outlook:

• Index started the day on a negative note and rebounded after taking support at 61.8% retracement of previous day upmove but surrendered the gains in last hour of trade. The daily price action resulted into Inside bar within previous session high-low range indicating breather after 3 days up move.

• Key point to highlight is that Index has been sustaining above its 200-day EMA (56700) for second day, indicating revival of upward momentum. We believe index to resume its upward momentum and head towards 57800 in the coming weeks being previous support will now act as resistance (change of polarity principle) • Index has rallied 15% from 2 nd April low of 49950 which has pushed momentum stochastic oscillator in daily and weekly time-frame into overbought condition with a reading of ~84 and ~91, indicating possibility of near-term breather that would set stage for next leg of up move. Hence any decline from current level should be used to accumulate quality banking stocks backed by strong Q4 earnings as strong support is now placed around 55800 being 10-day EMA coinciding with last Fridays low. Key monitorable will be Banking heavy weights companies reporting their results.

• On the broader space, the Nifty PSU Bank relatively outperformed the benchmark and closed marginally positive. Forming higher high higher low. Index is consolidating above its short term 20-day EMA, indicating buying demand at elevated support base. A sustain and close above 100-day EMA would accelerate the next leg of upmove towards 9100 being 61.8% Retracement of Feb-April26 decline.

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ICICI Direct

OUTLOOK

Published on 23-04-2026 10:51 am

Nifty Bank :57124

The Bank Nifty Index ended the day on a negative note. BankNifty settle the day at 57124 down 0.45%

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ICICI Direct

OUTLOOK

Published on 23-04-2026 10:50 am

Intraday Rational:

* Trend – Breather post sharp 11% rally over 13 trading session, indicating temporary pause in upward momentum

* Levels - Sell around 38.2% retracement of yesterday decline.

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ICICI Direct

OUTLOOK

Published on 23-04-2026 10:50 am

Key Monitorable:

A.Q4 earning season

B.Further decline in Crude, US Dollar Index.

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