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Published on 17-04-2026 10:28 am

Nifty Outlook

Our sustainability warnings came into focus immediately after achieving 24400, setting off a turn lower. Incidentally, the bearish momentum eased in the closing hour, after achieving the downside objective of 24140, from where a regrouping of bulls was favoured. However, we lie in wait for a direct rise above 24250 to bring 24900 back into the picture. Else, look for extended dips to 23935 or even 23760.

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Published on 17-04-2026 10:27 am

Nifty

Nifty witnessed its first meaningful resistance near the gap zone around 24420, leading to a pullback towards the 50 DEMA support at 24180. Going ahead, a decisive close above the 24500 CE OI cluster will be critical to trigger fresh momentum, potentially driving the index towards the next resistance band of 24800–25000. A strong breakout above this zone could invite fresh long additions and accelerate the uptrend. On the downside, as the broader trend remains positive, any corrective move is likely to find support in the 23980–23670 zone (20 DEMA support). Immediate support is placed at 23540—a breach below this level may lead to near-term weakness. That said, the sustainability of the rally will largely hinge on macro factors, particularly crude oil prices. A sustained decline in crude, ideally below $88 per barrel, would act as a key tailwind. Currently, elevated crude prices (above $90), a firm USD/INR, persistent FII outflows, and ongoing geopolitical uncertainties continue to cap upside momentum. Despite near-term volatility, the broader structure remains constructive as long as Nifty holds above 22950 during the current series.

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Published on 17-04-2026 10:24 am

Our Research View: OPT MANI/OC - BUY  NIFTY 24200 CE 21 APR 2026 @ 215  TGT1 275  TGT2 315  SL 170  (Exp Retn 47%   Reco Lot 1) 

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Published on 16-04-2026 10:13 am

Nifty Outlook

We had gone in yesterday cautioning that oscillators appear less positioned to achieve the 24400-24900 objectives right away. Volatility was contained yesterday, but persistent, which we expect today as well, ideally allowing dips to 23935 or 23760, before another upswing is attempted. Alternatively, if bulls manage to regroup near 24140, expect rise to 24350, but sustainability is doubted.

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Published on 16-04-2026 10:12 am

Comments

Nifty weekly contract has the highest open interest at 25000 CE and 23000 PE while monthly contracts have the highest open interest at 25000 CE and 23000 PE. The highest OI addition was seen at 25000 CE and 24200 PE in weekly and at 24200 CE and 24000 PE in monthly contracts. FIIs decreased their future index long holdings by 9.38%, decreased future index shorts by 5.26% and in index options, 0.27% decrease in Call longs, 0.31% increase in Call short, 2.27% increase in Put longs and 4.38% increase in Put shorts.

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