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Published on 29-04-2026 12:24 pm

Market Commentary Overnight global action was negative: On 28th April 2026, US market delivered a negative performance with S&P500 down by -35.14 pts (-0.49%), Dow Jones down by -25.86 pts (- 0.05%) and Nasdaq down by -276.67 pts (-1.01%). Gift Nifty declined by - 11 pts (-0.05%) indicating Indian markets will open negatively. Advance-Decline ratio on NSE was 1484:1775 and on BSE was 1910:2351 which showed balance in the overall markets. Index Options Data Analysis: Sensex max call OI is at 77000 max put OI is at 76000 with PCR of 0.8 Nifty max call OI is at 24000 max put OI is at 23950 with PCR of 0.81 Bank Nifty max call OI is at 55400 max put OI is at 55300 with PCR of 0.89

Securities in Ban for F&O Trade: SAIL

Sector Performance: NIFTY AUTO index declined by -1.01% driven by Maruti Suzuki India Ltd. (- 2.5%) and Samvardhana Motherson International Ltd. (-2.5%) NIFTY FMCG index declined by -0.32% driven by Hindustan Unilever Ltd. (-1.7%) and Emami Ltd. (-1.67%) NIFTY REALTY index declined by -0.41% driven by The Phoenix Mills Ltd. (- 2.1%) and Anant Raj Ltd. (-2.1%) NIFTY OIL & GAS index grew by 1.55% driven by Chennai Petroleum Corporation Ltd. (+7.5%) and Oil & Natural Gas Corporation Ltd. (+5.39%) NIFTY PSU BANK index declined by -2.15% driven by Union Bank Of India (-3.2%) and Bank Of Maharashtra (-3.19%) NIFTY CHEMICALS Index grew by 0.69% driven by Tata Chemicals Ltd. (+11.1%) and Aarti Industries Ltd. (+2.65%)

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Published on 29-04-2026 10:31 am

Nifty : Option Data

* Maximum Call OI is at 25000 then 24200 strike while Maximum Put OI is at 23000 then 24000 strike.

* Call writing is seen at 25000 then 24500 strike while Put writing is seen at 23000 then 24000 strike.

* Option data suggests a broader trading range in between 23600 to 24400 zones while an immediate range between 23800 to 24200 levels

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Published on 29-04-2026 10:29 am

Bank Nifty Technical Outlook

BANK NIFTY (CMP : 55400) Bank Nifty support is at 55000 then 54500 zones while resistance at 55750 then 56000 zones. Now till it holds below 55500 zones some weakness could be seen towards 55000 then 54500 levels while on the upside hurdle is seen at 55750 then 56000 zones.

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Published on 29-04-2026 10:28 am

Nifty Technical Outlook

NIFTY (CMP : 23995) Nifty immediate support is at 23900 then 23800 zone while resistance at 24200 then 24350 zones. Now it has to hold above 24000 zones for an up move towards 24200 then 24350 zones while supports are placed at 23900 then 23800 zones.

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Published on 29-04-2026 10:15 am

Nifty Bank :55400

The Bank Nifty Index breached its last week low and closed on a negative note tracking weak global cues and settle at 55400 down 1.52%. Nifty PSU Bank relatively underperformed losing 1.9%.

Technical Outlook:

* Index started on a negative note and breached last week low (55750)indicating extended breather below 20-day EMA . The daily price action resulted into bear candle with lower high lower low formation.

* Key point to highlight is that over last five session index has failed to sustain at higher levels, indicating near term correction. Lack of follow through strength indicate continuation of corrective phase wherein strong support placed around 54600,being 38.2% retracement of entire April rally (49954-57456). Further, a decisive close above previous session high (56138) would be required to pause the ongoing decline.

* On the weekly charts stochastic oscillator is in overbought territory with a reading of ~83 levels, indicating possibility of near-term breather that would make the markets healthier and set stage for next leg of up move.

* Therefore, 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 54600 being 38.2% retracement of entire up move(49954-57456).

* Nifty PSU Bank relatively underperformed forming lower high lower low close below 20-day EMA indicating breather. Sustainability above last week high will be important for revival in upward momentum.

Intraday Rational:

* Trend- Closed below its short-term 20-day EMA with lower high-low formation, indicating corrective bias

* Levels- Sell around 61.8% of 3 days decline (56,791-55,601)

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