Market Commentary (closing) for 20th April 2026 by Bajaj Broking
Market Closing Commentary
Indian benchmark indices closed with marginal gains on 20th April. Index traded with high volatility as geopolitical tensions resurfaced over the weekend. Market participants remained cautious and awaited further developments related to Middle East tensions, while the rise in crude oil prices also kept sentiment restrained.
At close, the Sensex gained 26.76 points, or 0.03%, to settle at 78,520.30, while the Nifty advanced 11.30 points, or 0.05%, to close at 24,364.85.
Sectoral performance remained mixed during the session. Gains were led by Nifty Media, Auto, and Oil & Gas, while Nifty IT, Realty, and Chemicals witnessed weakness.
The broader market witness mild profit booking after recent strong gains, with Nifty Midcap declining 0.18% and Nifty Small cap correcting 0.45%, indicating subdued risk appetite in the broader market.
Nifty Outlook
The index formed a high wave candlestick pattern with a higher high and a higher low signaling consolidation around the 50 days EMA.
Going ahead index sustaining above last Wednesday gap up area of 23850 will keep the bias positive and will gradually open upside towards 24,700-24,800 levels being the confluence of the 200 days EMA and the 61.8% retracement of the entire decline 26,373 to 22,183.
Volatility is likely to remain high on account of the geopolitical tension and volatile crude oil prices
Short-term support is positioned around 23,600–23,500 range being the confluence of last week low and 20 days EMA. Forming higher high and higher low in weekly chart will keep the current pullback trend intact.
Bank nifty Outlook
The index formed a high wave candlestick pattern with a higher high and a higher low signaling consolidation around the 200 days EMA.
Going ahead index sustaining above last Wednesday gap up area of 55600 will keep the bias positive and will gradually open upside towards 57,800 levels in the coming sessions being the previous breakdown area and key retracement of previous decline.
Volatility is likely to remain high on account of the geopolitical tension and volatile crude oil prices.
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 the 20-day EMA. Forming higher high and higher low in weekly chart will keep the current pullback trend intact.
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