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Market Closing Commentary

Indian equity indices ended on a strong note on April 21, with Nifty closing the weekly expiry session above 24,550, supported by optimism around potential U.S.–Iran peace negotiations and steady domestic earnings momentum. Market participants are expected to closely track developments in Middle East tensions and crude oil price movements in the coming week.

At close, the Sensex advanced 753.03 points (0.96%) to settle at 79,273.33, while the Nifty gained 211.75 points (0.87%) to end at 24,576.60.

Broader markets remained constructive, with the Nifty Midcap index rising 0.5% and the Smallcap index gaining approximately 1%.

Sectoral performance was broadly positive, with all indices ending in the green. FMCG and Realty outperformed with gains of 2% each, while Banking and Telecom indices were higher by around 1%.

Nifty Outlook                            

 The index formed a bullish candlestick pattern with a higher high and a higher low highlighting continuation of the up move. Index in the process sustaining above its 50 days EMA.

Bias remain positive above last Wednesday gap up area of 23,850-24,100. Index is expected to maintain positive bias and gradually head 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 expected 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 38.2% retracement of the last 3 weeks pullback (22,183-24,601). Forming higher high and higher low in weekly chart will keep the current pullback trend intact.

Bank nifty Outlook

The index formed a bullish candlestick pattern with a higher high and a higher low highlighting continuation of the up move. Index in the process closed firmly above the 200 days EMA.

Bias remain positive above last Wednesday gap up area of 55,600-55,850. Index is expected to maintain positive bias and gradually head towards 57,700 and 58,500 levels 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 38.2% retracement of the last 3 weeks pullback (49,955-57,456). Forming higher high and higher low in weekly chart will keep the current pullback trend intact. 

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