Market Commentary (closing) for 23d April 2026 by Bajaj Broking
Market Closing Commentary
Indian benchmark indices closed lower for the second session in a row on 23rd April, with heightened volatility driven by the weekly Sensex expiry. Volatility was further compounded by persistent global uncertainties, as escalating US–Iran tensions and a sharp rise in crude oil prices kept sentiment fragile. Additionally, the rupee weakening towards the 94-mark, continued FII outflows, and ongoing Q4 earnings announcements added to overall market pressure and fluctuations.
At close, the Sensex declined by 852.49 points (1.09%) to settle at 77,664, while the Nifty fell by 205.05 points (0.84%) to close at 24,173.05. On the sectoral front, broad-based selling pressure was witnessed across most sectors. Major declines were seen in Nifty Auto, PSU Banks, and Realty. However, some resilience was observed in defensive pockets, with Nifty Pharma, Healthcare, Media, and Chemicals managing to close in the green.
The broader markets also remained under pressure, reflecting a cautious undertone among participants. The Nifty Midcap index declined by 0.41%, while the Smallcap index fell by 0.67%, indicating a broad-based correction across the market.
Nifty Outlook
The index formed a bearish candlestick pattern signalling consolidation with corrective bias for the second session in a row after recent strong up move. Nifty in the last two sessions witnessed profit booking after rallying more than 2400 points in just 3 weeks which has pushed the daily and weekly stochastic oscillators into overbought territory. Index in the last two sessions has reacted lower from the key resistance area of 24,650-24,800 being the confluence of the previous breakdown area, 200 days EMA and the 61.8% retracement of the entire decline 26,373 to 22,183.
Hence, some consolidation at current level cannot be ruled out. We expect the index to consolidate in the range of 23,600-24,800. Stock specific action will continue to remain in focus as we progress through the quarterly earning session. 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).
Bank Nifty Outlook
The index formed a bearish candlestick pattern signalling consolidation with corrective bias for the second session in a row after recent strong up move. Bank Nifty in the last two sessions witnessed profit booking after rallying more than 7500 points in just 3 weeks which has pushed the daily and weekly stochastic oscillators into overbought territory. Hence, some consolidation at current level cannot be ruled out. We expect the index to consolidate in the range of 54,000-57,500.
On the higher side only a breakout above the key resistance area of 57,500 will infuse further momentum and will open upside towards 58,500-59,000 levels in the coming weeks being the previous breakdown area and key retracement of previous decline. 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).
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