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Below the Market Commentary (closing) for 24th April 2026 by Bajaj Broking

Market Closing Commentary

Indian equity indices extended their losing streak for the third consecutive session on April 24, with the Nifty 50 slipping below the 24,000 marks. The decline was primarily driven by rising crude oil prices amid Middle East tensions, along with sharp weakness in IT stocks following subdued outlooks from Infosys and HCL Tech, which weighed on overall sentiment. At close, the Sensex fell by 982.71 points, or 1.27%, to settle at 76,681.29, while the Nifty declined by 275.10 points, or 1.14%, to close at 23,897.95.

On the sectoral front, all major indices ended in the red, indicating broad-based weakness. The sharpest decline was witnessed in the Nifty IT index, which dropped 5.29%. Other sectors such as Media, Pharma, and Healthcare also saw losses in the range of 1–3%, with no sector managing to close in positive territory.

The broader market mirrored the weakness, with the Nifty Midcap 100 declining by 0.96% and the Smallcap index falling by 0.87%, reflecting widespread selling pressure across the market.

Nifty Outlook                            

Index on weekly chart formed a bearish candlestick pattern signaling profit booking at higher levels around the key resistance area of 24,650-24,800 being the confluence of the previous breakdown area, 52 weeks EMA and 61.8% retracement of the entire decline 26,373 to 22,183.

Nifty in the last three sessions witnessed profit booking after rallying more than 2400 points in just 3 weeks which has pushed the 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 23,600-24,700. Stock specific action will continue to remain in focus as we progress through the quarterly earning session. Immediate support is positioned around 23,600–23,500 levels, a breach below the same will open further downside towards 23,100 levels in the coming week.

Bank Nifty Outlook

The index on weekly chart formed a small bearish candlestick pattern signalling consolidation with corrective bias after recent strong up move. Bank Nifty in the last three sessions witnessed profit booking after rallying more than 7500 points in just 3 weeks which has pushed the 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 54,500-57,500. From a short-term perspective, support is placed in the range of 54,500–54,000 zone, being the confluence of the recent low and 38.2% retracement of the last 3 weeks pullback (49,955-57,456).

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