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Market Closing Commentary

Indian equity benchmarks ended the session on a strong note on April 27, with the Nifty decisively closing above the 24,000 mark, reflecting sustained buying interest despite elevated crude oil prices hovering above $106. The resilience in the market was supported by strong investor sentiment and broad-based sectoral participation, even as global uncertainties and geopolitical developments continue to remain key overhangs. At the close, the Sensex advanced 639.42 points (0.83%) to settle at 77,303.63, while the Nifty gained 194.75 points (0.81%) to end at 24,092.70.

On the sectoral front, the rally was broad-based with all major sectors ending in the green. Key contributions came from Pharma, Consumer Durables, Realty, Media, and IT stocks, which posted gains in the range of 2–3%, with no significant laggards during the session. Broader markets outperformed the benchmark indices, indicating improved risk appetite among investors. The Nifty Midcap index rose 1.47%, while the Small Cap index surged 1.90%, further highlighting the strength and participation across the wider market. 

Nifty Outlook                            

 Index formed a bullish candlestick pattern which remained contained inside previous session price range signaling consolidation and buying demand emerging from near the 20 days EMA . Nifty on expected lines is witnessing consolidation in the broad range of 23,600-24,400 amid stock specific action as we progress through the quarterly earning session.

Within the consolidation a move above Friday’s high of 24,206 will open further upside towards the upper band of the range placed around 24,400 levels. On the lower side a breach below last week low of 23,813 will open downside towards the 23,600 levels. Short-term support is positioned around 23,600–23,500 range being the confluence of the recent major low and 38.2% retracement of the last 3 weeks pullback (22,183-24,601). 

Bank Nifty Outlook

Index formed a second consecutive high wave candlestick pattern with a higher high and a higher low signaling consolidation and buying demand emerging from near the 20 days EMA. Nifty on expected lines is witnessing consolidation in the broad range of 54,500-57,500 amid stock specific action as we progress through the quarterly earning session of the banking stocks. Within the consolidation a move above last two sessions almost identical high of 56,475 will open further upside towards the 57,000 and 57,500 levels in the coming sessions. On the lower side a breach below last week low of 55,750 will open downside towards the 54,500 levels. 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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