Market Commentary (closing) for 30th April 2026 by Bajaj Broking
Market Closing Commentary
Indian benchmark indices closed on a negative note on 30th April, coinciding with the monthly Sensex expiry. Volatility remained elevated throughout the session, with India VIX witnessing a notable surge. Persistent selling from the FII desk and higher crude prices continued to weigh on market sentiment. Nifty started the session on a negative note and formed an intraday low of 23797 in the mid-session. However, index recovered 200 points in the second half to close around the 24,000 levels.
At close, the Sensex was down 582.86 points or 0.75% at 76,913.50, and the Nifty declined 180.10 points or 0.74% to settle at 23,997.55.
On the sectoral front, most indices traded with a negative bias. Major laggards included Nifty Metal, PSU Banks, Realty, and FMCG, all of which remained under corrective pressure. However, pockets of resilience were observed in Nifty IT and Pharma, which showed relative strength.
The broader market witnessed profit booking after recent strong rally, with the Nifty Midcap index declining by 0.98% and the Nifty Small cap index falling by 0.48%.
Nifty Outlook
Index formed a doji candle with shadows in either direction highlighting intraday volatility as the index continues to consolidate around the 20 days EMA
Index 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 close below last two weeks identical lows around 23,800 will open downside towards the lower band of the range placed around 23,600 levels.
On the higher side only a move above 24,400 will open further upside towards 24,600 and 24,800 levels in the coming week.
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 doji candle with shadows in either direction highlighting intraday volatility and consolidation around the previous gap area of 8th April.
Overall, we expect the Bank Nifty to extend consolidation in the broad range of 54,000-57,500 amid stock specific action as we progress through the quarterly earning session of the banking stocks.
Buying demand emerged on Thursday session from the key support area of 54,500–54,000 zone. Going ahead, a follow through strength will open further upside towards 56,000-56,500 levels in the coming sessions.
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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