Morning Bell 28th April 2026 by Bajaj Broking
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 ).
Intraday Support & Resistance
* Nifty Futures are trading higher by ~0.8%, sustaining above the key psychological level of 24,000
* Highest Put OI addition is seen at 24,000, followed by 24,100, indicating strong base formation by put writers ? Simultaneous call and put writing is observed at 24,100, highlighting it as a critical pivot level
* Put writers are actively positioned below 24,100, while call writers are concentrated above 24,100
* Max Pain is placed at 24,100, reinforcing it as the near -term equilibrium zone
* While the setup appears bullish in isolation, caution persists due to monthly expiry dynamics, elevated crude oil prices near $108, and lack of aggressive FII short covering
* With the highest Put OI at 24,000, the index is likely to trade in the 24,000 –24,300 range during the monthly expiry, unless this base is breached
* A decisive break below 24,000 may trigger downside towards 23,800 ? On the upside, a sustained move above 24,300 could lead to a positive gamma - driven expansion
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 ).
Intraday Support & Resistance
* Option writers are actively positioned across strikes, indicating a consolidation band between 56,000 and 56,500
* Max Pain stands at 56,100, while futures are hovering near 56,300, suggesting scope for gamma - driven activity within this band
* Ongoing range compression ahead of expiry signals a potential range expansion move
* A breakout on either side could result in a sharp directional move, driven by aggressive unwinding
* There is a strong likelihood of option writers getting trapped, which may further accelerate gamma - led momentum
* The overall bias remains positive as long as Bank Nifty sustains above the key support level of 56,000.
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