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Below the Quote on Post market comment by Mandar Bhojane,  Research Analyst,  Choice Broking

On April 29th, the Indian benchmark indices rebounded from previous session losses and closed higher, with the Nifty surpassing the 22,600 mark. This significant uptrend was primarily driven by banking stocks, leading the BankNifty to achieve an all-time high, with a gain of 1223 points. If the price maintains above 22,600, it is likely to push towards new all-time highs, potentially reaching levels near 23,000 and beyond. Immediate resistance is expected around the 22,800 level, while support levels are identified at 22,400 and 22,200.

Looking ahead to May, historical data indicates that Nifty has closed positively in 7 out of 10 instances in the past decade, with an average return of 2.3%. Current technical and derivative analyses support the idea of Nifty reaching all-time highs of 23,000 and potentially 23,500 in the upcoming month. The Relative Strength Index (RSI) hovering around 60 suggests strong momentum in the index. Moreover, the price is finding support from the 20-day Exponential Moving Average (EMA) and is trading above all key EMAs, indicating bullish sentiment.

The top gainers on the Nifty were ICICI Bank, IndusInd Bank, SBI, UltraTech Cement, and Axis Bank, while the losers included HCL Technologies, Apollo Hospitals, Bajaj Auto, HDFC Life, and Hero MotoCorp.

Analysis of Nifty Put options reveals a concentration of Open Interest (OI) at the 22,500 level, suggesting potential support during the ongoing expiry. Conversely, significant OI concentrations on the Call side are observed at the 23,000 level.

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