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Below the Post market comment for Wednesday April 29 by Hitesh Tailor, Technical Research Analyst at Choice Broking

Indian equity markets ended on a broadly steady note on April 29, 2026, with gains capped by profit booking at higher levels. The BSE Sensex closed at 77,496.36, rising 609.45 points (0.79%), while the Nifty advanced 181.95 points (0.76%) to settle at 24,177.65. However, the Nifty Bank index remained largely unchanged, edging up just 3.25 points (0.01%) to 55,403.6, reflecting underlying weakness and a lack of sustained buying interest in banking stocks.

The Nifty opened with a modest gain of around 100 points at 24,096.90, indicating a mildly positive start. After slipping to an early low of 24,059.95, the index witnessed strong buying momentum, pushing it close to its intraday high of 24,334.70 before settling at 24,177.65. From a technical standpoint, resistance is placed in the 24,350–24,400 zone, while immediate support lies at 23,900–23,950. The RSI reading of 53.19 suggests slightly positive yet largely neutral momentum.

In contrast, Nifty Bank showed volatility despite a positive opening. The index began the session about 240 points higher at 55,634.5 and climbed to an intraday high of 56,178.75. However, profit booking at elevated levels led to a sharp correction of nearly 888 points, dragging it down to 55,290.5 before closing nearly flat at 55,403.6. Key resistance is seen at 56,200–56,300, with support at 54,700–54,800. Its RSI stands at 48.46, indicating mild bearish undertones.

Meanwhile, India VIX declined by 3.38% to 17.43, signaling easing volatility and improved investor sentiment. In the derivatives segment, significant put writing at the 24,000 strike and aggressive call writing at the 24,300 strike indicate expectations of a range-bound market in the near term. Given these dynamics, a cautious trading approach remains advisable.

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