Quote on Closing Market Summary from Sachin Gupta , at Choice Equity Broking Private Limited
Below the Quote on Closing Market Summary from Sachin Gupta ,Vice President Technical Research at Choice Equity Broking Private Limited
Indian equity benchmarks witnessed a negative close on 13 April 2026 due to global uncertainties. The index opened with a sharp gap-down of 461 points at 23,589.60, indicating weak initial sentiment. However, the index formed its intraday low of 23,555.60 within the first few minutes of trade, followed by consistent buying interest throughout the session. This led to a steady recovery, with the index climbing to an intraday high of 23,907.40. The index eventually settled at 23,842.65, ending the day with a loss of 207.95 points or 0.86%. On the daily timeframe, the index formed a strong bullish recovery candle after a gap-down opening, indicating buying interest at lower levels. The price action suggests demand absorption near the lows and a potential shift in short-term sentiment, provided follow-through buying continues.
From a technical perspective, immediate support is placed in the 23,650–23,690 zone, while resistance is observed in the 23,950–24,000 range. The Relative Strength Index (RSI) stands at 51.70, sustaining above the midpoint level, indicating underlying strength despite the negative close. The volatility index, India VIX, rose by 8.75% to close at 20.50, reflecting a slight increase in market uncertainty after the previous session’s sharp decline.
In the derivatives segment, notable call writing was observed at the 23,900 and 24,000 strike levels, indicating immediate resistance. On the put side, significant writing at 23,800 and 23,700 levels suggests support at lower levels. Sectorally, the session saw mild profit booking across most sectors after the previous sharp rally, with broader indices showing subdued performance. However, the strong intraday recovery across sectors indicates continued buying interest at lower levels.
|
20 Day EMA |
50 Day EMA |
100 Day EMA |
200 Day EMA |
|
23,547.07 |
24,187.75 |
24,702.69 |
24,836.17 |
The Bank Nifty index opened with a significant gap-down of 1,266.75 points at 54,646.00, reflecting weak opening sentiment. Similar to the broader market, it formed its intraday low of 54,356.20 early in the session and witnessed strong buying interest thereafter. The index rebounded sharply to an intraday high of 55,752.65 and closed at 55,605.05, ending with a marginal loss of 307.70 points or 0.55%. On the daily timeframe, the index formed a strong bullish recovery candle, indicating buying interest at lower levels and resilience in the banking space. The price structure suggests that dips are being bought into, supporting a positive undertone.
From a technical perspective, immediate support is placed in the 55,300–55,350 zone, while resistance is observed in the 55,800–55,900 range. The Relative Strength Index (RSI) stands at 52.68, holding above the midpoint, which indicates sustained momentum despite minor profit booking.
Markets witnessed a volatile session with a gap-down opening followed by a strong intraday recovery, indicating buying interest at lower levels. While indices ended in the red, the overall price action suggests underlying strength. Going forward, sustaining above immediate support levels and crossing key resistance zones will be crucial to confirm continuation of the bullish momentum.
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