Quote on Closing Market Summary Monday April 20th from Sachin Gupta , at Choice Equity Broking Private Limited
Below the Quote on Closing Market Summary Monday April 20th from Sachin Gupta ,Vice President Technical Research at Choice Equity Broking Private Limited
Indian equity benchmarks witnessed a marginal positive close on 20th April 2026. The index opened on a flat note with a marginal gap-up of 37.95 points at 24,391.50, indicating a lack of strong directional cues at the start. During the session, the index witnessed volatility on both sides, marking an intraday high of 24,480.65 and a low of 24,241.25. The price action remained largely range-bound throughout the day, with the index eventually closing at 24,364.85, up by 11.30 points or 0.05%. On the daily timeframe, the index formed a Doji candlestick pattern, reflecting indecision among market participants. This formation suggests that a breakout on either side of the candle’s range will likely determine the next move.
From a technical perspective, immediate support is placed in the 24,150–24,200 zone, while resistance is observed in the 24,500–24,550 range. The Relative Strength Index (RSI) stands at 57.24, holding above the midpoint level, indicating a mildly positive bias. The volatility index, India VIX, increased by 9.21% to close at 18.79, signalling a rise in short-term market uncertainty despite the range-bound session. In the derivatives segment, notable call writing was observed at the 24,500 and 24,600 strike levels, indicating resistance zones. On the put side, significant writing at 24,300 and 24,200 suggests strong support at lower levels.
Sectorally, the market witnessed mixed performance, with selective buying in PSU Banks, Media, and Auto, while weakness was observed in IT, Realty, and Metal stocks. Market breadth remained negative, with declining stocks outnumbering advancing ones, indicating underlying caution despite a flat close.
|
20 Day EMA |
50 Day EMA |
100 Day EMA |
200 Day EMA |
|
23,793.36 |
24,202.78 |
24,670.81 |
24,814.65 |
The Bank Nifty index opened with a modest gap-up of 138.35 points at 56,704.05, reflecting a mildly positive start. It traded within a defined range throughout the session, marking an intraday high of 57,085.10 and a low of 56,356.55. The index eventually settled at 56,582.35, registering a marginal gain of 16.65 points or 0.03%.
On the daily timeframe, the index formed a spinning top-like candlestick pattern, indicating indecision and a balance between buyers and sellers. This suggests that the index may require a decisive breakout for the further trend. From a technical perspective, immediate support is placed in the 56,000–56,100 zone, while resistance is observed in the 57,000–57,100 range. The Relative Strength Index (RSI) stands at 56.11, sustaining above the midpoint, indicating a slightly positive undertone.
Markets traded in a narrow range with limited directional movement, reflecting indecision after the recent uptrend. Rising volatility and weak market breadth suggest cautious sentiment among participants. A decisive breakout above resistance or breakdown below support levels will be crucial in determining the further directional trend.
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