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Below the Quote on Closing Market Summary Tuesday April 28th from Sachin Gupta , at Choice Equity Broking Private Limited

Indian equity benchmarks witnessed a negative close on 28th April 2026. The index opened on a flat-to-negative note with a gap-down of 42.80 points at 24,049.90, indicating a cautious start to the session. It traded within a defined range throughout the day, marking an intraday high of 24,181.80 and a low of 23,957.05. The index faced selling pressure at higher levels and eventually settled at 23,995.70, registering a decline of 97.00 points or 0.40%. On the daily timeframe, the index formed a double inside bar candlestick structure, indicating consolidation and a contraction in volatility. This pattern reflects indecision in the market and suggests that a breakout on either side of the range will determine the next directional move.

From a technical perspective, immediate support is placed in the 23,750–23,800 zone, while resistance is observed in the 24,150–24,200 range. The Relative Strength Index (RSI) stands at 50.50, hovering around the midpoint, indicating neutral momentum with no clear directional bias. The volatility index, India VIX, declined by 1.80% to close at 18.04, suggesting a slight easing in market volatility. In the derivatives segment, notable call writing was observed at the 24,100 and 24,200 strikes, while put writing was concentrated at the 24,000 and 23,900 levels, indicating a near-term trading range for the index.

Sectorally, the market witnessed broad-based weakness, with selling pressure seen in Auto, Financial Services, Private Banks, and PSU Banks, while select resilience was observed in Metals. Market breadth remained negative, with declining stocks outnumbering advancing ones, reflecting cautious sentiment in the broader market.

The index opened with a significant gap-down of 401.80 points at 55,862.50, reflecting weakness in the banking space. It attempted a recovery during the session, marking an intraday high of 56,138.05, but failed to sustain at higher levels. The index slipped to a low of 55,263.75 and eventually closed at 55,400.35, registering a decline of 863.95 points or 1.45%.

On the daily timeframe, the index formed a bearish candlestick pattern, indicating sustained selling pressure and weakness in the banking segment. The structure suggests that sellers remained dominant throughout the session. From a technical perspective, immediate support is placed in the 54,900–55,000 zone, while resistance is observed in the 55,850–56,000 range. The Relative Strength Index (RSI) stands at 48.44, slipping below the midpoint, indicating weakening momentum.

Markets remained under pressure with a range-bound yet negative session, accompanied by weakening breadth and sectoral softness. The presence of consolidation patterns on the Nifty coupled with bearish undertones in the banking index indicates a cautious undertone. A decisive breakout from the current range, along with sustained participation, will be crucial in determining the next directional trend.

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