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Below the Quote on Market Wrap 21st April, 2026 from Mr. Ajit Mishra – SVP, Research, Religare Broking Ltd

Markets witnessed a strong session on Tuesday, extending the ongoing recovery trend, supported by favourable global cues. The Nifty opened on a firm note and inched higher in the initial hours, followed by a range-bound move, eventually settling near the day’s high at 24,576.60, gaining 0.87%. Sectorally, the rally was broad-based, with FMCG, realty, and banking stocks leading the gains, while pharma and metals remained relatively subdued. Broader markets also participated in the upmove, with midcap and smallcap indices advancing around 0.5–0.9%, reflecting sustained positive market breadth.

The upmove was primarily driven by optimism around ongoing US–Iran negotiations, which kept crude oil prices relatively subdued and supported global risk sentiment. Additionally, supportive domestic cues—such as easing regulatory concerns in the currency derivatives segment—boosted financial stocks. Strength in key index heavyweights, along with stock-specific earnings momentum, further aided the rally. However, lingering geopolitical uncertainties and mixed global signals continue to cap the overall momentum.

On the technical front, the Nifty has tested the 24,600 level and is likely to target the 24,800 zone next, which coincides with the long-term moving average (200 DEMA), supported by strength in banking and financial stocks, along with rotational participation from other sectors. A decisive breakout above this zone could accelerate the upmove towards the 25,200 level. On the downside, immediate support has shifted to the 24,000–24,200 range. Traders should maintain a positive yet cautious stance, focusing on stock-specific opportunities while keeping position sizes in check, given the lingering geopolitical risks.

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