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Below the Quote on Post market comment for Thu Apr 16 by Hitesh Tailor, Research Analyst, Choice Broking

Indian equity markets ended flat on April 16, 2026, primarily due to profit booking at higher levels and selling pressure near key resistance zones despite a strong opening. At the close, the Sensex was down 122.56 points or 0.16 percent at 77,988.68, while the Nifty declined 34.55 points or 0.14 percent to settle at 24,196.75. The Nifty Bank index fell 215.55 points (-0.38%) to close at 56,086.40, indicating some resilience in the broader banking space despite intraday weakness.

The Nifty opened on a bullish note with a 155-point gap-up and extended gains to an intraday high of 24,400.95. However, it failed to sustain above the 24,300 mark, triggering a sharp reversal. Selling pressure intensified, dragging the index nearly 300 points lower to an intraday low of 24,102.80 before it recovered slightly to close marginally in the red. Technically, resistance is placed in the 24,350–24,400 zone, while immediate support is seen at 24,000–24,070. The RSI stands at 55.40, indicating neutral momentum with a slight bullish bias, although the rejection near resistance highlights ongoing intraday volatility.

Similarly, the Nifty Bank index opened higher with a gap-up of around 355 points at 56,657.25 and climbed to a high of 56,834.25. However, it could not maintain momentum and witnessed a sharp decline to 55,898.25 before settling at 56,086.40. This price action signals selling pressure at elevated levels. On the technical front, resistance is observed at 56,400–56,500, while support lies in the 55,700–55,800 range. The RSI at 54.23 suggests a neutral trend.

Meanwhile, India VIX declined by 3.12% to 18.08, indicating easing volatility and relatively stable market conditions. In the derivatives segment, significant put writing at the 24,200 strike alongside aggressive call writing at the 24,300 level suggests that the index is likely to consolidate within a narrow range in the near term. Traders are advised to remain cautious given the current market setup and resistance-driven reversals.

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