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Below Quote on Pre-market comment for Tuesday April 21st by Aakash Shah, Technical Research Analyst, Choice Broking

Indian equity markets are expected to open on a mildly positive note on Tuesday (21st April 2026), supported by stable global cues and a firm trend in GIFT Nifty. GIFT Nifty is currently trading around 24,388, up by 50 points, indicating a positive start for domestic benchmark indices. Early trends also suggest a steady undertone as global equities remain stable and macro uncertainty is limited.

In the previous session (20th April 2026), benchmark indices ended on a flat to marginally positive note after a volatile trading session. The Nifty 50 closed at 24,364.85, up 11.30 points (0.05%), reflecting a cautious yet resilient undertone in the market

Sectorally, the market witnessed mixed participation across sectors. Buying interest was seen in banking, PSU, and power stocks, while some pressure was observed in IT and metals, indicating selective profit booking. Broader markets also showed signs of mild consolidation, suggesting stock-specific action despite the overall stable undertone.

From a technical perspective, the Nifty 50 continues to hold above the crucial 24,300 zone, reinforcing the near-term positive bias, although momentum appears to be slowing. Immediate support is placed near 24,150–24,200, while resistance is seen around 24,450–24,500. A sustained move above this resistance band could extend the ongoing rally, while failure to hold higher levels may result in range-bound movement.

The Bank Nifty remains in a positive structure, though consolidation at higher levels cannot be ruled out. The index is likely to face resistance near 57,000–57,200, while support is placed around 56,200–56,000.

On the institutional front, as per provisional data for 20th April, FIIs were net sellers with outflows of Rs.1,059.93 crore, while DIIs were net buyers with inflows of Rs.2,966.89 crore, indicating that domestic institutions continued to provide support to the market despite foreign selling pressure. Meanwhile, India VIX closed at 18.79, rising sharply by around 9%, reflecting an increase in near-term volatility expectations and some caution among market participants.

Overall, the market setup for today suggests a mildly positive to range-bound opening, supported by firm GIFT Nifty trends and stable global cues. However, the sharp rise in volatility (India VIX at 18.79, up 9.21%) along with FII selling and ongoing consolidation near resistance levels indicates that some profit booking or sideways movement cannot be ruled out. Sustaining above the 24,450–24,500 zone will remain crucial for further upside momentum in the near term, while strong DII buying is likely to provide support on declines.

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