Technical view on Nifty 28th April 2026 from Osho Krishan, Chief Manager - Technical & Derivative Research, Angle One
Below the Technical view on Nifty 28th April 2026 from Osho Krishan, Chief Manager - Technical & Derivative Research, Angle One
Nifty remains tentative; stuck in between 20 and 50 DEMA
Tracking the GIFT Nifty, our domestic markets started on a flat to negative note. Though the early declines were swiftly bought into, enabling the benchmark index to recover toward its 50-DEMA. However, bullish momentum weakened in the latter half of the session, leading to a gradual erosion of gains. Amid heightened volatility and choppy trading conditions, the Nifty 50 ultimately settled marginally below the 24000 mark, registering a modest decline of 0.40 percent for the day.
From a technical perspective, the benchmark index has remained range-bound between its 20-day and 50-day DEMA over the past few sessions, indicating a lack of clear directional bias. A decisive breakout on either side is likely to determine the intermediate trend. Market breadth continues to appear tentative, reflecting a pronounced tug-of-war between bulls and bears. On the downside, the 23800-23750 zone is expected to provide immediate support, while a stronger cushion is placed near the bullish gap in the 23550-23500 range in the near term. Conversely, a sustained move above 24250-24300 could revive buying interest, with a key resistance seen around the 24550-24600 zone. Until clearer strength emerges, adopting a buy-on-dips approach appears prudent.
Going forward, traders are advised to maintain a stock-specific approach, focusing on individual opportunities rather than broad market exposure, until greater clarity emerges regarding the overall trend and directional bias of the broader market structure.
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