4 hours Ago
On Tuesday, Nifty 50 was volatile owing to mixed cues. Positive sentiment stemmed from strong FPI inflows and optimism over a potential US-India trade deal. IT stocks led the gains, supported by stable earnings and renewed global tech optimism.
However, pressure from metal and pharma stocks, and geopolitical tensions between India and Pakistan, offset some of the gains. Technical resistance around 24,400 also added to intraday choppiness, keeping the index range-bound despite bullish undercurrents. Also read: Two stock recommendations by MarketSmith India for 30 April How Nifty 50 performed on 29 April Nifty 50 saw volatile trading on Tuesday but managed to end flat, remaining above 24,300 and continuing its uptrend.
Despite intraday choppiness the index held firm, reinforcing bullish undertones. A small-bodied ‘doji’ candle formed on the daily chart, reflecting market indecision amid profit booking at higher levels. Broad market indices and most sectors supported the move, though metals and pharma lagged.
The advance-decline ratio flattened around 1:1. Also read: Technically, Nifty remains above its 200-DMA, with the RSI sustaining its upward bias and MACD staying positive, indicating continued bullish momentum. According to O'Neil’s methodology of market direction, Nifty50 transitioned from a ‘rally attempt’ to a ‘confirmed uptrend’.
Despite the volatility, market sentiment remained optimistic. Intraday pullbacks suggested supply at higher levels, warranting near-term caution. A breakout above 24,400 may push the index toward 24,700–24,900, while support remains at 24,000–23,900.
A breach could trigger a short-term correction. How did Nifty Bank perform? On Tuesday, Nifty Bank was volatile but ended flat at 55,391, pausing in its recent upward momentum. The index traded within a narrow range throughout the day, with price action forming a small bearish candle featuring a long upper wick — a sign of selling pressure at higher levels.
Sectoral components showed mixed performance, indicating ongoing consolidation within the banking space. From a technical standpoint, Bank Nifty continues to trade above all its key moving averages, reaffirming its broader bullish structure. The RSI on the daily chart remains in the positive zone, while the MACD stays above the signal line, maintaining its bullish crossover.
Despite the day's mild weakness, the underlying trend remains intact. Also read: According to O'Neil’s methodology of market direction, Nifty Bank transitioned from an ‘uptrend under pressure’ to a ‘confirmed uptrend’. Nifty Bank’s outlook remains positive above the key support of 54,500.
Immediate resistance is at 56,000, and a breakout above this could drive a rally toward 57,500–58,000. On the downside, key support lies in the 54,500–54,000 range. The bullish trend is likely to continue so long as the index holds above 54,000.
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