The momentum suggests that the Nifty 50 is likely to inch toward the 24,000–24,200 zone in the upcoming sessions, while support is placed in the 23,650–23,600 area, experts said.
Nifty Trading Plan
Bulls remained aggressive even on the final day of the week, April 17, helping the Nifty 50 record a three-and-a-half-month closing high with a long downward sloping trendline breakout. The Bank Nifty moved near its all-time high and also reached a nearly seven-month closing high with above-average volumes. Hence, the momentum suggests that the Nifty 50 is likely to inch toward the 24,000–24,200 zone in the upcoming sessions, while support is placed in the 23,650–23,600 area. Meanwhile, the banking index is expected to clear its all-time high and climb toward 55,000 in the short term, with the 53,800–53,900 zone likely to act as support, according to experts.
On Thursday, April 17, the Nifty 50 surged 414 points (1.77 percent) to 23,852. The Bank Nifty finished at 54,290, up 1,172 points (2.21 percent). The market breadth was dominated by bulls, with about 1,638 shares gaining against 919 declining shares on the NSE.
Nifty Outlook and Strategy
Rajesh Bhosale, Technical Analyst at Angel One
From a technical perspective, resistance levels were taken out with remarkable ease. In the previous week (ended April 11), we noted a reversal from the lower end of a ‘Falling Channel Pattern.’ Last week (ended April 17), not only did the Nifty test the upper boundary, but it also closed comfortably above it, reclaiming the March swing highs and posting the highest close in the past three months. The Bank Nifty and Financial Nifty led this rally with spectacular strength, each surging over 6% for the week. While Bank Nifty marked its highest closing, the Financial Nifty soared into uncharted territory.
Nifty still trails its all-time high. If it continues to mirror the strength in financials, the next level to watch is 24,050, coinciding with the 50% retracement of the fall from the all-time high of 26,277 to the recent low of 21,743, and aligning with the 200 DSMA. Beyond this, the next key retracement is at 24,545 (61.8%). These levels should be viewed as immediate upside targets in the near term. On the flip side, the Falling Channel breakout point around 23,600 now becomes immediate support, followed by a strong base near 23,250, where the 89 DEMA provided support during the last three sessions.
Key Resistance: 24,100, 24,550
Key Support: 23,600, 23,250
Strategy: We maintain our positive outlook, although the next leg of the up-move may not be as swift going forward. Hence, we continue to advise buying on intraday dips, avoiding contra bets, and staying aligned with the prevailing positive bias.
Dhupesh Dhameja, Derivative Research Analyst at Samco Securities
Nifty delivered a powerful performance, not just edging higher but roaring past its two-month peak with a seventh straight day of gains. What stood out was the index’s ability to hold above the previous day’s low in every session—an unmistakable sign of strong undercurrent buying and unwavering momentum.
The breakout above the 200-DEMA and former swing highs confirms a bullish continuation, with buyers aggressively snapping up every dip. A solid bullish candle and RSI crossing 60 further underline the strength. The 24,000–24,100 zone now acts as a key resistance belt, while support has shifted higher to 23,600–23,500.
Options data echoes bullish sentiment, with heavy Put writing at 23,500 and resistance capped near 24,000, while the PCR (Put-Call Ratio) jumped to 1.14, signalling firm optimism. Even India VIX cooled 2.51 percent to 15.46. As long as Nifty sustains above 23,500, the bias stays upbeat, and a breakout beyond 24,100 could trigger the next leg of the up-move, keeping a ‘buy-on-dips’ strategy firmly in play.
Key Resistance: 24,000, 24,200, 24,400
Key Support: 23,650, 23,500, 22,400
Strategy: Traders can execute a Bull Put Spread Strategy for the April 24 expiry by buying one lot of the 23,800 strike Put at Rs 172 and selling one lot of the 24,000 strike Put at Rs 273. This setup is designed to capitalize on a potential upside move while limiting downside risk. In case of a stop-loss, the strategy can be held with the maximum Mark-to-Market (MTM) loss capped at Rs 4,500, while in case of target, hold the strategy until expiry to achieve a maximum profit of Rs 7,575, or consider booking profits once the MTM gains exceed Rs 5,000.
Mandar Bhojane, Equity Research Analyst at Choice Broking
On the technical front, the Nifty has shown a strong bullish reversal from the demand zone near 21,743.65 on the daily chart, registering a sharp 9.62 percent up-move. The index successfully closed above the 22,850 level, confirming bullish momentum. If the price sustains above this level, we can expect a continuation of the uptrend, with potential upside targets placed at 24,500 and 25,000. On the downside, immediate support lies at 23,600 and 23,400, and any dip towards these levels is likely to be seen as a buying opportunity.
Momentum indicators also reinforce the bullish outlook. The Relative Strength Index (RSI) is at 62.57 and trending upwards, indicating increasing strength in the rally. Furthermore, the Stochastic RSI has formed a positive crossover from the oversold region, suggesting strong potential for continued upside in the near term. Overall, the technical setup favours a bullish bias as long as key support levels hold.
Key Resistance: 24,500, 25,000
Key Support: 23,200, 22,800
Strategy: Consider buying Nifty Futures on dips near the 23,600 and 23,400 levels if signs of reversal appear, targeting levels of 24,500 and 25,000, with a stop-loss of 23,200 on a closing basis.
Bank Nifty – Outlook and Positioning
Rajesh Bhosale, Technical Analyst at Angel One
In just seven trading sessions, the Bank Nifty index has surged from the 49,100 zone to nearly its all-time high levels, underscoring the dominance of buyers and the prevailing positive sentiment in the banking space. From a technical standpoint, the trend remains firmly aligned to the upside, and we expect the ongoing rally to extend further. That said, with the index now approaching zones that have historically acted as stiff hurdles, some consolidation or sideways movement cannot be ruled out before the next leg higher.
In terms of levels, immediate support is placed around the 54,000–53,900 zone, followed by stronger support in the 53,300–53,150 range. On the flip side, as the index ventures into uncharted territory beyond its previous all-time highs, pinpointing resistance levels becomes challenging, and price discovery will be in play.
Key Resistance: 55,000, 55,600
Key Support: 54,000, 53,300
Strategy: Traders are advised to make use of any dips as potential opportunities to enter long positions.
Dhupesh Dhameja, Derivative Research Analyst at Samco Securities
Nifty Bank delivered a blockbuster session, skyrocketing to 54,290.20 as banking giants HDFC Bank and ICICI Bank surged into uncharted territory, pushing the index to the brink of its lifetime high. With its seventh consecutive gain and consistent closes above the prior day’s low, the index exuded unwavering bullish momentum. A decisive breakout above a key psychological barrier and a strong bullish candle near the all-time high signalled trend acceleration, while the higher high–higher low structure kept the rally rolling.
Momentum is sizzling, with RSI soaring above 70, reflecting overpowering buying strength. The 54,500–54,700 zone now represents the next challenge, with a sharp breakout potentially triggering short-covering and fresh highs. On the downside, 53,800–53,700 is the key support zone to watch for a pullback.
Options data supports the bulls, with hefty Put writing at 53,000 and 55,000 Calls capping the upside for now. However, a rising PCR at 1.17 signals that the bulls are tightening their grip. With volatility cooling and dips being swiftly bought into, as long as the index holds above 53,700, the bias stays upbeat. A breakout beyond 54,500 could spark the next leg of the rally, keeping the ‘buy-on-dips’ strategy firmly in play.
Key Resistance: 54,500, 54,700, 55,000
Key Support: 53,800, 53,500, 53,000
Strategy: Traders can execute a Bull Call Spread Strategy for the April 24 expiry by buying one lot of the 54,000 strike Call at Rs 667 and selling one lot of the 54,800 strike Call at Rs 295. This setup is designed to capitalize on a potential upside move while limiting downside risk. In case of a stop-loss, the strategy can be held with the maximum MTM loss capped at Rs 6,500, while on the target front, hold the strategy until expiry to achieve a maximum profit of Rs 12,561, or consider booking profits once the MTM gains exceed Rs 7,000.
Mandar Bhojane, Equity Research Analyst at Choice Broking
Technically, Bank Nifty has formed a strong bullish candle on the daily chart, making a high of 54,407.20—just 60 points away from its all-time high. Over the last seven trading sessions, the index has gained a remarkable 10.68 percent, rallying over 5,250 points from its recent swing low. The consistent one-way move, along with a close near 54,290 on strong volumes, signals aggressive buying interest and sustained bullish momentum. Any dips towards 53,600 or 53,000 are expected to be used as buying opportunities by market participants.
Additionally, both PSU and private banking indices are showing bullish setups. The PSU Bank index has confirmed an Inverted Head & Shoulders breakout, reinforcing the case for further upside. If Bank Nifty manages to close above 54,300 convincingly, it could potentially head toward the 55,000 and 56,000 levels in the coming sessions, as per Fibonacci extension targets. The overall trend remains firmly positive with strong sectoral participation.
Key Resistance: 55,000, 56,000
Key Support: 53,000, 52,000
Strategy: Consider buying Bank Nifty Futures on dips near the 52,600 and 53,000 levels if signs of reversal appear. Target short-term upside levels of 55,000 and 56,000, with a stop-loss at 52,500 on a closing basis.
Disclaimer: The views and investment tips expressed by experts on Moneycontrol are their own and not those of the website or its management. Moneycontrol advises users to check with certified experts before taking any investment decisions.
