The market continued its downward journey for another session, with the Nifty 50 falling 0.86 percent on April 25 due to further profit booking, amid rising VIX levels tracking India-Pakistan border tensions. According to experts, considering the technical structure, the index is expected to remain in the range of 23,800–24,350 in the upcoming sessions. If it manages to hold above 24,000, an upward move toward 24,200 cannot be ruled out. However, if it falls below 24,000, the level of 23,800 will act as key support, coinciding with the February swing high.
Levels for Nifty50
Resistance based on pivot points: 24,282, 24,404, and 24,602
Support based on pivot points: 23,886, 23,764, and 23,567
The Nifty 50 formed a bearish candle with a lower shadow on the daily timeframe, indicating selling pressure but also some buying interest at lower levels. It created a wide range (23,850–24,365) on Friday, suggesting that a breakout on either side of the range could provide a firm direction for the index. Overall, the trend remains positive, given that the index stays above all key moving averages (10, 20, 50, 100, and 200-day EMAs). Momentum indicators showed mixed signals: the RSI (Relative Strength Index) tilted downward but remained above the 60 mark, while the MACD (Moving Average Convergence Divergence) continued trending higher with a strong positive crossover above the zero line.
Levels For The Nifty Bank (54,664)
Resistance based on pivot points: 55,179, 55,456, and 55,905
Support based on pivot points: 54,282, 54,005, and 53,556
Resistance based on Fibonacci retracement: 56,307, 58,648
Support based on Fibonacci retracement: 54,460, 53,447
The Bank Nifty also displayed a similar pattern, falling 1 percent, which was on expected lines following the recent sharp rally. The index recorded a lower highs–lower lows formation for another session. However, the overall trend still favours the bulls, as the index remains well above all key moving averages, all of which are trending upward.
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