Dhupesh Dhameja, 

Derivatives Research Analyst, 

SAMCO Securities

Mumbai, April 17, 2026: Nifty index extended its recovery momentum with follow-through buying, closing firmly at 24,353.55 (+0.65%), sustaining above the crucial 0.50 Fibonacci retracement level (24,260) and holding above the 50-DEMA, indicating strengthening bullish undertone. 

Nifty: Sustained strength above 24,100 crucial

The index has formed a near-term base at 24,100, which remains a key make-or-break support, while resistance is placed around 24,500–24,550, where major call writers are holding their positions.

From a derivatives perspective, PCR stands near 1.02, reflecting a balanced to slightly positive bias, with put writing at 24,200–24,000 providing support, suggesting a broader range with bullish inclination. On the higher timeframe, the index has now marked two consecutive positive weekly closes, signalling improving sentiment, while India VIX cooling towards 17 indicates easing volatility, supporting the ongoing recovery. As long as the index sustains above 24,100–24,200, a buy-on-dips strategy remains favourable for continuation of bullish momentum.

Recovery gains traction in Nifty Bank

Nifty Bank index witnessed buying interest from lower levels around the 0.50 Fibonacci retracement zone (55,800), signalling base formation and ended the session at 56,565.70 (+0.85%). The index is stabilizing above this crucial pivot, with 55,800–56,000 acting as an immediate make-or-break support zone, while a decisive close above 56,800 is essential to confirm strong bullish momentum and open the path towards higher retracement levels. Notably, the index is approaching the 200-DEMA near 56,700, where a sustained breakout would reinforce trend reversal signals.

From a derivatives standpoint, PCR stands near 0.95, indicating a neutral to slightly positive bias. Option data shows call writing around 56,500–57,000, restricting upside, while put writing near 56,000–56,500 is providing a strong support base, suggesting a range-bound structure with positive undertone. On the weekly front, the index has posted two consecutive positive closes, reflecting improving sentiment and gradual strength building. As long as the index sustains above 55,800, a buy-on-dips approach remains favourable for continuation of bullish momentum

Technical Analysis Report

Nifty Advances 1.26% for the Week,

Maintains Uptrend with Higher Highs

Om Mehra, Technical Research Analyst, SAMCO Securities

Nifty ended the session at 24,353.55, gaining 0.65%, with the recent move reflecting a continuation of higher lows, keeping the short-term trend intact. On the daily chart, Nifty is trading along the upper Donchian channel band. The index continues to hold above the 50% Fibonacci retracement level near 24,260. The index is also approaching the 50-day SMA placed near 24,400, which coincides with the upper band resistance, making this zone a crucial hurdle on the upside.

The RSI is placed near 57, while the MACD remains in positive territory with a rising histogram. On the weekly chart, Nifty has gained 1.26%, forming a bullish candle for the second consecutive week. India VIX declined by 4.87% to 17.20, indicating a cooling-off in volatility, which may support a more stable upward setup. The advance-decline ratio has also improved over the week, highlighting broader market participation.

On the upside, 24,500 remains the immediate resistance zone. A sustained close above this level can open room toward higher levels. On the downside, 24,000–23,800 remains the immediate support zone.

Overall, Nifty continues to trade with a positive undertone, with improving momentum and broader participation supporting the ongoing move. However, the index is approaching a key resistance cluster near 24,500.

Nifty Bank ended the session at 56,565.70, gaining 0.85%. On the daily chart, the index is sustaining above the 50% Fibonacci retracement level placed near 55,800 and is now holding above this zone on a closing basis, indicating continued strength in the current move. The index is now approaching the 61.8% retracement level near 57,200, which remains the next key resistance on the upside.

The index is trading near the upper Bollinger Band, indicating that prices are positioned toward the higher end of the range. The recent sequence of higher lows remains intact, supporting the ongoing upmove. The RSI is placed near 56, while the MACD remains in positive territory, reflecting strengthening of the upside traction.

On the weekly chart, Nifty Bank has gained 1.17%, forming a bullish candle for the second consecutive week. Nifty Private Bank and Nifty PSU Bank indices are also showing strength, supporting the overall move in the banking space.

On the upside, 57,000–57,200 remains the immediate resistance zone. On the downside, 56,000–55,700 remains the immediate support zone; holding above this range will be important to maintain the current trajectory.