Nifty Holds 24,000 level
Dhupesh Dhameja,
Derivatives Research Analyst,
SAMCO Securities
Mumbai, April 16, 2026: Nifty index opened on a strong note above the key 0.50 Fibonacci retracement level near 24,260, but failed to sustain higher levels, witnessing profit booking through the session and ending on a subdued note at 24,196.75 (-0.14%).
Derivatives Analysis Report
Nifty: 24,260 pivot remains key
Despite the intraday pullback, the index managed to hold above the 24,100 mark, indicating that immediate support remains intact while the market continues to consolidate after the recent recovery.
Technically, 24,260 remains a crucial pivot zone; sustaining above this level is essential to trigger follow-through buying and extend the recovery towards higher resistance levels. On the downside, 24,100—aligned with today’s low—acts as a make-or-break support. A decisive break below this level could increase the likelihood of gap-filling in the near term towards the 0.382 Fibonacci support near 23,770–23,750, while as long as price sustains above the 50-DEMA positioned below current levels, it continues to provide intermediate support to the ongoing trend.
From the derivatives perspective, PCR stands near 0.86, indicating a neutral stance amid recent volatility. Option data suggests that call writing is clustered around 24,300–24,500, capping the upside, while put writing at 24,000–23,800 is offering immediate support, reinforcing a defined trading range. India VIX has cooled towards the 18 zone, reflecting some easing in volatility; however, the persistence of global uncertainties suggests that intermittent swings may continue.
Overall, the index appears to be in a consolidation phase, with 24,100 acting as a strong base and 24,260–24,300 as a key resistance band. A decisive breakout on either side is required to establish the next directional move.
Nifty Bank: Range-bound bias persists
Nifty Bank index witnessed a strong gap-up opening and initially sustained above the 0.50 Fibonacci retracement level (55,800), but failed to hold higher levels as selling pressure emerged near the 200-DEMA placed around 56,700, leading to a sharp intraday pullback. The index eventually settled at 56,086.40 (-0.38%), indicating rejection from higher levels and lack of follow-through strength.
Technically, 55,800 (0.50 retracement) now emerges as a critical pivot; holding above this level keeps the short-term recovery structure intact, while failure to sustain may drag the index towards the 54,800–54,500 zone, aligned with the 0.382 Fibonacci support (54,433). On the upside, 56,700 (200-DEMA) remains a strong resistance barrier, and only a decisive move above this level can confirm strength and open room for further upside.
From the derivatives perspective, PCR stands near 0.84, reflecting a neutral to slightly cautious stance. Option data indicates call writing concentrated around 56,500–57,000, capping the upside, while put writing near 55,500–55,000 is providing immediate support. Overall, the index is witnessing a range-bound phase with a negative bias near higher levels, as rejection from the 200-DEMA suggests supply on rallies. Sustaining above 55,800 is key for continuation, while a break below may invite renewed selling pressure.
OM Mehra,
Technical Research Analyst,
SAMCO Securities
Technical Analysis Report
Nifty Pauses near Resistance Zone
Nifty ended the session at 24,196.75, declining 0.14%, as the index traded in a narrow range and witnessed mild profit booking from higher levels. However, Nifty continued to hold above the 24,000 mark, indicating that overall strength has remained intact.
On the daily chart, the index remains positioned just below the 50% Fibonacci retracement level near 24,270, while holding above the 38.2% retracement level near 23,780.
The index is currently trading around the 20-day moving average but remains below the 50-day SMA placed near 24,400. The recent sequence of higher lows remains intact on the hourly chart.
The daily RSI is placed near 55, indicating steady momentum, while the ADX has cooled from higher levels and is now placed around 28. India VIX has declined toward the 18 zone.
On the upside, 24,250–24,400 remains the immediate resistance zone. A sustained close above this band is required for further extension toward higher levels. On the downside, 24,000–23,800 remains the support zone; holding above this range will be important to maintain the current up-move.
Nifty continues to hold its gains above the key 24,000 level, with the broader trend intact, though the pace of momentum has moderated and the index may remain range-bound in the near term.
Nifty Bank ended the session at 56,086.40, declining 0.38%, as the index witnessed mild profit booking after testing higher levels and closed slightly off the day’s highs.
On the daily chart, the index continues to trade around the 50% Fibonacci retracement level placed near 55,800, indicating that this zone remains a key pivot for the near term.
The index moved above the previous day’s high but did not sustain with strong follow-through, suggesting resistance exist at higher levels. The index remains positioned above the 20-day moving average and the Supertrend level, indicating that the broader upmove from recent lows remains intact. The RSI is placed near 54, indicating steady momentum, while the overall indicator trend reflects stabilization rather than acceleration.
On the upside, 56,500–56,800 remains the immediate resistance zone. On the downside, 55,200–54,800 remains the immediate support zone; holding above this range will be important to maintain the current trajectory. Nifty Private Bank and Nifty PSU Bank indices ended marginally lower, indicating a pause after the recent up move. Today’s session reflected mild profit booking toward the close, indicating consolidation near the retracement zone rather than a reversal in trend.
