Nifty Drifts Back Into Range
Dhupesh Dhameja,
Derivatives Research Analyst,
SAMCO Securities
Mumbai, April 28, 2026: The Nifty index witnessed a subdued session on the monthly expiry day, closing at 23,995.70 (-0.40%), indicating continued hesitation near higher levels amid expiry-led volatility.
Derivatives Analysis Report
Nifty trades below 24,200 resistance; expiry-led volatility keeps momentum subdued
Technically, the index remains below the 0.50 Fibonacci zone (24,200–24,250), aligned with the 50-DEMA, highlighting persistent resistance and lack of follow-through buying.
The price action suggests consolidation after the recent recovery, with sellers active on minor pullbacks. On the downside, 23,750–23,700 (0.382 Fibonacci) continues to act as a crucial support zone, holding the broader structure intact. A breach below this zone could accelerate downside pressure. On the upside, 24,200–24,300 remains a key resistance band, and only a decisive breakout above this range can confirm a shift in momentum.
From a derivatives perspective, PCR stands near 0.78, indicating a cautious undertone. Option data shows call writing concentrated around 24,200–24,400, capping upside, while put writing near 23,800–23,600 is providing immediate support, reinforcing a defined trading range. Momentum indicators remain neutral, with RSI hovering near the mid-zone (50), reflecting a lack of strong directional bias.
Overall, the index is trading within a well-defined range, and until a breakout occurs, a range-bound approach remains favorable, with sell-on-rise near resistance and buy-on-dips near support as the preferred strategy.
Nifty Bank slips below 55,800; breakdown signals cautious bias ahead
The Nifty Bank index witnessed sharp selling pressure on the monthly expiry day, closing at 55,400.35 (-1.54%), indicating rejection from higher levels and continuation of near-term weakness amid expiry-led volatility.
Technically, the index has broken down below the 0.50 Fibonacci level (55,800), which was aligned with the recent consolidation zone, signaling a loss of short-term strength and a shift towards a cautious bias. This breakdown suggests the prior consolidation has now turned into a supply zone, and the index may remain under pressure unless it reclaims this level.
On the downside, 55,000 acts as the immediate support, while a breach below this could open the path towards 54,400–54,200 (0.382 Fibonacci). On the upside, 55,800–56,000 now becomes a key resistance zone, where selling pressure is likely to persist.
From a derivatives perspective, PCR stands near 0.95, indicating a neutral undertone. Option data shows call writing concentrated around 55,500–56,000, capping the upside, while put writing near 55,000–54,500 is providing immediate support, defining a fresh trading range. Momentum indicators reflect weakening bias, with RSI hovering near the mid-lower zone (45–48), suggesting fading bullish momentum.
Overall, the index has shifted from consolidation to a breakdown structure, and until it reclaims key resistance levels, a sell-on-rise strategy remains favorable, with downside risks intact in the near term.
Technical Analysis Report
Upside Attempts Falter as Nifty Drifts Back Into Range
Om Mehra, Technical Research Analyst, SAMCO Securities
Nifty ended the session at 23,995.70, declining 0.40%, as the index continued to drift lower after failing to sustain above the 24,200 zone. Nifty has formed an inverted hammer on the daily chart, indicating hesitation after the recent move. The candles over the past few sessions show limited follow-through on recoveries and remain largely range-bound.
The index is holding above the 20-day SMA but remains well below the 50-day SMA. On the hourly chart, the Bollinger Band shows Nifty drifting lower from the middle band, reflecting a gradual loss of momentum.
The RSI has eased towards 50, slipping back to neutral, while the ADX near 18.79 reflects the absence of a strong directional trend. Market breadth remains weak, highlighting limited broader participation.
Meanwhile, USDINR continues to trend higher near 94.50, which may keep external pressure intact, even as India VIX remains contained around 18–19, suggesting measured volatility without panic.
On the upside, 24,200–24,300 remains the immediate hurdle. On the downside, 23,800–23,750 is the key support band.
Overall, the market remains in an equilibrium phase, with a decisive move required to establish the next trend.
Nifty Bank ended the session at 55,400.35, declining 1.54%, as the index extended its weakness, reflecting sustained pressure throughout the session.
On the daily chart, the index has slipped back after facing resistance near the 56,000 zone and is now drifting towards the recent consolidation range.
The index is now positioned below the 50-day SMA, which remains a strong hurdle. However, the broader trend remains bullish.
The RSI has eased towards 48, slipping below the neutral mark. The MACD histogram is flattening, indicating a loss of upward traction, while the signal lines are converging.
On the broader participation front, Nifty PSU Bank declined 2.15%, while Nifty Private Bank fell 1.23%, indicating weakness across segments.
On the upside, 56,200–56,500 remains the resistance zone. On the downside, 54,500–54,000 emerges as the key support band.
