Dhupesh Dhameja, 

Derivatives Research Analyst, 

SAMCO Securities

Mumbai, April 9, 2026: Nifty index failed to witness follow-through buying after yesterday’s sharp gap-up move, as lingering uncertainty capped the upside. 

Derivatives Analysis Report

Nifty: Range-bound bias with cautious undertone

The index faced rejection near the 24,000 mark and settled lower at 23,775.10, down 222.25 points (-0.93%). Despite intraday weakness and a brief dip below 23,700, the index managed to reclaim ground and close above the 23,750 zone, indicating buying interest is emerging near immediate support.

Technically, the 0.382 Fibonacci retracement placed around 23,770–23,750 now acts as a make-or-break level. Holding above this band may keep the pullback structure intact, while a decisive break below it could lead to filling of the unfilled gap formed in the previous session.

Momentum indicators remain supportive, with RSI sustaining above the 50 mark, suggesting that the underlying momentum has not weakened despite the profit booking. On the upside, the next key hurdle is placed near the 0.50 Fibonacci retracement around 24,260, which coincides with the 50-EMA, creating a strong confluence resistance zone. A sustained move above 24,000–24,250 could open room for a sharper recovery towards 24,500, while failure to cross this zone may keep the index range-bound with a cautious bias.

From the derivatives front, PCR stands near 0.92, indicating neutral positioning after the recent volatility. On the options chain, call writing is visible around 24,000–24,500, capping the upside, while put writing is placed near 23,700–23,500, reinforcing immediate support. Additionally, India VIX remains elevated near the 20 zone, reflecting persistent uncertainty and likelihood of continued swings.

As long as the index trades within the 23,750–24,250 range, a range-bound trading activity is likely to remain favourable. A decisive breakout on either side of this band may shift the bias — a move above 24,250 could trigger a fresh upside toward 24,500, while a break below 23,750 may lead to gap filling and renewed downside pressure.

Nifty Bank slips below 55,000

Nifty Bank failed to extend the previous session’s recovery and slipped below the 55,000 mark, ending at 54,821.70 (-1.58%), indicating loss of momentum after the sharp rebound. The index was unable to reclaim the 55,800–56,000 zone, which coincides with the 0.50 Fibonacci retracement and the 50-EMA, making this band a strong overhead resistance.

As long as the index trades below this cluster, upside attempts are likely to face selling pressure. On the downside, the 0.382 Fibonacci support placed near 54,500–54,400 becomes crucial. Holding this zone may keep the pullback structure intact, while a decisive break below 54,400 could trigger renewed selling pressure and drag the index toward the lower support band, including the recent unfilled gap area.

Momentum indicators remain neutral, with RSI hovering around the 50 mark, suggesting the rebound has not completely failed but lacks conviction. From the derivatives front, PCR stands near 0.76, indicating cautious positioning after the recent volatility. On the options chain, call writing is concentrated around 55,500–56,000, capping the upside, while put writing near 54,500 and 54,000 is providing immediate support.

Going ahead, rallies toward 55,800–56,000 may attract selling pressure, while a break below 54,400 could resume the downward move. Until either side is taken out, the index may remain vulnerable with a cautious bias.

Technical Analysis Report

Nifty Rally Stalls near Retracement Hurdle, Gains See Partial Giveback

Om Mehra, Technical Research Analyst, SAMCO Securities

Nifty ended the session at 23,775.10, declining 0.93%, as the index failed to hold the previous session’s gains and witnessed selling pressure. After the initial strength, Nifty was unable to sustain the intraday expansion and gradually slipped toward the close, indicating profit booking at higher levels.

On the daily chart, Nifty has formed a bearish candle after approaching the 38.2% Fibonacci retracement level placed around 23,780. The index moved above this retracement band during the session but could not sustain above it on a closing basis. This keeps the recent rebound in a testing phase rather than confirming a stronger breakout.

The index is currently hovering around the 20-day moving average zone and remains above the 23.6% Fibonacci retracement level. At the same time, Nifty continues to trade below the daily Supertrend, which keeps the upside capped unless it moves above 24,050 on a closing basis.

The RSI has moved up near 51, showing improvement, while the MACD indicates neutral-to-positive strength with a rising histogram. India VIX rose 3.71% to 20.43, indicating that volatility expanded and near-term uncertainty remains elevated.

On the upside, 24,000 remains the immediate hurdle, and a decisive close above this level can open further room on the upside. On the downside, 23,500–23,400 remains the support zone; a break below this band may weaken the current recovery leg.

Nifty Bank ended the session at 54,821.70, declining 1.58%, as the index gave up part of the recent sharp gains and slipped lower after testing higher levels intraday. The move reflects a pause following the strong rebound, with selling emerging near the recent swing zone.

On the daily chart, the index has formed a bearish harami pattern, indicating a loss of momentum after the prior up move. This has occurred near the 38.2% Fibonacci retracement level. The index has now entered a phase of short-term consolidation after a steep rise. Nifty Bank continues to hold above the short-term average zone, indicating that the pullback is not yet a broken down.

The RSI is placed near 50, indicating neutral momentum. On the hourly chart, the index shows a mild slowdown in momentum. On the upside, 55,200–55,500 remains the immediate resistance band. On the downside, 53,500–53,200 remains the immediate support zone; holding above this range will be important to maintain the recent recovery phase.