After a roller coaster ride, the Nifty ended 0.50 percent down, while the Sensex was down by 264 points.
Amol Athawale,
VP Technical Research,
Kotak Securities
Mumbai, April 2, 2026: In the last truncated week, the benchmark indices experienced volatile activity. After a roller coaster ride, the Nifty ended 0.50 percent down, while the Sensex was down by 264 points. Among sectors, Pharma and Healthcare indices lost the most, shedding nearly 3.5 percent, whereas the IT index was the gainer, rallying 2.75 percent. Technically, the market is still holding a lower top formation on daily charts, which is largely negative. However, momentum indicators suggest that a pullback formation is likely to continue in the near future. Additionally, on intraday charts, the market has formed a promising reversal pattern, indicating the potential for a further uptrend from the current levels.
We are of the view that 22,500/72700 and 22,300/72000 would act as key support zones for the market. As long as the market trades above these levels, a pullback formation is likely to continue. On the higher side, the bounce-back could extend till 22,900–23,000/74000-74200. Further upside may also continue, potentially lifting the market to 23,200/75000. Conversely, if the market falls below 22,300/72000, the uptrend would become vulnerable. Below this level, traders may prefer to exit their long positions.
For Bank Nifty, it has also formed a promising reversal pattern on daily and intraday charts. In the near future, 50,500 would be the key level to watch. Above this, the index could move up to 52,500–53,000. However, if it falls below 50,500, the sentiment could turn negative. Below this level, it could retest the levels of 50,000–49,700.
