The Sensex was down by 123 points
Shrikant Chouhan,
Head Equity Research,
Kotak Securities
Mumbai, April 16, 2026: Today, the benchmark indices witnessed a volatile trading session. After a roller-coaster activity, the Nifty ended 35 points lower, while the Sensex was down by 123 points. Among sectors, the Metal and Defence indices rallied over 1.5 percent, whereas intraday profit booking was seen in selective Banking and Auto stocks. Technically, after a gap-up opening, the market consistently faced selling pressure at higher levels. From the day's highest point, the market corrected nearly 300/1050 points. Additionally, on daily charts, the index has formed a small bearish candle, which indicates indecisiveness between the bulls and the bears.
We are of the view that the 24,350–24,400/78500-78700 zone would act as an immediate resistance for the bulls. As long as the market is trading below this, the correction formation is likely to continue. On the downside, the market could retest levels of 24,000–23,900/77300-77000. On the flip side, above 24,400/78700, the chances of hitting 24,500-24525/79000-79200 would increase.
