Nifty forms equilibrium near 24,200
Dhupesh Dhameja,
Derivatives Research Analyst,
SAMCO Securities
Mumbai, April 15, 2026: Nifty index witnessed a strong gap-up opening and managed to hold above the 24,200 mark, but traded in a narrow range thereafter, reflecting a pause after the sharp recovery.
Derivatives Analysis Report
Nifty: Break-out above 24,260 crucial for momentum
The index closed at 24,231.30, up 388.65 points (+1.63%), while leaving behind a notable unfilled gap near 24,000–23,900, which now acts as immediate support.
Technically, 24,200 is emerging as an equilibrium zone, where buyers and sellers are finding balance. The index is currently hovering near the 0.50 Fibonacci retracement around 24,260, which remains a critical resistance. A sustained move above this level could trigger further upside toward 24,500, while inability to cross may keep the index in a consolidation phase. The 50-DEMA continues to act as an overhead barrier, reinforcing this resistance cluster.
Momentum indicators remain supportive with RSI holding above 50, indicating a positive undertone. From the derivatives perspective, PCR stands near 1.12, suggesting a mildly bullish bias. The options data shows call writing around 24,300–24,500, capping the upside, while put writing near 24,000–23,800 is strengthening the support base. India VIX has cooled toward the 18–19 zone, indicating volatility is easing and it supports the stability in the near term.
Going ahead, as long as the index sustains above the 24,000–23,900 gap support, buy-on-dips remains favourable, while a decisive breakout above 24,260 could open the gates for a move toward 24,500.
Nifty Bank sustains higher ground
Nifty Bank index witnessed a strong gap-up opening and sustained above the 56,000 mark, followed by a narrow range session, indicating consolidation after the recent recovery. The index closed at 56,301.95, up 696.90 points (+1.25%), while leaving behind a notable unfilled gap near 55,800–56,000, which now acts as immediate support.
Technically, the index has closed above the 0.50 Fibonacci retracement near 55,800, which now turns into a key support zone. Holding above this level keeps the bullish structure intact, while the next hurdle is placed near 57,000. The 50-DEMA is now positioned below current price, acting as an intermediate support, strengthening the near-term trend structure.
Momentum indicators remain constructive with RSI sustaining above 50, indicating improving strength. From the derivatives perspective, PCR stands near 0.91, suggesting a balanced-to-slightly positive stance. The options setup highlights call writing around 57,000–57,500, capping the upside, while put writing near 56,000–55,500 is providing a solid support base.
Going ahead, sustaining above 55,800 keeps buy-on-dips strategy favourable, while a decisive breakout above 57,000 could extend the ongoing recovery toward higher levels.
Om Mehra,
Technical Research Analyst,
SAMCO Securities
Nifty ended the session at 24,231.30, opening with a gap-up and gaining 1.63%, with the index sustaining above the recent breakout zone and closing near the day’s high.
Technical Analysis Report
Nifty Extends Up Move, Late Profit Booking Caps Upside
On the daily chart, Nifty has moved above the 38.2% Fibonacci retracement level and is now hovering around the 50% retracement zone near 24,250, which is acting as the immediate hurdle on the upside. The index is also trading above the 20-day moving average and the daily Supertrend level.
The RSI is placed near 56, indicating strength is improving, while the ADX is near 30, suggesting the move still carries directional strength. At the same time, the current positioning indicates that the index may not advance in a straight line from here and could enter a phase of broader oscillation.
India VIX settled at 18.67 points to a more neutral volatility backdrop compared with the recent spike. This suggests the market may shift from sharp directional swings to a wider trading range in the near term.
On the upside, 24,350–24,400 remains the immediate resistance zone, while 24,500 stands as a strong barrier. On the downside, 24,000–23,900 remains the immediate cushion zone. The near-term setup has improved, but the index now appears to be entering a neutral phase with a wider oscillation range, unless it delivers a clean breakout above the immediate resistance band.
Nifty Bank ended the session at 56,301.95, gaining 1.25%, as the index extended its upward move and closed near the higher end of the range, though the formation of a doji candle indicates hesitation near resistance levels.
On the daily chart, the index has moved above the 50% Fibonacci retracement level and is now holding above this zone on a closing basis. This level now acts as immediate support, while the index approaches the next resistance band near the 61.8% retracement around 57,200. The index continues to trade above the 20-day moving average, indicating that near-term strength is intact.
The RSI is placed near 55, indicating improving momentum, while the ADX near 30, suggests that the ongoing move still carries directional strength. On the upside, 56,800–57,200 remains the immediate resistance zone. A sustained move above this band can extend the move further. On the downside, 55,800–55,400 remains the immediate support zone.
However, today at the fag-end of the session mild profit booking was observed along with mean reversion toward the close, indicating some exhaustion near higher levels.
