Nifty: 23,500–24,200 range to dictate next move
Dhupesh Dhameja,
\Derivatives Research Analyst,
SAMCO Securities
Mumbai, April 13, 2026: Nifty index witnessed a strong intraday recovery after a gap-down start, reclaiming the 23,800 mark and sustaining above it, indicating buying interest at lower levels and reinforcing 23,500 as a key make-or-break support.
Derivatives Analysis Report
Nifty rebounds from lower levels; 23,500–24,200 range to dictate next move
Technically, the immediate pivot is placed near the 0.382 Fibonacci retracement (23,770–23,750); holding above this zone keeps the recovery structure intact, while a breach may invite renewed downside pressure. On the upside, the index continues to face resistance near the 0.50 retracement around 24,260, which aligns with the 50-DEMA, making it a strong supply zone.
Momentum remains stable with RSI hovering around the 50 mark, reflecting a neutral undertone with slight positive bias.
From the derivatives perspective, PCR stands at 1.09, indicating a mildly bullish stance. The options data shows put writing concentrated at 23,800–23,500, strengthening the support base, while call writing near 24,000–24,200 is capping the upside.
India VIX remains elevated near the 20 zone, indicating persistent uncertainty and likelihood of continued volatility. However, the inability of VIX to spike sharply suggests that panic selling is limited and dips are being bought.
The index is now forming a wider trading range, and as long as it sustains within this band, range-bound strategies are likely to dominate, with a decisive move beyond 24,200 or below 23,500 setting the next directional bias.
Nifty Bank shows resilience
Nifty Bank index witnessed a swift recovery from a gap-down opening, reclaiming the 55,500 zone, reflecting buying interest at lower levels.
However, the index closed at 55,605.05, down 307.70 points (-0.55%), indicating mild profit booking near resistance. Structurally, the 54,500–54,400 zone remains a strong support base, aligning with the 0.382 Fibonacci retracement and 20-DEMA, making it a critical demand area. On the upside, the index is facing resistance near the 0.50 Fibonacci retracement around 55,800. A sustained move above this level, along with reclaiming the 50-DEMA placed near 56,250, is essential to confirm strength and trigger further upside momentum.
Momentum indicators are improving with RSI holding above 50, indicating a gradual shift toward a positive bias. From the derivatives perspective, PCR stands near 0.92, suggesting a neutral stance. The options data shows call writing around 56,000–56,500, capping the upside, while the Put writing near 55,000–54,500 continues to provide support. Going ahead, buy-on-dips remain favorable above 54,400, while a decisive move above 55,800–56,250 could open the path for a stronger recovery; failure to do so may keep the index in a range-bound phase.
Technical Analysis Report
Nifty Fails to Sustain Recovery near 24,000, Ends Lower after Gap-Down Start
Om Mehra, Technical Research Analyst, SAMCO Securities
Nifty ended the session at 23,842.65, declining 0.86%. The session began with a gap-down opening, followed by a steady recovery throughout the day; however, the index slipped back into negative territory by the close, indicating resistance around the 24,000 level.
On the daily chart, Nifty continues to hover around the 38.2% Fibonacci retracement level placed near 23,780. The index briefly moved above this zone during the session but could not sustain on a closing basis, suggesting that the level remains a near-term hurdle. The broader setup still reflects a recovery phase, but follow-through remains inconsistent.
The index is currently trading between its short-term moving averages, with the 20-day average acting as immediate support, while the 50-day SMA near 24,300 continues to cap the upside. The recent sequence of higher lows remains intact, but the failure to hold gains at higher levels highlights a lack of continuation strength.
The RSI is placed near 51, indicating neutral momentum with a slight upward tilt, while the MACD remains in positive territory with a rising histogram, reflecting improving underlying strength.
India VIX remains elevated near 20.50, indicating that volatility has not eased meaningfully.
On the upside, 24,000–24,100 remains the immediate resistance zone; a sustained close above this band is required to extend the recovery.
On the downside, 23,500–23,400 remains the key support zone; holding above this range will be crucial to maintain the current recovery trajectory.
Nifty Bank opened with a gap-down near 54,646, recovered during the session toward the 55,572 zone, but failed to sustain at higher levels and ended the day at 55,605.05, down 0.55%.
On the daily chart, the index continues to trade around the 50% Fibonacci retracement level placed near 55,800. Although it tested higher levels during the session, the inability to sustain on a closing basis suggests that this zone remains a near-term hurdle. The recovery from recent lows remains intact, but the pace has moderated.
The index is currently positioned above the 10 EMA, which has seen a positive crossover with the 20 EMA, while the 50-Day SMA near 57,300 continues to act as resistance.
The RSI is placed near 52, indicating a gradual improvement in momentum, while the MACD remains in positive territory with a rising histogram.
On the upside, 56,000–56,300 the immediate resistance zone. A sustained close above this band is required for further upside extension. On the downside, 54,800–54,400 remains the key support zone; holding above this range will be important to maintain the ongoing recovery phase
