India VIX has cooled towards the 17–18 zone, signalling easing volatility and supporting the positive bias.
Dhupesh Dhameja,
Derivatives Research Analyst,
SAMCO Securities
Mumbai, April 21, 2026: Nifty index sustained its bullish momentum post breakout, closing at 24,576.60 (+0.87%), indicating strength above recent consolidation levels.
Derivatives Analysis Report
Nifty maintains upward bias as volatility cools; buy-on-dips strategy in focus
Technically, 24,260 (0.50 Fibonacci), aligned with the 50-DEMA, has emerged as a strong base and immediate make-or-break support. Holding above this zone keeps the trend constructive, while a move towards 24,750 (0.618 Fibonacci), aligned with the 200-DEMA, is likely to act as a key resistance zone.
From a derivatives standpoint, PCR stands near 1.15, reflecting a mildly bullish undertone. Option data highlights call writing at 24,800–25,000, capping the upside, while put writing at 24,500–24,200 is providing immediate support, indicating a higher base formation in the near term.
Meanwhile, India VIX has cooled towards the 17–18 zone, signaling easing volatility and supporting the positive bias. As long as the index sustains above key support levels, a buy-on-dips strategy remains the preferred approach in the current market setup.
Nifty Bank reclaims 200-DEMA
Nifty Bank index extended its recovery, closing at 57,371.45 (+1.39%), reflecting strong follow-through buying and improving price structure. Technically, the index has reclaimed the 0.618 Fibonacci level (57,200) and is sustaining above the 57,000 mark, while closing above the 200-DEMA, which strengthens the bullish outlook and signals a potential trend reversal.
The 50-DEMA continues to act as immediate support, reinforcing the rising structure. Support has now shifted higher towards 56,500, making it a crucial level to hold for continuation of momentum. On the upside, 57,800–58,000 remains an immediate resistance zone where supply pressure may emerge.
From a derivatives perspective, PCR stands near 1.12, indicating a positive undertone. Option data suggests call writing around 57,500–58,000, while Put writing at 57,000–56,500 is providing strong support, reinforcing a higher base formation.
Overall, the index is displaying strength with higher support formation and key moving average breakout, and as long as supports hold, a buy-on-dips strategy remains the preferred approach in the current market setup.
Technical Analysis Report
Nifty Advances with Stability, Broader Strength Supports Ongoing Move
Om Mehra,
Technical Research Analyst,
SAMCO Securities
Nifty ended the session at 24,576.60, gaining 0.87%, as the index extended its upward move and closed near the day’s high after a brief pause.
On the daily chart, Nifty has formed a bullish candle with a broader body and minor wick, indicating the dominance of the ongoing uptrend.
Nifty is inching toward the 61.8% Fibonacci retracement level placed near 24,740. The index has now moved above and is holding the 50-Day moving average after a prolonged period, indicating improving near-term strength.
The RSI placed near 59, indicates momentum is strengthening, while the DMI structure shows +DI clearly above –DI, indicating improving directional strength.
India VIX declined toward 17.53, indicating a cooling in volatility, which may support a more stable upward movement rather than sharp intraday swings.
On the upside, 24,700–24,800 remains the immediate resistance zone; a sustained close above this band can extend the move toward higher levels. On the downside, 24,300–24,250 remains the immediate support zone.
Nifty is indicating a gradual strengthening of the up move, though confirmation above the next resistance band remains crucial for further extension.
Nifty Bank ended the session at 57,371.45, up 1.39%, maintaining an upward trajectory.
The index has moved above the 61.8% Fibonacci retracement level placed near 57,200 and is now holding above this zone on a closing basis. The recent recovery from lower levels remains intact, supported by a steady sequence of higher lows.
The index is now trading around the 50-Day moving average near 57,040, which it has reclaimed on a closing basis, adding further strength to the near-term setup.
The RSI is placed near 60, while the DMI structure shows +DI clearly above –DI, indicating strengthening directional momentum.
On the hourly chart, the index has maintained a steady upward path.
Nifty Private Bank is up 1.50%, and Nifty PSU Bank is up 0.79%, indicating broad-based strength across banking segments.
On the upside, 57,800–58,200 remains the immediate resistance zone. On the downside, 56,800–56,500 remains the immediate support band.
Overall, Nifty Bank continues to indicate an extension of the up move, subject to stability above immediate support levels.
