In the last truncated week, the benchmark indices witnessed profit booking at higher levels.
Amol Athawale,
VP Technical Research,
Kotak Securities
FinTech BizNews Service
Mumbai, 1 May 2026: In the last truncated week, the benchmark indices witnessed profit booking at higher levels. The Nifty ended 0.42 percent higher, while the Sensex was up by 244 points. Among sectors, the PSU Bank index lost the most, shedding 3.58 percent, whereas the Pharma, IT, and Oil & Gas indices rallied over 3 percent. Technically, the short-term market texture is volatile and non-directional. On the lower side, market is consistently taking support near the 20-day SMA (Simple Moving Average) or 23,800/76700, while the 50-day SMA at 24,200/78300 would act as a consistent resistance zone for traders.
We are of the view that as long as the market is trading within this range, non-directional activity is likely to continue. On the higher side, if the index succeeds in trading above 24,200/78300, the chances of reaching 24,500/79200 would increase. However, while below 23,800/76700, selling pressure is likely to accelerate. Below this level, the market could slip to 23,600–23,500/76100-75800
For Bank Nifty, 54,500 would act as an immediate support zone for traders. Above this, the pullback could continue till 55,700–56,000. Further upside may also continue, which could lift the index up to 56,500. On the flip side, below 54,500, sentiment could turn negative. Below this level, traders might prefer to exit their long positions.
