Nifty Prediction today, April 17, by experts: Range-bound trend expected with slight bullish bias – Key support, resistance levels to watch on Friday – Markets

Nifty Prediction for Friday, April 17 by experts

Despite the minor retreat, technical experts suggest the market may remain range-bound with a slight bullish bias heading into April 17. The analysts expect continued consolidation in the Nifty after Thursday’s volatile session marked by profit booking at higher levels.

Nandish Shah – Deputy Vice President, HDFC Securities, said, “After yesterday’s sharp rally, Nifty faced profit-taking today, shedding 34 points to close at 24,196. It opened 154 points higher on the back of strong global cues, touched a day’s high of 24,400 in the first 15 minutes, but reversed sharply. An intraday correction of nearly 300 points played out from the early peak until noon. Post-1:30 p.m., it clawed back 140 points from the lows, ending with a modest loss. NSE cash volumes rose 4% from the prior session.”

Nifty Midcap 100 and Smallcap 100 extended their outperformance, gaining 0.63% and 0.89%, respectively. BSE’s advance-decline ratio held firm at 1.81, reflecting strong buying interest in mid- and small-cap space.

“The Nifty closed above its 50 DEMA for the second consecutive session, signaling a sustained uptrend. The 24,000-24,100 band should provide support on the downside, while 24,400-24,570 could act as resistance on the upside,” Shah added.

Echoing a similar sentiment for Friday’s trading session, Hitesh Tailor, Research Analyst – Research at Choice Equity Broking Private Limited, said the market is witnessing resistance-driven reversals despite a positive undertone.

“Indian equity markets ended flat on April 16, 2026, primarily due to profit booking at higher levels and selling pressure near key resistance zones despite a strong opening. At the close, the Sensex was down 122.56 points or 0.16 percent at 77,988.68, while the Nifty declined 34.55 points or 0.14 percent to settle at 24,196.75. The Nifty Bank index fell 215.55 points (-0.38%) to close at 56,086.40, indicating some resilience in the broader banking space despite intraday weakness,” he said.

The Nifty opened on a bullish note with a 155-point gap-up and extended gains to an intraday high of 24,400.95, he said, pointing out that the index failed to sustain above the 24,300 mark, triggering selling pressure and intraday volatility.

“Selling pressure intensified, dragging the index nearly 300 points lower to an intraday low of 24,102.80 before it recovered slightly to close marginally in the red,” Tailor further stated.

“Technically, resistance is placed in the 24,350–24,400 zone, while immediate support is seen at 24,000–24,070. The RSI stands at 55.40, indicating neutral momentum with a slight bullish bias, although the rejection near resistance highlights ongoing intraday volatility,” the analyst added.

Similarly, the Nifty Bank index opened higher with a gap-up of around 355 points at 56,657.25 and climbed to a high of 56,834.25. However, it could not maintain momentum and witnessed a sharp decline to 55,898.25 before settling at 56,086.40. This price action signals selling pressure at elevated levels. On the technical front, resistance is observed at 56,400–56,500, while support lies in the 55,700–55,800 range. The RSI at 54.23 suggests a neutral trend, the analyst further said.

“Meanwhile, India VIX declined by 3.12% to 18.08, indicating easing volatility and relatively stable market conditions. In the derivatives segment, significant put writing at the 24,200 strike alongside aggressive call writing at the 24,300 level suggests that the index is likely to consolidate within a narrow range in the near term,” he said.

For Friday’s session, Tailor suggested, “Traders are advised to remain cautious given the current market setup and resistance-driven reversals.”

Sectoral indices on Thursday, April 16

Sectorally, the performance remained mixed. On the NSE, Nifty Auto declined by 0.38 per cent, Nifty PSU Bank fell by 0.17 per cent, and Nifty Private Bank dropped by 0.56 per cent. Nifty Oil & Gas index also slipped by 0.17 per cent.

On the gaining side, Nifty IT rose by 0.88 per cent, Nifty Metal surged by 1.53 per cent, and Nifty Media gained 0.59 per cent. Nifty FMCG also edged higher by 0.18 per cent.

In the commodities space, crude oil prices remained elevated, with Brent crude rising by 1.45 per cent to USD 96 per barrel. Gold prices continued their upward trend, increasing by 0.25 per cent to Rs 1,54,335 per 10 gram for 24 karat, while silver prices rose by 0.36 per cent to Rs 2,52,646 per kg.

On Wednesday, the Sensex jumped 1,263.67 points or 1.64 per cent to settle at 78,111.24. The Nifty climbed 388.65 points or 1.63 per cent to end at 24,231.30.

(Disclaimer: The above article is meant for informational purposes only, and should not be considered as any investment advice. ET NOW DIGITAL suggests its readers/audience to consult their financial advisors before making any money-related decisions.)