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Indian equity benchmarks extended their losses for a second consecutive session on April 23, with the Nifty falling over 200 points and the Bank Nifty witnessing sharper declines amid broad-based selling. Weak sentiment, rising volatility and pressure across key sectors such as financials, auto and realty weighed on the markets. Analysts noted bearish candlestick patterns and negative market breadth, signalling caution among investors, while highlighting key support and resistance levels that could determine the near-term market direction.
Domestic benchmark indices extended losses for the straight day, with Sensex and Nifty falling nearly 1 per cent each as crude oil prices once again breached $100 per barrel, the rupee tanked, escalating tensions in West Asia over the Strait of Hormuz, along with other factors that weighed on market sentiments. Foreign fund outflows and weak trends in Asian equities also dragged the markets lower.
Nifty50 prediction
Sachin Gupta, VP – Research, Technical Research, at Choice Broking Private Limited, said, “Indian equity benchmarks witnessed a negative close on 23rd April 2026. The index opened with a gap-down of 175.75 points at 24,202.35, reflecting weak initial sentiment. It traded within a narrow range during the session, marking an intraday high of 24,310.20 and a low of 24,134.80. The index faced selling pressure at higher levels and eventually settled at 24,173.05, registering a decline of 205.05 points. On the daily timeframe, the index formed a Gravestone Doji-like candlestick pattern, indicating rejection from higher levels and the presence of selling pressure near the highs. This pattern reflects indecision with a bearish bias, suggesting that further downside may emerge if follow-up selling is seen.”
“From a technical perspective, immediate support is placed in the 23,950–24,000 zone, while resistance is observed in the 24,350–24,400 range. The Relative Strength Index (RSI) stands at 53.24, hovering near the midpoint, indicating a neutral to slightly weak momentum. The volatility index, India VIX, increased by 1.58% to close at 18.59, indicating a slight rise in market uncertainty. In the derivatives segment, notable call writing was observed at the 24,300 strike, while put writing was seen at the 24,200 level, indicating a narrow trading range and mixed positioning among market participants.”
“Sectorally, the market witnessed broad-based weakness, with significant pressure in Auto, Financial Services, Private Banks, and Realty sectors. Market breadth remained negative, with declining stocks outnumbering advancing ones, indicating cautious sentiment across the broader market,” he said.
- 20 Day EMA – 23,940.97
- 50 Day EMA – 24,221.75
- 100 Day EMA – 24,653.48
- 200 Day EMA – 24,801.64
“The index opened with a sharp gap-down of 515.50 points at 56,608.95, reflecting weakness in the banking space. It attempted a recovery during the session, marking an intraday high of 56,868.70, but failed to sustain at higher levels. The index slipped to a low of 56,217.15 and eventually closed at 56,305.00, registering a decline of 819.45 points or 1.43%. On the daily timeframe, the index formed a bearish candlestick, indicating sustained selling pressure and weakness in the banking segment. The structure suggests that sellers maintained control throughout the session,” Gupta said.
“From a technical perspective, immediate support is placed in the 55,700–55,800 zone, while resistance is observed in the 56,850–57,000 range. The Relative Strength Index (RSI) stands at 53.40, indicating a gradual loss of momentum while still holding near the midpoint. Markets witnessed a weak session with gap-down openings and sustained selling pressure across key sectors. The formation of indecisive to bearish candlestick patterns and negative market breadth indicates cautious sentiment among participants. Going forward, holding key support levels will be crucial, while any recovery will require strong follow-through buying to regain momentum,” he added.
Meanwhile, Nandish Shah – Deputy Vice President, HDFC Securities, said, “Nifty extended its losing streak for a second straight session, slipping 205 points to close at 24,173. The index opened 176 points lower, recovered more than 100 points in the first hour, but lost momentum after 10:15 AM and remained under pressure for the rest of the session”
“Driven by surging hedging demand and a flight to safe-haven assets, the Indian rupee weakened for a fourth straight day, depreciating 32 paise against the dollar to hit its lowest level this April. RBI interventions couldn’t stem the slide amid rallying crude oil and a stronger greenback,” Shah said, adding, “technically, Nifty has now entered the gap zone between 24,145 and 23,907, formed on 15 April 2026, which may act as a short-term support area. On the upside, 24,310 and 24,600 are likely to act as resistance levels.”
Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities, said, “The downward correction continued in the market for the second consecutive sessions on Thursday and the Nifty closed the day lower by 205 points. After opening on a weak note, the market attempted recovery from the lows in the early mid part of the session. Fresh weakness was seen towards the end and the market closed near the lows. A small negative candle was formed on the daily chart with minor upper shadow. The opening downside gap of Thursday remains unfilled. Technically, this market action indicates short-term reversal pattern after a hefty upmove from the lows in the last couple of weeks. The bullish pattern like higher tops and bottoms is intact on the daily chart and present weakness could possibly open new higher bottom of the pattern.”
“The short-term trend of Nifty remains subdued, but the overall near-term pattern remains positive. Present weakness is likely to find support around 24000-23900 levels before bouncing back. Immediate resistance is placed at 24400,” said Shetti.
