Nifty Prediction for Thursday, April 23: Bears tighten grip after 198 point fall - Support at 24200; resistance at 24600 | What to watch out for? - Markets | Latest News Updates

Indian markets closed lower on April 22, 2026. (Pic Credit: iStock/ETNOW)

No stock data available

Indian equity benchmarks ended lower on April 22, 2026, with Nifty slipping nearly 198 points amid selling pressure led by IT stocks and mixed sectoral performance, while analysts flagged key support near 24,100-24,200 and resistance around 24,550-24,600 amid rising volatility.

The domestic benchmark indices Sensex and Nifty slipped nearly 1 per cent on Wednesday, April 22, snapping a three-day gaining streak due to heavy selling in IT stocks and an uptick in crude oil prices. This comes even as US President Donald Trump announced an extension to his April 22 ceasefire deadline for the Iran war. Foreign fund outflows and fears of prolonged instability in West Asia also dented market sentiment.

The 30-share BSE Sensex fell 756.84 points or 0.95 per cent to settle at 78,516.49. During the day, it slumped 831.03 points or 1.04 per cent to 78,442.30. The 50-share NSE Nifty dropped 198.50 points or 0.81 per cent to end at 24,378.10.

Sachin Gupta, VP – Research, Technical Research at Choice Broking Private Limited, said, “Indian equity benchmarks witnessed a negative close on 22nd April 2026. The Nifty index opened with a gap-down of 105.75 points at 24,470.85, indicating a cautious start to the session. It traded within a limited range, marking an intraday high of 24,515.95 and a low of 24,352.90. Selling pressure remained through the session, with the index closing near its day’s low at 24,378.10, registering a decline of 198.50 points or 0.81 per cent. On the daily timeframe, the index formed a bearish candle with the close near the day’s low, indicating sustained selling pressure throughout the session. This reflects weakness in the short term and suggests that sellers-maintained control into the closing hours.”

“From a technical perspective, immediate support is placed in the 24,100-24,150 zone, while resistance is observed in the 24,550-24,600 range. The Relative Strength Index (RSI) stands at 56.44, remaining above the midpoint level but showing signs of slight cooling from higher levels. The volatility index, India VIX, rose by 4.38 per cent, indicating a mild increase in market uncertainty. In the derivatives segment, notable call writing was observed at the 24,500 and 24,600 strike levels, indicating resistance zones. On the put side, significant writing at 24,400 and 24,300 suggests support at lower levels. Sectorally, the market witnessed mixed performance, with notable weakness in IT stocks, which dragged the broader indices, while selective buying was seen in FMCG, Oil & Gas, and Realty sectors. Market breadth remained slightly positive but lacked strong momentum, indicating selective participation.”

20 Day EMA – 23,916.54
50 Day EMA – 24,223.74
100 Day EMA – 24,663.18
200 Day EMA – 24,807.96

“The Bank nifty index opened with a gap-down of 208.10 points at 57,163.35, reflecting a subdued start. It traded within a range, recording an intraday high of 57,438.20 and a low of 57,002.15. The index eventually settled at 57,124.45, declining by 247 points or 0.43 per cent. On the daily timeframe, the index formed a Doji-like candlestick pattern, indicating indecisiveness among market participants. This reflects a balance between buyers and sellers and suggests that a breakout on either side may determine the next directional move. From a technical perspective, immediate support is placed in the 56,800-56,900 zone, while resistance is observed in the 57,450-57,550 range. The Relative Strength Index (RSI) stands at 57.83, holding above the midpoint level, indicating a mildly positive undertone despite the day’s decline,” Gupta said.

“Markets witnessed a mild corrective session following recent gains, with selling pressure visible in the latter half. While the broader trend remains positive, rising volatility and resistance near higher levels suggest caution. A decisive move beyond key levels will be crucial to determine the next directional trend,” he added.

Meanwhile, Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities, said, “After showing a sustainable upmove above the hurdle of 24400 levels on Tuesday, the market failed to sustain the highs on Wednesday and slipped into weakness by 198 points on the back of weak IT sector. After opening on a downside gap of 90 points, the market slipped into weakness in the early part of the session. An attempt of recovery in the mid part has failed to sustain and Nifty finally closed at the lows.”

“A reasonable negative candle was formed on the daily chart, which indicates presence of crucial hurdle around 24400-24500 levels. The bullish pattern like higher tops and bottoms continued on the daily chart and present weakness could form a new higher bottom of the pattern. The underlying trend of Nifty remains positive and present weakness is likely to find support around 24200-24100 levels in the next few sessions. However, a decisive move above 24600 could pull Nifty towards the next resistance of 24800-25000 band,” Shetti added.

Nandish Shah, Deputy Vice President, HDFC Securities, said “Nifty ended its three-session winning streak by falling 198 points to close at 24378. It opened 106 points lower at 24,470, plunged to 24,351 in the first hour, staged a partial recovery post-10:15 AM, but fresh selling dragged it back near the day’s low. NSE cash turnover rose 7 per cent from yesterday.”

“Tata Consumer Products, Hindustan Unilever, and NTPC led Nifty gainers, while HCL Tech, Infosys, and M&M bore the brunt of selling pressure. Sectoral performance was a mixed bag. FMCG, Media, and Realty emerged as the top performers. Conversely, Nifty IT, Financial Services, Private Banks, and Auto struggled. The Nifty IT index plunged nearly 4 per cent, on weak quarterly results from HCL Tech and Tata Elxsi. Nifty Midcap 100 and Smallcap 100 extended their outperformance, rising 0.19 per cent and 1.13 per cent respectively. Market breadth stayed firm, with BSE advance-decline ratio at 1.35x, signaling sustained buying in mid- and small-caps.”

“The rupee extended its three-day slide, depreciating 30 paise amid surging crude prices and West Asia peace deal uncertainties. Geopolitical tension, alongside the RBI’s move to ease part of currency restrictions and a general “risk-off” sentiment, has kept the rupee under pressure,” Shah said, adding, “despite the decline, Nifty held above its key 5-DEMA support at 24,337, suggesting today’s pullback from higher levels reflects profit booking within the broader uptrend rather than a trend reversal. Next support lies at the 50-DEMA of 24,220, while resistance remains between 24,600 (recent swing high) and 24,820 (200-DEMA).”

(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.)

Source link