Nifty Prediction for Wednesday: Experts say bullish momentum likely to continue, but all eyes on US-Iran peace talks | Technical levels to watch on April 22 – Markets

Experts noted that investor sentiment was supported by expectations of a possible near-term de-escalation in tensions in the Middle East.

Sachin Gupta, VP – Research, Technical Research, at Choice Broking Private Limited, said the Nifty has formed a strong bullish Marubozu candlestick with minimal wicks on the daily chart, indicating continued momentum and buying interest across the session.

This pattern reflects strong bullish momentum and suggests the possibility of continuation of the upward trend, subject to follow-through buying,” Gupta noted.

“Indian equity benchmarks witnessed a positive close on 21st April 2026. The index opened on a flat note with a marginal gap-up of 9.70 points at 24,374.55, indicating a steady start to the session. Buying momentum strengthened as the day progressed, with the index maintaining an upward trajectory throughout. It recorded an intraday low of 24,354.90 and surged to a high of 24,601.70, eventually closing near the day’s high at 24,576.60. The index registered a gain of 211.75 points or 0.87%,” Gupta stated.

From a technical perspective, Gupta said the immediate support is placed in the 24350-24400 zone, while resistance is observed in the 24700-24750 range.

“The Relative Strength Index (RSI) stands at 59.66, indicating strengthening momentum and approaching the overbought zone, which supports the prevailing bullish bias. The volatility index, India VIX, declined by 6.69% to close at 17.53, reflecting reduced market volatility and improved investor confidence. In the derivatives segment, notable call writing was observed at the 24,700 and 24,800 strike levels, indicating resistance zones. On the put side, significant writing at 24,500 and 24,400 levels suggests strong support at lower levels,” Gupta stated.

Sectorally, the market witnessed broad-based buying, with strong participation from Financial Services, Private Banks, Realty, and FMCG sectors. Market breadth remained positive, with advancing stocks outnumbering declines, indicating widespread participation in the up move, he added.

Nifty Bank Prediction for Wednesday, April 22 by Sachin Gupta

“The index opened with a gap-up of 241.25 points at 56,823.60, reflecting strength in the banking space. It maintained a strong upward bias throughout the session, marking an intraday low of 56,696.30 and rallying to a high of 57,456.30. The index eventually settled near its high at 57,371.45, registering a gain of 789.10 points or 1.39%. On the daily timeframe, the index formed a bullish Marubozu like candlestick with small wicks, indicating sustained buying interest and strong momentum in the banking sector. This structure supports the continuation of the upward trend, provided buying interest persists,” Gupta said.

From a technical perspective, immediate support is placed in the 56900-57000 zone, while resistance is observed in the 57700-57800 range. The Relative Strength Index (RSI) stands at 59.21, indicating strengthening momentum and supporting the bullish outlook, he said.

“Markets extended their gains with strong bullish momentum supported by broad-based participation and declining volatility. The formation of strong bullish candles across indices indicates sustained buying interest. Going forward, holding above key support levels and a decisive move beyond resistance zones will be crucial for continuation of the ongoing uptrend,” Gupta concluded.

Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities, noted that the Nifty has broken above the resistance of the previous opening downside gap around 24,400 levels on Tuesday, forming a long bullish candle on the daily chart.

“After showing a consolidation movement at the hurdle of previous opening downside gap of 9th March at 24400 levels on Monday, Nifty witnessed a sustainable upmove on Tuesday and closed the day higher by 211 points. After opening on a positive note, the market surged further highs in the early-mid part of the session. It later shifted into a range bound action towards the end,” he said.

“A long bull candle was formed on the daily chart that has surpassed the resistance of previous downside gap at 24400 levels and closed higher. This is positive indication,” the analyst said.

Noting that the underlying trend of Nifty remains positive, Shetti, however, cautioned that global developments, particularly the outcome of the US-Iran talks scheduled in Islamabad this week, could trigger short-term volatility.

“The negative outcome of the talk could have knee-jerk action for the Nifty in the short term. Further sustainable upside could pull Nifty towards 24800-25000 levels in the near term. However, immediate support is placed at 24400,” he concluded.

Nandish Shah – Deputy Vice President, HDFC Securities, said, “Nifty extended its winning streak to third sessions, climbing 211 points to close at 24,576. From a muted start with a marginally positive open, it built steady momentum, finishing near the day’s high.”

Nifty Midcap 100 and Smallcap 100 resumed the uptrend, rising 0.49% and 0.88%, respectively. Market breadth turned positive, with BSE advance-decline ratio at 1.43, reigniting mid- and small-cap buying post their recent run-up, Shah said.

The rupee weakened for the second day in the row, depreciating 37 paise, amid ongoing Middle East tensions Despite buoyant domestic equities and steady FII inflows, it buckled under a strong US dollar and jittery global oil prices, he said.

Echoing similar sentiments like the two analysts above, Shah the index has now rallied nearly 11% from the recent swing low of 24,182, and today’s close is the highest level seen in this up move so far.

“The overall trend remains firmly positive, with Nifty now appearing to head toward its 200 DEMA near 24,800.On the downside, support has shifted higher to the 24,400 zone, which can be used as a stoploss level for existing long positions,” Shah concluded.

Broader markets on Tuesday

Broader markets reflected positive momentum, with the Nifty MidCap index closing 0.49 per cent higher and the Nifty SmallCap index rising 0.88 per cent.

On the sectoral front, the Nifty FMCG and the Nifty Realty outperformed other indices, driven by strong buying interest.

In contrast, the Nifty Pharma lagged and emerged as the worst-performing sector for the day.

Investors remained cautiously optimistic about geopolitical developments, as both Iranian and US delegations, along with US Vice President JD Vance, are expected to participate in talks aimed at reaching a broader agreement to end hostilities in the region.

However, uncertainty persists as tensions between the two countries escalated ahead of the meeting.

Iran’s Parliament Speaker Mohammad Bagher Ghalibaf said in a post on X that Tehran does not support negotiations under threats and indicated that the country is prepared to respond strongly if required.

Earlier, US President Donald Trump warned that failure to reach an agreement before the ceasefire deadline could trigger fresh military escalation, stating that “a lot of bombs” could go off if talks collapse.

(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.)