The Indian stock markets closed in the red on Tuesday, April 28, as benchmark indices struggled to sustain momentum amid global volatility, rising crude oil prices, and continued foreign institutional investor (FII) outflows.
As traders prepare for fresh trading on Wednesday, April 29, analysts suggest that the near-term trend remains cautious, with the Nifty trading in a narrow range and lacking strong directional momentum.
The experts, meanwhile, are closely watching defined support and resistance zones to gauge the next directional move.
At the opening bell, the share markets began on a cautious note, with benchmark indices witnessing marginal declines amid continued foreign institutional investor (FII) selling, elevated crude oil prices, and ongoing geopolitical uncertainty in West Asia.
The Nifty 50 index opened at 24,049.90, declining by 42.80 points or 0.18 per cent, while the BSE Sensex started the session at 77,094.79, down by 208.84 points or 0.27 per cent.
Market experts attributed the subdued sentiment to persistent global factors and shifting investor preferences.
Nifty50 Prediction for Wednesday, April 29 by experts
For Wednesday’s trading session, analysts expect the Nifty to remain range-bound with a slight negative bias, as global cues and investor caution continue to weigh on sentiment.
Nifty50 Prediction for Wednesday by Nagaraj Shetti
According to Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities, the reasonable bounce back of Monday has failed to continue on Tuesday, as Nifty was not able to sustain the gains and slipped into weakness amidst choppy movement.
“The market faced selling pressure around 24200 levels and slipped into weakness amidst choppy movement for mid to later part of the session,” he noted.
A small red candle was formed on the daily chart with minor upper shadow. Technically, this market action indicates a range bound action in the market with weak bias, Shetti said.
“The short-term uptrend status remains intact and Nifty seems to have formed a higher bottom at 23813 on 24th April. A decisive move above the immediate resistance of 24200 could bring bulls back into action again. However, immediate support is placed at 23800 levels,” the analyst concluded.
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Nifty50 today, April 28 chart
Sensex Prediction for Wednesday by Sachin Gupta
Sachin Gupta, VP – Research, Technical Research, at Choice Broking Private Limited, described the current market setup as a ‘double inside bar’ pattern, indicating contraction and indecision.
“Indian equity benchmarks witnessed a negative close on 28thApril 2026. The index opened on a flat-to-negative note with a gap-down of 42.80 points at 24,049.90, indicating a cautious start to the session. It traded within a defined range throughout the day, marking an intraday high of 24,181.80 and a low of 23,957.05. The index faced selling pressure at higher levels and eventually settled at 23,995.70, registering a decline of 97.00 points or 0.40%,” he said.
On the daily timeframe, Gupta said the index has formed a double inside bar candlestick structure, indicating consolidation and a contraction in volatility. “This pattern reflects indecision in the market and suggests that a breakout on either side of the range will determine the next directional move,” he emphasised.
From a technical perspective, immediate support is placed in the 23,750–23,800 zone, while resistance is observed in the 24,150–24,200 range.
The Relative Strength Index (RSI) stands at 50.50, hovering around the midpoint, indicating neutral momentum with no clear directional bias. The volatility index, India VIX, declined by 1.80% to close at 18.04, suggesting a slight easing in market volatility, Gupta noted.
“In the derivatives segment, notable call writing was observed at the 24,100 and 24,200 strikes, while put writing was concentrated at the 24,000 and 23,900 levels, indicating a near-term trading range for the index”, Gupta said.
“Sectorally, the market witnessed broad-based weakness, with selling pressure seen in Auto, Financial Services, Private Banks, and PSU Banks, while select resilience was observed in Metals. Market breadth remained negative, with declining stocks outnumbering advancing ones, reflecting cautious sentiment in the broader market,” the analyst said.
- 20 Day EMA – 23,955.90
- 50 Day EMA – 24,196.30
- 100 Day EMA – 24,615.19
- 200 Day EMA – 24,777.82
“The index opened with a significant gap-down of 401.80 points at 55,862.50, reflecting weakness in the banking space. It attempted a recovery during the session, marking an intraday high of 56,138.05, but failed to sustain at higher levels. The index slipped to a low of 55,263.75 and eventually closed at 55,400.35, registering a decline of 863.95 points or 1.45%.
On the daily timeframe, the index formed a bearish candlestick pattern, indicating sustained selling pressure and weakness in the banking segment,” he said.
“The structure suggests that sellers remained dominant throughout the session. From a technical perspective, immediate support is placed in the 54,900–55,000 zone, while resistance is observed in the 55,850–56,000 range. The Relative Strength Index (RSI) stands at 48.44, slipping below the midpoint, indicating weakening momentum,” Gupta added.
Markets remained under pressure with a range-bound yet negative session, accompanied by weakening breadth and sectoral softness. The presence of consolidation patterns on the Nifty coupled with bearish undertones in the banking index indicates a cautious undertone. A decisive breakout from the current range, along with sustained participation, will be crucial in determining the next directional trend, Gupta said.
On Monday, the Sensex jumped 639.42 points or 0.83 per cent to settle at 77,303.63. The Nifty climbed 194.75 points or 0.81 per cent to close at 24,092.70.
(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.)
