Market experts anticipate consolidation in the upcoming sessions until clarity emerges regarding a potential US–Iran deal. Momentum indicators favor buyers, with indices above short-term moving averages. The Nifty 50 has downside support in the 24,100–23,900 zone, while resistance is noted at 24,400–24,500. The Bank Nifty must defend the 55,800 support zone to target 56,700–57,100; a breach could lead to levels of 55,200–54,700.
On April 16, the Nifty 50 fell 35 points to 24,197, and the Bank Nifty slipped 216 points to 56,086. The Nifty is consolidating after facing resistance near 24,260, with critical support at 24,100. The Put-Call Ratio at 0.86 indicates a balanced setup, with call writing at 24,300–24,500 and put writing at 24,000–23,800 reinforcing support.
For the Bank Nifty, sustaining above 55,800 keeps the short-term structure constructive, while resistance is at 56,700. Traders are advised to consider long positions in Nifty Bank futures near 55,850–55,800, maintaining a stop-loss below 55,550.
