The market may extend gains for a second consecutive session following a decline in oil prices. Participants are awaiting potential US-Iran talks as the April 22 deadline for the ceasefire approaches. The technical setup favors bulls; if a rally occurs, levels to watch are 24,500–24,700, provided the index surpasses and sustains above 24,400. Immediate support is in the 24,200–24,100 zone, followed by 24,000–23,900. The Bank Nifty needs to surpass 56,800 for a move toward 57,700, with support at 56,200–55,800.
On April 17, the Nifty 50 rallied 157 points to 24,354, while the Bank Nifty climbed 479 points to 56,566. The Nifty has gained over 2,000 points from recent lows, indicating improved market sentiment. Key resistance levels for Nifty are 24,500 and 24,700, while key support levels are 24,100 and 23,900. The Bank Nifty ended the week at 56,565, marking a critical inflection point for potential upward movement.
