The Nifty 50 experienced consolidation and volatility, closing flat with a positive bias on April 20. Market participants remained cautious amid renewed disputes over the Strait of Hormuz. Investors are awaiting developments regarding a potential US-Iran deal, with the ceasefire set to expire this week. The near-term trend favors bulls, but flat momentum indicators suggest a consolidation phase.
Experts indicate that 24,500 is a key resistance zone for the Nifty 50, with immediate crucial support at 24,100–24,000. The index reached an intraday high of 24,481 but faced profit booking, ending at 24,365, up 11.3 points. The index formed a small-bodied bearish candle, signaling consolidation.
The banking index encountered resistance near 57,100 and closed at 56,582, up 17 points. It formed a bearish candle, indicating selling pressure at higher levels. The 56,100–56,000 zone is expected to act as important support for Bank Nifty, while the 57,000–57,100 zone remains a crucial hurdle.
