The Nifty 50 closed flat with a positive bias after consolidating and facing profit booking at the 24,400–24,500 hurdle on April 20. Market participants remained cautious as the US-Iran ceasefire deadline is set to expire on Tuesday, amid uncertainty surrounding the Strait of Hormuz. Momentum indicators suggest the market is in a consolidation phase, with the higher high–higher low formation intact. The Nifty needs to break decisively above 24,500 for a sharp upmove toward 24,800 (200-day EMA). Until then, consolidation is likely, with immediate support at 24,200, followed by 24,100–24,000.
Key levels for the Nifty 50 include resistance at 24,454, 24,510, and 24,602, with support at 24,271, 24,214, and 24,123. The Bank Nifty also showed similar patterns, with resistance at 56,953, 57,125, and 57,403, and support at 56,396, 56,224, and 55,946. The Nifty Put-Call ratio climbed to 1.13, indicating a bullish sentiment, while India VIX surged 9.21 percent to 18.79, signaling discomfort for bulls.
