The Nifty 50 closed moderately lower on April 16 after a day of sharp rally, as participants awaited clarity on US–Iran negotiations. The index saw a gap-up opening at 24,385 but corrected to 24,103 before closing 35 points lower at 24,197. Immediate resistance is expected at 24,400–24,500, while support is seen in the 24,100–24,000 zone. The weekly options data indicated that 24,200 is a key zone for further direction, with a near-term range of 24,000–24,500.
The Bank Nifty opened higher at 56,657 but finished at 56,086, down 216 points. It formed a bearish candle, indicating indecision after recent moves. Immediate resistance for the Bank Nifty is at 56,500–56,600, while support is placed in the 55,600–55,500 zone. The fear gauge India VIX fell to 18.08, providing additional support to the bulls.
