The Nifty 50 extended its downtrend, correcting 0.8 percent for the second consecutive session on April 23, amid ongoing tensions at the Strait of Hormuz and US-Iran negotiations that kept oil prices above $100 a barrel. The index fell below the 50-day EMA, a key medium-term support level. As long as the index sustains below 24,600, consolidation with range-bound trading may persist, with immediate crucial support at 24,000–23,900. A convincing move above 24,600 could open the door for 24,800, which coincides with the 200-day EMA and acts as a key resistance level.
The Bank Nifty dropped 1.4 percent after a gap-down opening, forming a bearish candle and slipping below its 100- and 200-day EMA levels. The maximum Call open interest for the Nifty was at the 24,500 strike, while the maximum Put open interest was at the 24,000 strike. The Nifty Put-Call ratio declined to 0.92, indicating a bearish mood in the market. The fear index, India VIX, rose 1.58 percent to close at 18.59, signaling discomfort for bulls.
