Kamal Ghorui
In the previous session (22nd April 2026), benchmark indices witnessed volatility and ended on a weaker note after failing to sustain higher levels. The Nifty slipped below the 24,400 mark during the session, while selling pressure was visible in banking and financial stocks following their recent outperformance. Broader markets showed relatively better resilience, indicating selective participation despite weakness in frontline indices.
Sectorally, banking and financial stocks bore the brunt of selling pressure, largely due to their strong rally in recent sessions and high institutional ownership. IT stocks also remained weak, tracking subdued global cues and uncertainty in overseas markets. FMCG, Energy and other defensive sectors showed relative resilience. Broader markets remained mixed but comparatively less impacted than large-cap stocks.
From a technical perspective, the Nifty 50 continues to face resistance in the 24,400–24,500 zone, where profit booking has emerged. Immediate support is now placed near 24,100–24,000. A sustained move above this resistance band could revive bullish momentum, while failure to hold support may lead to further corrective or range-bound movement in the near term.
The Bank Nifty remains structurally positive but is showing signs of consolidation at higher levels. Resistance is placed near 57,000–57,200, while support is seen around 56,200–56,000. Continued strength in private banking stocks will be crucial for further directional move.
On the institutional front, 22nd April 2026 saw a relatively rare occurrence where both Foreign Institutional Investors (FIIs) and Domestic Institutional Investors (DIIs) were net sellers in the cash segment, booking profits after the recent market rally. DIIs recorded outflows of approximately ₹1,048 crore, and DIIs recorded outflows of approximately ₹2,078 crore. Reflecting a cautious domestic stance. Meanwhile, India VIX is currently trading around 18.30, up by +4.38%, indicating a rise in market volatility and growing caution among investors. The uptick in VIX suggests increasing nervousness in the near term, likely due to weak global cues, institutional selling, and uncertainty around key geopolitical developments.
The overall market setup for today suggests a gap-down opening followed by a range-bound to mildly negative trading session. Weak GIFT Nifty, combined with persistent FII selling, DII profit booking, rising volatility (India VIX), and global uncertainties, may weigh on sentiment. While the broader trend remains positive, short-term consolidation is likely, with strong support expected near lower levels and limited upside unless fresh positive triggers emerge,” says Aakash Shah, Technical Research Analyst at Choice Equity Broking Private Limited.
