Stock Market Technical Analysis | 20th to 24th Apr 2026 Weekly Wrap

Markets witnessed profit booking amid rising volatility, while defensive sectors showed resilience—signaling a cautious near-term outlook.

Expert recommendation by:

• Mr. Ketan Kaushik - Derivative Analyst

Equity

• Benchmark Index traded volatile in the previous week before closing with 1.87% cut at 23898 level. Banking Index performed better than the benchmark index as it closed with 0.84% cut at 56090 level.
• Among the Nifty constituents, NESTLEIND and DRREDDY outperformed the benchmark index as they closed with 10.56% and 6.59% gains while HCLTECH and INFY underperformed as they closed with 16.58% and 12.44% cut respectively. Among the Bank Nifty constituents AUBANK outperformed the benchmark index as it closed with 7.58% gain while UNIONBANK underperformed the benchmark index as it closed with 6.30% cut.
• Among sectors, NIFTYFMCG index outperformed the benchmark index during the previous week as it closed with 2.23% gain while NIFTYIT index underperformed as it closed with 10.31% cut. Broader market performed better than the benchmark index as MIDCAP index closed with 0.87% cut while SMALLCAP index closed with 0.01% gain.
• Volatility index (India VIX) closed with 14.53% gain at 19.71 level.
• FII were net sellers as they sold stocks worth Rs 17,140 Cr while DII were net buyers as they bought stocks worth Rs 9,782 Cr during the previous week in the cash segment.
• Globally, equity markets traded with negative bias as both US market (DJIA) and European market (STOXX 600) closed with 0.44% and 2.54% cut respectively.

Derivatives

• Derivatives data for Nifty suggest max OI addition at 24000 call and 23900 put with max OI at 25000 call and 23000 put side (28th Apr expiry). Nifty cumulative PCR closed at 0.78 for Apr 24.
• Derivatives data for Bank-nifty suggest max OI addition at 56000 call and 52500 put with max OI at 60000 call and 54000 put side (28th Apr expiry). Bank nifty cumulative PCR closed at 0.92 for Apr 24.

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Performance:

Indices

Source: NSE

Sector Gainers/Losers

Source: NSE

FII / DII ACTIVITY (WEEKLY)

Source: NSE

SUPPORT/RESISTANCE LEVEL FOR UPCOMING WEEK

Source: NSE

DAILY EXPONENTIAL MOVING AVERAGE

Source: NSE

TECHNICAL OUTLOOK

NIFTY (WEEKLY)

• Benchmark index traded volatile in the previous week and closed with bearish candlestick formation on the weekly chart
• Benchmark index is likely to trade volatile in the coming week
• Benchmark Index has support at 23,300–23,000 level and resistance at 24,500–24,800 level

BANKNIFTY (WEEKLY)

• Banking index performed better than the benchmark and closed with bearish candlestick formation on the weekly chart
• Banking index is likely to trade in line with the Benchmark index in the coming week
• Banking index has support at 54,500-54,000 and resistance at 57,700-58,200 level

FINNIFTY (WEEKLY)

• FINNIFTY index underperformed the banking index and closed with bearish candlestick formation on the weekly chart
• FINNIFTY is likely to trade in line with the banking index in the coming week
• FINNIFTY has support at 25,500-25,200 level and resistance at 26,800-27,100 level.

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Market FAQs – Weekly Summary

Why did Nifty fall last week?

Nifty declined due to heavy selling in IT stocks and weak global cues, along with rising volatility.

What does the rise in India VIX indicate?

An increase in India VIX signals higher market uncertainty and potential for increased price swings.

Which sector performed best last week?

The FMCG sector outperformed, showing defensive strength amid broader market weakness.

Why did IT stocks underperform?

IT stocks faced selling pressure due to global concerns and profit booking after previous rallies.

How did Bank Nifty perform compared to Nifty?

Bank Nifty showed relative outperformance, falling less than Nifty due to selective strength in banking stocks.

What does derivatives data suggest for Nifty?

Open interest data indicates a trading range between 23000 and 25000 levels.

What is the implication of PCR at 0.78?

A PCR below 1 indicates cautious or bearish sentiment with higher call writing.

What is the significance of FII selling?

FII selling reflects global risk-off sentiment, impacting market direction negatively.

Are broader markets stable?

Yes, midcap and smallcap indices showed resilience, indicating selective buying interest.

What should investors watch next week?

Investors should track volatility trends, global cues, and key support-resistance levels for direction.

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