Market Holds Gains, But Indecision Looms: Key Levels to Watch

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Nifty closes above 24,100 but forms a Doji candle—signaling indecision.

By S. JHA

Mumbai, May 4, 2026 — Indian equity benchmarks ended the session on a cautiously positive note, with the Nifty 50 holding above key levels despite intraday volatility, according to market analysis by Angel One.

The Nifty 50 settled above the 24,100 mark, gaining over 0.5%, reflecting underlying market resilience even as profit booking trimmed early gains. The index had opened with a gap-up and maintained strong momentum in the first half before witnessing selling pressure in the latter half of the session.

Technically, analysts noted that the index formed a Doji candlestick, signaling indecision amid resistance at higher levels. Immediate support is seen in the 24,000–23,900 zone, while a stronger support base lies between 23,800 and 23,750. On the upside, resistance is expected around 24,260–24,350, with a crucial hurdle near 24,600—aligned with the recent swing high and the 100-day exponential moving average (EMA). A decisive breakout above this level could confirm the next leg of the rally.

The BSE Sensex also traded within a narrow range, lacking clear directional bias. After failing to sustain above the key 50-day EMA in early trade, the index ended near its opening levels, underscoring the importance of this resistance zone.

Meanwhile, the Nifty Bank index remained range-bound, forming its second consecutive Doji candle. Prices oscillated between the 20-day and 50-day exponential moving averages, indicating continued indecision among banking stocks.

Sectorally, the realty pack stood out, with the Nifty Realty Index rising over 2.4% on the back of broad-based buying. Analysts believe the sector’s momentum could persist in the near term, supported by its position above key short-term moving averages.

Globally, market cues remained mixed. Asian markets traded largely higher, offering support to domestic equities, while European markets showed caution and edged lower, reflecting lingering uncertainty in global sentiment.

Market participants are expected to closely track key resistance levels and global developments for further directional cues, with the broader trend remaining cautiously optimistic.

(Disclaimer: This article is only for informational purposes. No stock market trade recommendations are here given.)