Nifty Nears Crucial 24,600; Breakout Needed for Sustained Uptrend

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Strong buying lifts markets 1.26% for the week, but key technical barriers still cap further upside.

By S. JHA

Mumbai, April 18, 2026 — Indian equity benchmarks ended the week on a firm note, with the Nifty 50 closing marginally above the 24,350 mark, gaining around 1.26%. The rally came despite a weak start, as markets opened with a sharp gap-down on Monday before witnessing steady, broad-based buying through the week.

Technically, the index has now reached a critical juncture. Analysts point to a strong resistance band in the 24,400–24,600 zone, where multiple indicators converge. “This includes the 50–89 exponential moving averages and the 61.8% Fibonacci retracement of the recent decline. Unless this zone is decisively breached, the current upmove is likely to be seen as a retracement rather than a confirmed trend reversal,” said Angel One in a market note.

Market participants are now closely watching whether the index can sustain above this band. “A clear breakout could pave the way for a continuation of the uptrend in the coming weeks. However, in the near term, some consolidation at higher levels cannot be ruled out,” added the brokerage firm.

Despite this, sentiment remains constructive. “The recent price action suggests that dips are likely to be bought into, reinforcing a buy-on-dips strategy among traders,” said Angel One. Immediate support is seen in the 24,000–23,900 zone, which aligns with a recent bullish gap, it added.

The brokerage house further stated that “a break below this could test the next key support near 23,550, coinciding with the 20-day exponential moving average.”

Sectorally, broader markets continued to outperform, with most indices ending in the green. Consumer durable stocks stood out, extending gains for a second straight session and leading the rally.

Global cues, however, were mixed. While US markets ended higher overnight, Asian and European markets failed to sustain momentum, closing the week with modest losses.

Among stocks, Bajaj Consumer Care surged after reporting a 105% year-on-year jump in Q4FY26 net profit, aided by lower inventory costs. CRISIL rose 5% on strong volumes after posting a 30% revenue growth, while Kolte-Patil Developers gained on robust sales and collections growth.

(This article makes no recommendation for any kind of trades in the stock market.)