Nifty ends near 24,200 as Angel One signals consolidation; metal stocks surge while key resistance seen at 24,600.
By S. JHA
Mumbai, April 16, 2026 — Indian equity benchmarks ended marginally lower on Thursday, with the NIFTY 50 slipping 0.14% to close just below the 24,200 mark, as early gains fizzled out amid lack of sustained buying.
According to a market note by Angel One, the session began on a positive note but failed to build momentum. “While there are no immediate signs of weakness, a fresh leg of momentum would require a decisive breakout above this resistance zone,” the note said. It added that the index is likely to consolidate in the near term, which would be “healthy after the recent sharp upmove.”
Technically, the brokerage highlighted key levels to watch. Immediate support remains in the 24,000–23,900 zone due to a bullish gap, while the 24,400–24,600 range is emerging as a crucial supply zone. A breakout above this band could trigger the next phase of the rally.
Sectorally, metals led the charge. The NIFTY Metal Index surged 1.53% to hit a fresh all-time high, driven by strong buying interest and improving sentiment across the broader market.
Global cues remained mixed. US markets ended on a divergent note, with the Dow Jones Industrial Average underperforming the NASDAQ Composite. Asian markets mirrored the subdued tone, while European indices traded with gains, offering some support to global risk appetite.
Among stocks, Gujarat Mineral Development Corporation rallied 20% to a 52-week high, backed by strong volumes and long-term re-rating driven by commodity tailwinds. NLC India rose over 8%, marking a technical breakout supported by heavy volume activity.
Meanwhile, Container Corporation of India announced a ₹175.4 crore order with Braithwaite & Co for railway wagons, signalling continued investment in logistics infrastructure.
Analysts suggest that while near-term consolidation may persist, structural momentum remains intact, with stock-specific action continuing to drive the market.
(Disclaimer: This article makes no recommendation for any kind of trades in the stock market.)
FAQs:
- What is the current outlook for Nifty?
Angel One suggests Nifty is likely to consolidate unless it breaks above the 24,400–24,600 resistance zone.
- What are key support levels for Nifty?
Immediate support lies in the 24,000–23,900 range due to a bullish gap.
- Which sector performed best?
The metal sector led gains, with the Nifty Metal Index hitting an all-time high.
- Which stocks saw major movement?
GMDC surged 20%, while NLC India gained over 8% on strong volume-backed breakouts.
- How are global markets influencing India?
Mixed US cues and subdued Asian markets are contributing to cautious sentiment in Indian equities.
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