Nifty Ends Higher but Range-Bound; 24,300 Key Hurdle: Analyst
Stock Market & BSE Bull ! (Image credit BSE India)
Index gains 0.76% amid volatility; FMCG leads, global pressure persists on Hormuz blockade concerns
By S. JHA
Mumbai, April 29, 2026 — The benchmark Nifty index ended higher on Tuesday but remained range-bound, as gains in the first half were partially erased by profit booking later in the session. The index closed at 24,178, up 0.76%, reflecting cautious optimism amid global uncertainties.
According to brokerage firm Angel One, the day’s price action stayed confined between two crucial short-term moving averages—the 20-day exponential moving average (DEMA) acting as support and the 50 DEMA capping the upside.
The session began on a strong note, with the index moving above the 24,300 mark during early trade. However, the lack of sustained buying momentum in the second half triggered a sell-off, pushing prices back into the previous three-day trading range.
“While the overall undertone remains positive, the 24,300–24,350 zone continues to act as an immediate hurdle. A decisive breakout above this band could drive the index towards 24,600 and beyond,” Angel One noted.
On the downside, the 20 DEMA aligned with the psychological 24,000 level is seen as immediate support, followed by a stronger base near 23,800. Analysts believe that as long as these levels hold, market dips are likely to be viewed as buying opportunities.
Sectorally, the FMCG pack emerged as the top performer, showing notable strength and leading the gains among sectoral indices.
Global cues, however, remained weak. Markets came under pressure amid concerns over a potential extension of the blockade of the Strait of Hormuz, raising fears of supply disruptions and elevated geopolitical risks.
On the corporate front, earnings remained in focus. Emmvee Photovoltaic reported an 89.4% year-on-year jump in Q4 net profit, aided by lower finance costs and inventory gains. Bandhan Bank posted a 68% rise in profit to ₹534.1 crore, with improved asset quality, while Vedanta’s revenue surged 46.9% YoY on higher metal prices.
With the Nifty stuck between key moving averages, market participants are now watching for a decisive breakout on either side to determine the next directional move.
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