As the last week of April unfolds, the broader Indian stock market indices have concluded on a mixed note, revealing a distinct range-bound market momentum. The ongoing geopolitical tensions, primarily concerning the potential conflict between India and Pakistan, have played a significant role in this stagnation. However, in a surprising turn, the Nifty index has achieved a remarkable rally of over 10% from the 21,700 level throughout April, showcasing a stock-specific and cautiously optimistic sentiment.

Nifty’s Performance and Technical Indicators

Despite its impressive gains, the Nifty has encountered persistent selling pressure as it approaches the 24,600 resistance level. Currently, it is retreating towards the support zone of 23,800–24,000. A critical factor to watch is whether the Nifty can close above 24,600 for the week; this could spark renewed buying interest, potentially propelling the index towards the 25,000–25,200 range. Conversely, a drop below 23,800 might indicate a short-term trend reversal, which could lead to a decline towards the 23,000–23,200 levels, aligning with previous monthly lows.

Bank Nifty Outshines with Strong Support

In contrast, the Bank Nifty has shown more resilience, outperforming the Nifty over the past fortnight. It currently enjoys robust support in the 52,000–53,000 range. If the index can maintain its position above 53,000 on a weekly closing basis, traders can expect stock-specific long positions to remain relevant, with the potential for an upward trajectory toward the 56,000 resistance level. This week, the anticipated trading range for Bank Nifty is between 53,000 and 57,000.

Key Support and Resistance Levels

In summary, both indices have managed to close above their vital monthly support levels — 23,500 for Nifty and 52,000 for Bank Nifty. The long-term support levels of 21,700 for Nifty and 50,500 for Bank Nifty are critical for traders considering new long positions. Resistance levels to keep an eye on are 24,600 and 25,000 for Nifty, while Bank Nifty watchers should note 56,000 and 57,000.

Trading Recommendations for the Week

As the market navigates through these uncertain times, traders are advised to exercise caution and monitor these essential technical levels closely. Here are some stock recommendations for this week:

• Buy Cyient at ₹1190-1200; Stop Loss at ₹1160; Target Price of ₹1260.
• Buy BEML at ₹3220-3230; Stop Loss at ₹3130; Target Price of ₹3350.
• Buy Chambal Fertilisers and Chemicals at ₹692-695; Stop Loss at ₹680; Target Price of ₹715.

By staying informed and tracking geopolitical developments, investors can better navigate the current market landscape and make strategic trading decisions.