Nifty Holds 24,150 After Volatile Session; Sensex Surges 609 Points Amid US-Iran Tensions

Udaipur, April 29, 2026: Nifty traded with high volatility as it started the session on a positive note and moved above previous session high 24,181 in the opening trade and moved to an intraday high of 24,334 in the midsession. However, fear of rising geo-political tension between US and Iran kept Crude oil prices elevated above $113 and it lead to selling pressure at higher levels, index gave up some of its gains and closed the session above 24,150 levels.

At the close, the Sensex gained 609.45 points (0.79%) to settle at 77,496.36, while the Nifty advanced 181.95 points (0.76%) to end at 24,177.65. On the sectoral front, most indices closed in the green, with major support coming from FMCG, Realty, Auto, and IT stocks. However, some pockets of weakness were seen in Media, PSU Banks, and Consumer Durables, which ended as laggards.

In the broader market, mild profit booking was observed in the Midcap segment, with the Nifty Midcap index slipping marginally by 0.07%. On the other hand, the Smallcap index continued to show strength, advancing by 0.65%, indicating selective buying interest.

Nifty Outlook                            

Index formed a small bullish candle with a sizable, long upper shadow signaling intraday volatility and selling pressure at higher levels as the index consolidates around the 20 days EMA. Index on expected lines is witnessing consolidation in the broad range of 23,600-24,400 amid stock specific action as we progress through the quarterly earning session. On the higher side only a move above 24,400 will open further upside towards 24,600 and 24,800 levels in the coming week.

Within the consolidation a close below the 20 days EMA placed around 23,950 will signal extension of the decline towards 23,800 and 23,600 levels in the coming sessions. Short-term support is positioned around 23,600–23,500 range being the confluence of the recent major low and 38.2% retracement of the last 3 weeks pullback (22,183-24,601).  

Bank Nifty Outlook

Index formed a small bearish candlestick pattern which mostly remained contained inside previous session price range signaling consolidation with corrective bias. A follow through weakness below last two sessions low 55,250 will signal extension of the decline towards 54,500-54,000 levels. Overall, we expect the Bank Nifty to extend consolidation in the broad range of 54,500-57,500 amid stock specific action as we progress through the quarterly earning session of the banking stocks.

Within the consolidation only a move above 56,475 will open further upside towards the 57,000 and 57,500 levels in the coming sessions. From a short-term perspective, support is placed in the range of 54,500–54,000 zone, being the confluence of the recent low and 38.2% retracement of the last 3 weeks pullback (49,955-57,456).