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HomeMarket NewsTrade Setup for April 16: Will Nifty sustain above 24,000 as bulls regain control?
Investor wealth surged, with BSE-listed companies adding nearly ₹10 lakh crore in market capitalisation during today's session.
By Meghna Sen April 15, 2026, 4:43:58 PM IST (Published)
3 Min Read
The Nifty staged a strong comeback on Wednesday, with bulls firmly regaining control as the index closed decisively above the 24,200 mark. Building on Monday's recovery from lower levels, the market extended its rebound amid broad-based buying across sectors.
The index opened with a sharp gap-up of 321 points, climbed further in early trade, and then moved in a range for most of the session. It eventually settled higher by 389 points at 24,231.
Investor wealth surged, with BSE-listed companies adding nearly ₹10 lakh crore in market capitalisation during the session.
Among Nifty constituents, IndiGo and Power Grid led the gains, while Dr Reddy's and Bharti Airtel were the top laggards.
Sectorally, all indices ended in the green, with Nifty Consumer Durables, Nifty IT and Nifty Realty emerging as the top performers.
The broader market also remained strong, as the Nifty Midcap 100 and Nifty Smallcap 100 extended their rally, rising 2.20% and 2.35%, respectively.
Global cues remained supportive. US President Donald Trump signalled a second round of US-Iran talks within two days, potentially in Pakistan, raising hopes of easing tensions in West Asia.
Brent crude cooled to $95 as supply disruption fears eased, while spot gold climbed above $4,800 per ounce, supported by a softer dollar and risk-on sentiment following cooler US inflation data.
Key results on Thursday — Wipro, HDFC Life, HDFC AMC, CRISIL, Angel One, and Waare Renewables — will set the tone for stock-specific moves.
According to Nagaraj Shetti of HDFC Securities, the short-term trend for Nifty remains positive, with immediate upside hurdles seen at 24,500 and 24,800 levels, while support is placed at 24,000-23,900.
Nilesh Jain of Centrum Finverse said the next key resistance is the 50-day moving average at 24,446, which could be tested soon.
He added that easing volatility may further support bullish sentiment, with the broader structure staying positive as long as the index holds above 23,500.
Rupak De of LKP Securities said that the Nifty found support at its 20-day EMA earlier this week and has now closed above the 50-day EMA for the first time since February 23, signalling improving sentiment aided by softer crude prices.
He sees the 24,250-24,300 zone as a key resistance band, with a breakout potentially opening the path towards 24,750-24,800. However, failure to sustain above 24,300 could trigger fresh selling pressure.
Meanwhile, the banking index remained volatile after a gap-up start and failed to hold above its 200-day EMA, leading to some profit booking.
Sudeep Shah of SBI Securities said immediate support is placed at 55,800-55,700, while the 56,700-56,800 zone remains a key resistance. A sustained move above this level could push the index towards 57,300.
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