Analysis by Mr. Vinay Rajani, Senior Technical Research Analyst, HDFC Securities
🕗 Last Update: 16 April 2026, 7.30 PM
After yesterday’s sharp rally, Nifty faced profit-taking today, shedding 34 points to close at 24,196. It opened 154 points higher on the back of strong global cues, touched a day’s high of 24,400 in the first 15 minutes, but reversed sharply. An intraday correction of nearly 300 points played out from the early peak until noon. Post-1:30 p.m., it clawed back 140 points from the lows, ending with a modest loss. NSE cash volumes rose 4% from the prior session.
Adani Enterprises, Hindalco, and Trent led Nifty gainers, while HDFC Bank, ONGC, and HDFC Life faced the heaviest selling pressure as top losers.
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Sectoral trends were mixed: Metals, IT, and Consumer Durables posted solid gains while Auto, Financial Services, and Oil & Gas edged lower.
Nifty Midcap 100 and Smallcap 100 extended their outperformance, gaining 0.63% and 0.89%, respectively. BSE’s advance-decline ratio held firm at 1.81, reflecting strong buying interest in mid- and small-cap space.
The Nifty closed above its 50 DEMA for the second consecutive session, signaling a sustained uptrend. The 24,000-24,100 band should provide support on the downside, while 24,400-24,570 could act as resistance on the upside.
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