Market Wrap

Indian equity markets experienced a choppy and indecisive session on 29 April 2025, tracking weak global cues from GIFT Nifty. The benchmarks opened on a subdued note, but early dips were met with buying interest, briefly pushing the Nifty toward its 50-DEMA. However, the recovery lacked follow-through, and selling pressure gradually emerged in the latter half of the session. The index eventually settled marginally below the crucial 24,000 mark, ending 0.40% lower, highlighting the market’s current lack of directional clarity.

Sectoral trends remained mixed. Broader markets witnessed profit booking after recent outperformance, while Oil & Gas stocks stood out as key gainers. The rally in the energy pack was driven by a sharp spike in global crude oil prices, with Brent crude nearing $112 per barrel. The surge comes amid escalating geopolitical tensions involving Iran and the Strait of Hormuz, following reports of renewed negotiations and a proposal from Iran that failed to find favor with the US administration. This has heightened uncertainty across global markets. Meanwhile, US markets closed on a muted note, Asian indices traded weak in early hours, and European markets showed mild resilience—collectively reflecting a fragmented global sentiment. Rising crude prices now pose a macro risk for India, with potential implications for inflation and currency stability.

What's Ahead

The upcoming session carries significant importance as markets enter a fresh F&O series alongside the much-anticipated US Federal Reserve policy decision. Investors will closely watch for cues on interest rates and liquidity outlook, which could set the tone for global risk sentiment. On the technical front, Nifty has immediate support in the 23,900–23,800 zone; a breach below this range could further dent bullish momentum. Conversely, a sustained move above 24,200–24,300 may help restore confidence among buyers. Traders should remain cautious and closely track developments in crude oil prices and geopolitical headlines, as these factors are likely to dictate near-term market direction.

Market Snapshots

Institutional Activity

Sectoral Performance

Technical Outlook

Nifty 50

The NIFTY 50 ended below the key 24,000 mark, reflecting mild corrective pressure after its recent upmove, as profit booking in banking and IT heavyweights weighed on sentiment. Despite an initial attempt to recover toward intraday highs, the index failed to sustain momentum and drifted lower into the close, forming a weak candle on the daily chart. The RSI slipping toward the 50 mark indicates fading bullish strength and a possible consolidation phase ahead. Structurally, the index remains in a broader range, with immediate support placed at 23,749 followed by 23,596, where buying interest may emerge. On the upside, resistance is seen at 24,243 and 24,395; a sustained move above this zone is required to revive bullish momentum, while failure to hold supports could trigger deeper correction.

Bank Nifty

The NIFTY BANK index witnessed sharp selling pressure, declining over 1.5% and underperforming the broader market, indicating continued weakness in the banking space. After opening on a soft note and attempting a brief recovery, the index saw consistent selling in the latter half, closing near the day’s lower range. The formation of a bearish candle along with RSI slipping below 50 suggests weakening momentum and a potential continuation of the corrective trend. Immediate support is placed at 54,669 followed by 54,216, and a break below these levels could accelerate downside pressure. On the upside, resistance is seen at 56,132 and 56,585, and only a decisive move above these levels may signal a short-term reversal.

Nifty Financial Services

FINNIFTY remained under pressure, reflecting a softer trend across financial stocks, particularly lenders and NBFCs, as broad-based weakness dragged the index lower. The negative market breadth highlights lack of participation on the upside, suggesting cautious sentiment among investors. Technically, the index is showing signs of consolidation with a downward bias, as key constituents continue to face selling pressure. Immediate support is placed at 27,600 followed by 27,142, which will be crucial to hold to prevent further downside. On the upside, resistance is seen at 29,084 and 29,543, and a sustained breakout above these levels is needed to shift momentum back in favor of bulls.

Sensex

The SENSEX closed with moderate losses, dragged primarily by weakness in banking and IT stocks, though gains in select heavyweights helped limit the downside. The index failed to hold higher levels and gradually slipped, indicating lack of strong buying interest at elevated levels. The overall price action suggests a cautious undertone, with the index likely to remain range-bound in the near term. Immediate support is placed at 76,061 followed by 75,550, while resistance is seen at 77,713 and 78,223. A move beyond the resistance band could trigger fresh upside, whereas a break below support levels may lead to extended correction.