Daily Morning Report – 16/04/26

NIFTY OUTLOOK: 24231.30    FII 666.15 cr    DII -568.98 cr

As discussed yesterday market behaviour remained on the expected lines during the day, as positive trend take the nifty rally upto 24280.9

Further a small bullish candle appeared on daily chart of nifty suggest that trend is remain positive but diminishing buying pressure hence continuation of uptrend may face resistance for nifty around 24353 to 24475. If breakthrough above these resistances and sustain may push the nifty upto 24597 to 24721.

However for down side 24110 to 23988 may act as immediate supports for the nifty, if break through below these supports and sustain may drift down the nifty upto 23866 to 23745.

Bank Nifty OUTLOOK:   

SPOT:  56301.95 Pcr: 0.91 Max Ce OI on 60000 & Max Pe OI on 55000

On April 14, 2026, a Bank Nifty index was closed at 56301.95 (696.90) (1.25%). The total movement in the index was 677.05 during the trading session.  The index made a high of 56786.25 and a low of 56109.20.

Technical view:

Important support and resistance level of Bank nifty are 54550 and 57290 respectively.  

Intraday Support and resistance of Bank nifty are 56116 and 56488 respectively.

The Relative Strength Index (RSI) for the Nifty Bank index at 55.2. Below 30 is considered oversold and above 70 overbought.  

Bank nifty Day SMA Analysis:

Bank nifty is trading above 4 out of 8 SMA’s (5, 10, 20, 30 Day).

Bank nifty is trading below 4 out of 8 SMA’s (50, 100, 150 Day).

One active Candlestick Pattern was identified in bank nifty on daily chart.

• Long Legged Doji Uptrend

Macro:

1.Dollar index is @ 97.817.

2.Vix is @ 18.17.

3.Crude is @ 91.72

Note: Optimism over potential U.S.-Iran talks and a steady flow of corporate earnings, Nasdaq closed @ fresh highs .

Bank of America (NYSE:BAC) and Morgan Stanley (NYSE:MS) delivering solid results, reinforcing expectations of resilience in the U.S. economy.

On war front in Persian gulf ,  ​Tehran told ⁠Reuters that Iran could consider allowing ships to sail freely through the Omani side of the Strait of Hormuz without risk of attack as part ⁠of ​proposals it has offered in negotiations with ​the United States.

Some news portal are reporting that ceasefire can be extended fro another 15 days which gave hope of some deal in Iran –US

Important Pivot Point Levels for Today                                                                                                                          

Nifty

Bank Nifty

By Ashok Bhandari (RA)

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