Equity Market Technical Analysis Snapshot: Apr 28th, 2026

• Nifty slipped -0.33%, opening at 24,049.90 and witnessing a volatile monthly expiry session, where it tested a high of 24,181.80 near the 11DMA (24,192) but failed to sustain, closing lower at 24,013.95, indicating selling pressure at higher levels; the trend remains sideways to bearish as the index trades below the 200DMA and 11DMA but above the 30DMA, reflecting a mixed yet slightly weak structure, while the RSI at 51.98 stays near neutral, suggesting lack of strong momentum; immediate resistance is placed at 24,200-24,250 and support at 23,813-23,700, where a sustained move above 24,200 could improve sentiment, whereas a break below 23,813 may lead to further downside.

• Bank Nifty declined -1.54%, opening at 55,862.50 and closing lower at 55,400.35, witnessing a sharp fall during the monthly expiry session, indicating selling pressure at higher levels; the trend remains sideways to bearish as the index trades below the 200DMA and 11DMA but above the 30DMA, reflecting a mixed but weakening structure, while the RSI at 48.44 has slipped below the neutral mark, suggesting fading momentum; immediate resistance is placed at 55,880-56,500 and support at 54,900-54,600, where holding above 54,900 is crucial for stability, whereas a break below this level may extend the downside, while a move above 55,880 could revive short-term strength.

• Nifty Mid Select (Midcap Nifty) gained +0.32%, opening at 13,949.20 and facing resistance near 14,020 (as anticipated) before closing at 13,976.15, indicating mild consolidation near higher levels; the trend remains bullish as the index continues to trade firmly above its 200DMA, 30DMA, and 11DMA, reflecting a strong underlying structure, while the RSI at 63.91 remains elevated, suggesting healthy momentum with potential for brief consolidation; immediate resistance is placed at 14,050-14,120 and support at 13,850-13,750, where holding above 13,850 keeps the uptrend intact, while a sustained move above 14,050 could extend the rally further.

• Nifty PSU Bank declined -2.15%, opening at 8,720.25 and closing lower at 8,663.05, indicating selling pressure and a loss of short-term momentum; the trend remains sideways to bearish as the index has slipped below the 11DMA while still holding above the 200DMA and 30DMA, suggesting weakening near-term structure within a broader base, and the RSI at 47.35 is declining, reflecting fading momentum; immediate support is placed at 8,590-8,500 and resistance at 8,750-8,850, where a break below 8,590 could extend the downside, whereas a move above 8,750 may help stabilize the index.

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