Indian equity benchmarks, the Sensex and Nifty, concluded a three-day winning streak on Wednesday, April 22, 2026, with the BSE Sensex closing barely above the 78,500 mark and the NSE Nifty slipping below 24,400. The Sensex ended down 756.84 points (0.95%) at 78,516.49, while the Nifty fell 198.50 points (0.81%) to 24,378.10. Analysts offered mixed technical outlooks for the market's immediate future, with some pointing to short-term weakness and others suggesting a more balanced setup.
Sensex Outlook: Weakness and Support Levels
Aakash Shah, Research Analyst at Choice Equity Broking, noted that the Sensex has fallen below immediate support zones, indicating short-term bearishness. He identified immediate support for the Sensex between 77,800 and 78,000, with resistance around 79,200–79,300. Shah warned of potential further consolidation or downside if key support levels are breached, though intermittent pullbacks remain possible.
Shrikant Chouhan, Head Equity Research at Kotak Securities, observed that the Sensex opened with a gap-down and consistently faced selling pressure. He stated that the daily charts show a small bearish candle, reflecting indecisiveness. For day traders, Chouhan advised that weak sentiment is likely to persist as long as the Sensex trades below 79,000. A slip to 78,200 could lead to further declines towards 78,000, while a move above 79,000 could see it retest 79,300-79,500.
Nifty Outlook: Constructive Structure Despite Pullback
Osho Krishan, Chief Manager - Technical & Derivative Research at Angle One, described Wednesday's fall as merely a "pause," maintaining that the Nifty's technical structure remains constructive. He highlighted that the Nifty continues to trade between its 50- and 100-day Exponential Moving Averages (EMA). Krishan expects strong support for the Nifty around the 24,260-24,220 range, a confluence of the 50 percent Fibonacci retracement and the 50-day EMA. A bullish gap between 24,100 and 23,900 is also seen as a crucial support zone.
On the upside, Krishan identified multiple resistance zones for the Nifty near 24,600-24,660, coinciding with the 100-day EMA.
Rupak De, Senior Technical Analyst at LKP Securities, pointed to a bearish crossover in the Relative Strength Index (RSI) on the hourly chart and the index falling below the 20-EMA on a smaller timeframe, suggesting waning bullishness. However, he noted that the India VIX remained positive but below its 50-EMA, indicating decreased investor fear. De concluded that the Nifty's setup appears balanced, with support at 24,200, below which it might drift to 23,900. He also cautioned that any developments from the Middle East could significantly impact Thursday's opening.