Domestic equity benchmarks Sensex and Nifty concluded Tuesday's trading session higher for the third consecutive day, with both indices forming bullish candles on their daily charts. The BSE Sensex closed at 79,273.33, marking a gain of 753.03 points or 0.96 percent. Similarly, the Nifty 50 settled at 24,576.60, up 211.75 points or 0.87 percent.
Market analysts indicate that while the short-term market texture remains bullish, temporary overbought conditions could trigger some profit booking at higher levels. For Wednesday, April 22, 2026, key resistance levels for Sensex are around 79,000, and for Nifty, the range of 24,660–24,700 is crucial.
Sensex Outlook for April 22
Shrikant Chouhan, Head Equity Research at Kotak Securities, noted that Sensex's formation of a bullish candle and its uptrend continuation on the intraday chart are positive signs. He stated, "We are of the view that the short-term market texture is bullish, but due to temporary overbought conditions, some profit booking may occur at higher levels."
For day traders, Chouhan identified 79,000 as an immediate support zone. A sustained move above this level could push Sensex towards 79,800–80,000. Conversely, a break below 79,000 might lead to an intraday correction, potentially retesting levels of 78,700–78,500.
Nifty Outlook and Key Levels
Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities, highlighted the formation of a long Nifty bull candle, which successfully surpassed the previous downside gap resistance at 24,400. This development is considered a positive indication for the index.
Sudeep Shah, Head - Technical and Derivatives Research at SBI Securities, pointed out that Nifty's 100-day Exponential Moving Average (EMA) zone, specifically 24,660–24,700, will serve as a significant hurdle. A sustained breach above 24,700 could pave the way for further gains towards 24,950. On the downside, the 24,460–24,430 zone is expected to provide immediate support.
Bajaj Broking reiterated a positive bias for Nifty, especially above the gap-up area of 23,850-24,100 from the previous Wednesday. The firm anticipates Nifty to maintain its positive trajectory and gradually advance towards the 24,700-24,800 levels. These levels represent the confluence of the 200-day EMA and the 61.8 percent retracement of the entire decline from 26,373 to 22,183.