Nifty, Sensex, Nifty Bank outlook for today: Gift Nifty down 92 pts; key levels to watch
Nifty futures on the NSE International Exchange were 92.30 points, or 0.38 per cent, up at 24,330, hinting at a positive start for the domestic market on Thursday.
- Apr 16, 2026,
- Updated Apr 16, 2026 8:29 AM IST
Indian equity benchmark indices are likely to extend their rally on Thursday as hopes of a peace deal between the US and Iran pulled oil prices lower, although Washington's shipping blockade at the crucial Strait of Hormuz remained a key risk. Back home, investors are monitoring the earnings season.
Nifty futures on the NSE International Exchange were 92.30 points, or 0.38 per cent, up at 24,330, hinting at a positive start for the domestic market on Thursday. Stocks pushed higher in early Asia trading as KOSPI rose 2 per cent, when Hang Seng was up a per cent. Nikkei edged lower.
Indian equity markets are trading in a cautious recovery phase, supported by a notable improvement in global sentiment, said Ponmudi R, CEO at Enrich Money. "Renewed optimism surrounding the progress in restarting US–Iran negotiations has helped ease immediate geopolitical concerns, thereby enhancing overall risk appetite."
The benchmark S&P 500 and Nasdaq Composite rallied on Wall Street to record closing highs on Wednesday as investors were encouraged by corporate earnings and hopeful of progress in US-Iran negotiations. The Dow Jones Industrial Average fell 0.15 per cent to 48,463.72, the S&P 500 gained 0.80 per cent to 7,022.95 and the Nasdaq Composite rose 1.60 per cent to 24,016.02.
In oil markets, Brent crude opened 0.4 per cent lower at $94.55 a barrel after a source briefed by 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.
The US dollar held near its lowest level since early March against major currencies on Thursday. The dollar index was steady at 98.027. Gold clawed back 0.8 per cent to $4,829.24, while in cryptocurrencies, bitcoin was flat at $74,832.83 and ether slid 0.1 per cent to $2,360.71.
Stability in the rupee and a decline in volatility, contributed to the positive undertone, while optimism around the ongoing earnings season kept sentiment buoyant, said Ajit Mishra, SVP of Research at Religare Broking. "We reiterate a positive yet cautious stance, focusing on stock selection and prudent risk management. Participants are advised to remain selective."
Provisional data available with NSE suggest that FPIs turned net buyers of domestic stocks to the tune of Rs 666.15 crore on Wednesday. On the other hand, domestic institutional investors (DIIs) turned sellers of Indian equities to the tune of Rs 568.98 crore on a net-net basis.
Nifty50 & Sensex outlook
Market has formed a small bullish candle on daily charts, and it is holding a higher bottom formation while on intraday charts, which is largely positive. The intraday market texture is upward, but for day traders, it would be ideal to buy on intraday dips and sell on rallies, said Shrikant Chouhan, Head of Equity Research at Kotak Securities.
"On the downside, 24,000/77,500 and 23,900/77,300 would act as key support zones, while 24,450–24,500/78,500-78,700 could serve as crucial resistance levels for the bulls. However, below 23,900/77,300, the sentiment could change. In that case, traders may prefer to exit their long positions," he adds.
While the momentum remains positive, prices have now entered a critical resistance corridor in the range of 24,400–24,800, which is a confluence zone of key technical factors, including the 50 and 89 EMA and the 61.8% retracement of the recent fall. This zone is likely to act as a decisive hurdle, said Angel One.
"In the near term, it would not be surprising to see some consolidation or breather around this zone before any decisive breakout. On the downside, the bullish gap formed today in the 24,000–23,900 zone is expected to act as immediate support. Traders are therefore advised to focus on stock-specific opportunities for outperformance," it added.
Nifty Bank outlook
Nifty Bank witnessed a minor profit booking and formed a small body candle with shadows on both sides on a daily scale, said Sudeep Shah, Head of Technical and Derivatives Research at SBI Securities. "Going ahead, the 55800–55700 zone will act as immediate support. On the upside, the 200-day EMA zone of 56700–56800 will act as a key resistance, and a sustained move above this band could trigger further upside toward 57300 levels."
Nifty Bank has formed a high wave candle with an upper shadow, signaling consolidation with positive bias as it extended its pullback from the 20 days EMA. Bias remains positive and it is likely to head towards 57,300 and 58,000 levels over the coming sessions being the 61.8 per cent retracement of the recent decline 61,764-49,955, said Bajaj Broking.
"The daily stochastic oscillator has approached overbought territory after 6000 points up move. Hence, some consolidation at higher levels cannot be ruled out. Bank Nifty has immediate support at 54,000-53,000 levels. Index sustaining above the same will keep the current pullback trend intact," it added.
Indian equity benchmark indices are likely to extend their rally on Thursday as hopes of a peace deal between the US and Iran pulled oil prices lower, although Washington's shipping blockade at the crucial Strait of Hormuz remained a key risk. Back home, investors are monitoring the earnings season.
Nifty futures on the NSE International Exchange were 92.30 points, or 0.38 per cent, up at 24,330, hinting at a positive start for the domestic market on Thursday. Stocks pushed higher in early Asia trading as KOSPI rose 2 per cent, when Hang Seng was up a per cent. Nikkei edged lower.
Indian equity markets are trading in a cautious recovery phase, supported by a notable improvement in global sentiment, said Ponmudi R, CEO at Enrich Money. "Renewed optimism surrounding the progress in restarting US–Iran negotiations has helped ease immediate geopolitical concerns, thereby enhancing overall risk appetite."
The benchmark S&P 500 and Nasdaq Composite rallied on Wall Street to record closing highs on Wednesday as investors were encouraged by corporate earnings and hopeful of progress in US-Iran negotiations. The Dow Jones Industrial Average fell 0.15 per cent to 48,463.72, the S&P 500 gained 0.80 per cent to 7,022.95 and the Nasdaq Composite rose 1.60 per cent to 24,016.02.
In oil markets, Brent crude opened 0.4 per cent lower at $94.55 a barrel after a source briefed by 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.
The US dollar held near its lowest level since early March against major currencies on Thursday. The dollar index was steady at 98.027. Gold clawed back 0.8 per cent to $4,829.24, while in cryptocurrencies, bitcoin was flat at $74,832.83 and ether slid 0.1 per cent to $2,360.71.
Stability in the rupee and a decline in volatility, contributed to the positive undertone, while optimism around the ongoing earnings season kept sentiment buoyant, said Ajit Mishra, SVP of Research at Religare Broking. "We reiterate a positive yet cautious stance, focusing on stock selection and prudent risk management. Participants are advised to remain selective."
Provisional data available with NSE suggest that FPIs turned net buyers of domestic stocks to the tune of Rs 666.15 crore on Wednesday. On the other hand, domestic institutional investors (DIIs) turned sellers of Indian equities to the tune of Rs 568.98 crore on a net-net basis.
Nifty50 & Sensex outlook
Market has formed a small bullish candle on daily charts, and it is holding a higher bottom formation while on intraday charts, which is largely positive. The intraday market texture is upward, but for day traders, it would be ideal to buy on intraday dips and sell on rallies, said Shrikant Chouhan, Head of Equity Research at Kotak Securities.
"On the downside, 24,000/77,500 and 23,900/77,300 would act as key support zones, while 24,450–24,500/78,500-78,700 could serve as crucial resistance levels for the bulls. However, below 23,900/77,300, the sentiment could change. In that case, traders may prefer to exit their long positions," he adds.
While the momentum remains positive, prices have now entered a critical resistance corridor in the range of 24,400–24,800, which is a confluence zone of key technical factors, including the 50 and 89 EMA and the 61.8% retracement of the recent fall. This zone is likely to act as a decisive hurdle, said Angel One.
"In the near term, it would not be surprising to see some consolidation or breather around this zone before any decisive breakout. On the downside, the bullish gap formed today in the 24,000–23,900 zone is expected to act as immediate support. Traders are therefore advised to focus on stock-specific opportunities for outperformance," it added.
Nifty Bank outlook
Nifty Bank witnessed a minor profit booking and formed a small body candle with shadows on both sides on a daily scale, said Sudeep Shah, Head of Technical and Derivatives Research at SBI Securities. "Going ahead, the 55800–55700 zone will act as immediate support. On the upside, the 200-day EMA zone of 56700–56800 will act as a key resistance, and a sustained move above this band could trigger further upside toward 57300 levels."
Nifty Bank has formed a high wave candle with an upper shadow, signaling consolidation with positive bias as it extended its pullback from the 20 days EMA. Bias remains positive and it is likely to head towards 57,300 and 58,000 levels over the coming sessions being the 61.8 per cent retracement of the recent decline 61,764-49,955, said Bajaj Broking.
"The daily stochastic oscillator has approached overbought territory after 6000 points up move. Hence, some consolidation at higher levels cannot be ruled out. Bank Nifty has immediate support at 54,000-53,000 levels. Index sustaining above the same will keep the current pullback trend intact," it added.