Nifty 50, Bank Nifty Eye Resistance Levels as US Iran Ceasefire Extends

On April 21, Indian equities extended a three-day rally as the US announced an extension of its ceasefire with Iran. The Nifty 50 climbed 212 points to close at 24,577, a gain of 0.87 percent, while the Bank Nifty surged 789 points to 57,371, up 1.39 percent. Market breadth tilted decisively toward buyers: 1,875 shares advanced on the National Stock Exchange against 1,109 that fell. The momentum was broad-based, cutting across sectors, and the tone among traders shifted toward accumulation on any weakness.

For the Nifty 50, the immediate question facing traders is whether this upward move can sustain. Three market analysts—Ashish Kyal of Waves Strategy Advisors, Aditya Thukral of AT Research & Risk Managers, and Preeti K Chabra of Trade Delta—converged on a similar technical picture. The index has climbed into a zone of resistance between 24,700 and 24,800, where the 100-day moving average sits around 24,620 to 24,700. This band had previously acted as support, and now it stands as a barrier to further gains. A decisive break above this zone would signal the start of a fresh leg higher. If that fails to materialize, the index could retreat to support at 24,400 to 24,350—levels that coincide with the prior day's low. A break below that would open the door to 24,200.

Thukral noted that the index has already cleared a crucial hurdle: it broke above the 24,400 to 24,500 resistance zone, which now functions as a floor. The index is trading consistently above its 9-day, 20-day, and 50-day moving averages, a textbook sign of short-term uptrend strength. The Volatility Index, or VIX, has cooled from elevated levels, and further declines could amplify bullish sentiment. From the derivatives market, traders have been covering short positions and building long exposure. Significant resistance now sits at 24,900 and 25,000. Kyal advised that dips toward 24,470 to 24,480 should be treated as buying opportunities, with a target of 24,700 and a stop-loss at 24,340. Chabra pointed to the 61.8 percent Fibonacci retracement level near 24,752 as a key resistance zone, noting that the Relative Strength Index at 59.6 remains bullish without yet entering overbought territory.

Bank Nifty presents a similar technical setup but with its own specific levels. The index broke out of a minor consolidation range and closed above the prior day's high, signaling fresh institutional interest. It is now retracing 61.8 percent of the decline that began in February 2026, with both private sector and public sector banks participating equally in the rally. The next upside target sits near 59,150, which aligns with the 78.6 percent retracement level. Support lies at 56,700, which coincides with the 200-day moving average and the prior day's low. Below that, 56,300 to 55,800 become the levels to monitor. On the upside, immediate resistance appears at 57,700 to 58,000. The daily RSI is positioned around 59, leaving room for further appreciation. Thukral noted that Bank Nifty has regained levels above both the 100-day and 200-day moving averages, and sustaining above these could trigger positive crossovers that would strengthen the uptrend further. The 14-day RSI remains below 60, indicating no immediate overbought conditions. Derivatives positioning suggests the uptrend will continue, with support clustered around 57,000 to 57,200.

All three analysts recommended a buy-on-dips approach for both indices, provided traders maintain strict stop-loss discipline. Kyal suggested that long positions in Bank Nifty Futures could be initiated if the index dips toward 57,150 to 57,200, with a stop-loss at 56,950 and targets at 57,400 and 57,700. Thukral advised buying Nifty Futures on dips around 24,500, with a stop-loss at 24,350 and a target of 24,800. Chabra echoed the same sentiment, recommending purchases near 24,500 for targets of 24,750 and 24,850, with a stop-loss at 24,420. The consensus view is that profit-taking is possible but unlikely unless the indices break decisively below their prior day's lows. Until that happens, the prevailing bias remains constructive. Geopolitical developments—particularly the US-Iran ceasefire extension—along with movements in the US Dollar Index and crude oil prices, will continue to shape sentiment in the sessions ahead.