Trade Setup for April 17: Nifty enters consolidation mode with 24,000 holding the key

After Wednesday’s sharp rally, the Nifty witnessed profit booking on Thursday, slipping marginally despite a firm start.

The index opened higher on the back of strong global cues and quickly surged to an intraday high of 24,400 within the first 15 minutes of trade. However, it failed to sustain at elevated levels, reversing sharply and correcting nearly 300 points from the peak by noon.

Selling pressure eased later in the session, with the index recovering around 140 points from the day’s lows post 1:30 pm. Despite the rebound, the Nifty ended 35 points lower at 24,197, slipping below the 24,200 mark.

On the stock front, Adani Enterprises, Hindalco, and Trent emerged as top gainers, while HDFC Bank, ONGC, and HDFC Life were among the key laggards.

Sectoral trends remained mixed. Metals, IT, and consumer durables saw buying interest, whereas auto, financial services, and oil & gas stocks ended in the red.

Broader markets continued to outperform, with the Nifty Midcap 100 and Smallcap 100 rising 0.63% and 0.89%, respectively.

Going ahead, markets will closely track earnings, particularly Wipro’s results, which showed muted revenue growth. The company reported Q4 constant currency revenue growth of 0.2% QoQ, below expectations of 0.4-0.5%, while FY26 marked a third consecutive year of decline in constant currency revenue growth. Its guidance of -2% to 0% was largely in line with estimates.

Investors will also watch key earnings on Friday from companies such as Jio Financial Services and Bajaj Consumer Care.

On the technical front, HDFC Securities’ Nagaraj Shetti said the near-term trend remains positive, although some consolidation or a minor dip could be seen over the next 1-2 sessions before a potential rebound. He sees immediate resistance at 24,415 and support in the 24,100-24,000 zone.

Centrum Finverse’s Nilesh Jain said that the Nifty faced resistance near its 50-DMA around 24,400 but maintained that the broader structure remains bullish, with support at 24,000 and a possible move towards 24,500 in the near term.

HDFC Securities’ Nandish Shah said that the index has closed above its 50-DEMA for a second straight session, indicating a sustained uptrend.

He sees support at 24,000-24,100 and resistance in the 24,400-24,570 band.

Meanwhile, LKP Securities’ Rupak De cited near-term uncertainty, saying that a decisive move above 24,300 could trigger further upside, while failure to do so may lead to fresh profit booking, dragging the index towards 24,000.

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First Published: 

Apr 16, 2026 8:03 PM

IST