Sensex, Nifty Hold Gains After Sharp Rally; Bulls Eye 23,870 Breakout as Markets Brace for Volatility

India's benchmark indices opened flat on Wednesday, 17 April, after Tuesday's strong rally, as global cues turned cautious. The BSE Sensex edged up 14.97 points to open at 76,749.

86, while the NSE Nifty rose by just 2.15 points to 23,330.70.



Despite the tepid start, analysts remain bullish, citing strong technical indicators and resilient investor sentiment. On Tuesday, the Sensex surged 1,577.63 points (2.

10 per cent) and the Nifty 50 gained 500 points (2.19 per cent), crossing the 23,300 level. According to Nagaraj Shetti, Senior Technical Analyst at HDFC Securities, “This market action could be an uptrend continuation pattern.

.. bullish runaway gaps are normally formed in the middle of a trend.

” Technical analysts expect the Nifty 50 to potentially break the 23,870 mark, which would trigger a sustained rally towards fresh all-time highs. Om Mehra of SAMCO Securities observed, “The Nifty index reclaimed all short-term moving averages, with only the 200-day average near 24,000 left unconquered.” The Gift Nifty indicated a slightly negative opening, trading at a 63-point discount, while derivative data pointed to strong resistance around 23,400–23,500 and support at 23,200.

“A breakout above 23,870 could pave the way for a sustained rally...

as long as Nifty holds above 23,080, a ‘buy on dips’ approach continues to be favourable,” Mehra added. Bank Nifty also showed strength, rising 2.70 per cent to 52,379.

50. Hrishikesh Yedve of Asit C. Mehta Investments said, “The breakout level of 52,000 will now act as immediate support.

.. and the index has the potential to rally towards 52,700 – 52,800.

” Market volatility is expected to remain elevated due to ongoing tariff-related developments and Q4 earnings reports. Bajaj Broking anticipates the Nifty 50 to maintain positive bias with targets around 23,560, cautioning that a breach below 23,207 may trigger consolidation. With bulls maintaining control and technical indicators remaining strong, analysts recommend a cautious yet optimistic stance.

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