Sensex, Nifty: Snapping a two-week winning streak, domestic equities ended on a weak note as both the BSE Sensex and NSE Nifty fell around 2% each over the week. On Friday, the 30-share index closed at 76,664.21, while the 50-pack index settled at 23,897.95, with both declining over 1% in the final session to end in the red. 

However, Nifty futures on the NSE International Exchange were up 180 points, or 0.75%, trading at 24,134, hinting at a potential gap-up opening for Monday, April 27.

Global & domestic cues

The broader market trend remained under pressure as an initial recovery attempt rapidly lost momentum amid "resurfacing geopolitical tensions between the US and Iran and continued disruptions in the Strait of Hormuz," according to Ponmudi R, CEO of Enrich Money. 

Vinod Nair, Head of Research at Geojit Investments Limited, said that investor sentiment was kept pressured by stalled US–Iran talks and crude oil crossing $100 per barrel. 

Ajit Mishra, SVP of Research at Religare Broking Ltd, said that Brent crude surged nearly 8–10% during the week, crossing the $105 per barrel mark, which intensified concerns around a widening import bill and inflation.

Nair said that "the RBI flagging early signs of an economic slowdown, softer forward-looking business confidence, and foreign brokerages' downgrade on the Indian equity outlook overshadowed an otherwise expansionary PMI reading". 

“The Index of Eight Core Industries contracted by 0.4% YoY in March 2026, indicating weakness across key segments such as fertilisers, crude oil, coal, and electricity. Moody’s also revised India’s FY27 GDP growth forecast downward to 6%, citing weak consumption, slower industrial activity, and rising energy costs,” Mishra said.

“Looking ahead, the upcoming week carries a dense macro calendar that will materially shape near-term direction,” Nair said

Both Nair and Mishra highlighted the US Federal Reserve’s upcoming policy decision and its commentary as the global catalyst to watch. 

“The Q4 FY26 earnings season will gather momentum, with key companies across banking, financials, cement, metals, and consumption sectors scheduled to report results,” Mishra added.

Key levels to watch

Nifty: For the Nifty 50, Mishra spots immediate support around 23,500, while Ponmudi noted base forming in the 23,600–23,400 zone. For the upside, both analysts agree that the index faces a resistance wall in the 24,200 to 24,500 range. 

Bank Nifty: For the Bank Nifty, Mishra identified immediate support near 55,600, followed by a support level at 54,300, while Ponmudi placed the downside cushion near the 55,800–55,500 range. On the higher side, Ponmudi highlights resistance at the 57,000–57,500 band, while Mishra sees a key hurdle at 57,700. 

Sensex: For the Sensex, Ponmudi said that initial support is near the 76,000–75,600 zone and placed immediate resistance in the 77,500–78,000 range. 

Strategy ahead

Given the prevailing macro uncertainty and elevated crude prices, Mishra advised traders to "remain disciplined, avoid aggressive leverage, and prioritise capital preservation". He reiterated a preference for stocks in the energy and metals space, while selectively eyeing opportunities in FMCG and pharma.

However, Mishra warned that fresh short-term buying in the IT sector should be avoided, while Ponmudi recommended a "disciplined approach with a focus on risk management" until clearer directional cues finally emerge on D-Street.