Weekly Research Note 11 April 2026

Nifty​

NIFTY: 24050.60 Finally some reversal. The Nifty recorded a low of 22182 on the 2nd of April and since then started moving up. On the 8th April, the index gapped up (marked as gap A on the chart above) with news of ceasefire and that Gap now is a key support area in the short term. The 10 / 21-day EMA’s are also placed in that gap around the 23500 mark, while the same on intraday charts are around 23650 – 23600 mark. All this makes the levels of 23650 – 23500 as a critical support and a fresh move downside if it has to happen in near future would occur only if the index breaks below 23500.

Now let’s discuss the upside resistances. The nifty currently trades above tis 10 / 21 and 34 day Exponential averages (EMA’s), so it could possibly head to levels of 24300 – 24415 (area marked as gap B on the chart above) and then in a good case scenario to Gap C which around 24900 – 25150.

Traders should therefore be a bit nimble in coming days, using declines close to levels of 23700 as opportunities to go long and taking profits as it approaches the gap B level around 24300 – 24415.

Nifty Summary:

Upside resistance 24300 – 24415 / 24900 - 25150

Downside support 23650 - 23500

Bank Nifty​

BankNifty: 55912.75 Similar to the nifty the banknifty reversed from a low of 49954 and then gapped up on the 8th of April, currently sitting at 55912. The cluster of moving averages for the banknifty on daily and intraday charts is around 54550. And on the upside there is a massive gap at 57000 – 57750.

Similar to the nifty, Banknifty traders should look to buy on declines and buying zone could be below 55000 with a stop placed below 54500. On the upside rallies to 57000 levels could be good opportunities to take profits.

Also Starting a section where we cover 2-3 stock charts per week as stocks to watch.

Urban Company cmp 134.52:​

The most interesting observation on the chart of Urban Company is the positive crossovers recorded on the weekly moving averages and the weekly MACD. The crossover of MACD indicated momentum turning upside and the crossover of moving averages indicates price trend turning positive.

It should also be noted that the price ended the week around the pivot levels of 136 (as marked in the chart above).

Traders can look to buy slowly unless the price breaks above 136 – 137 and accumulate till levels of 125 – 122 (the price level of weekly averages) and keep a stop below 119 on closing basis. The idea to accumulate is to get the average buying price around 130 – 127. On the upside profit booking can be done if the price approaches levels of 157 (as marked in the chart above).

JSW Cement cmp 127.43:

The share price of JSW cement was trading in a range of 125 – 115 for the last 4 months and now appears to be breaking out of this range. The weekly averages have also just crossed on the positive side (short term weekly average moved above medium-term average) and are placed around 120.

The weekly MACD is already in rising mode and the overall weight of technical observations suggests a stronger possibility of price moving on the upside with possible targets of 146 – 150 (as marked in the chart above)

Traders can buy now add on mild declines and keep a stop below 118.50 on closing basis. Look to take profits if stock moves up to levels of 146 – 150.

Suzlon cmp 45.32:

The share price of Suzlon appears to have marked a gap up reversal (gap in the range of 42.6 – 41.6. the gap filling thus becomes a stop loss for upside bias. Which means a decline below 41.6 would invalidate the breakout.

On the upside resistance is at 50 – 51 (as marked in the chart above). Traders can slowly buy at current levels and add around 43 and keep a stop of 41.5. Look to take profits if the share price of Suzlon moves towards 50 – 51.