Nifty 50 and Bank Nifty Under Pressure Ahead of Fed Meet Outcome: Can Key Support Levels Hold?

Market Outlook: Consolidation Expected Ahead of Federal Reserve Meeting Outcome

The Indian stock market is expected to witness consolidation in the upcoming session, particularly in anticipation of the Federal Reserve meeting outcome due on Wednesday night. The key support level for the Nifty 50 is 23,950 (20-day EMA), below which the index may fall towards 23,800 (Friday's low).

The Bank Nifty needs to defend the 55,000 support level, as a break below it may lead to levels of 54,600 and 54,350. On the higher side, resistance is placed at 56,000–56,300.

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Nifty 50 Outlook

On April 28, the Nifty 50 fell 97 points (0.40 percent) to 23,996, while the Bank Nifty plunged 864 points (1.54 percent) to 55,400, amid weak market breadth. About 1,715 shares declined compared to 1,249 advancing shares on the National Stock Exchange.

According to Ashish Kyal, Founder and CEO of Waves Strategy Advisors, the Nifty 50 has failed to close above the prior day's high for the last five sessions, indicating continued weakness and a lack of upward momentum in the near term. The index is currently hovering near the high-volume node around the 24,000 mark, which is acting as a key support area. A decisive breakdown below 23,950 may further weaken sentiment and could accelerate selling pressure towards lower levels.

Bank Nifty Outlook

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The Bank Nifty is also facing significant challenges, with PSU banks being the top draggers following the RBI announcement related to ECL norms. The index has retraced more than 23.6 percent of the rally that started in early April 2026 and is currently trading below its 50-day EMA. The trend for Bank Nifty has shifted in favour of the bears, and a sell-on-rise strategy remains preferable.

Market Experts' Views

Ashish Kyal recommends short positions in Nifty Futures below 23,950, with targets of 23,820 followed by 23,728, and a stop-loss at 24,080.

Aditya Thukral suggests buying Nifty Futures only above 24,125, with a stop-loss at 24,025, targeting 24,275 and 24,325.

Preeti K Chabra recommends selling Nifty Futures near 24,081 for targets of 23,800, followed by 23,728, with a stop-loss at 24,181.

For Bank Nifty, Ashish Kyal suggests short positions in Bank Nifty Futures if the index moves towards 55,570–55,590 and forms a reversal on the 15-minute chart, with targets of 55,100–54,900 and a stop-loss at 55,780.

Aditya Thukral recommends selling Bank Nifty Futures on a rise around 56,200, with a stop-loss at 56,500, targeting 55,600.

Preeti K Chabra suggests selling Bank Nifty Futures near the cash reference level of 56,100, targeting 55,263 followed by 54,850, with a strict stop-loss at 56,475.

Market Trend

The overall bias for Nifty appears sideways to weak. A break below 23,950 may drag the index towards 23,820, followed by 23,728. On the other hand, a move above 24,200 can attract fresh buying interest. The trend has lost its positive momentum, and a sell-on-rise strategy remains preferable unless the index decisively breaks above key resistance levels.