On Thursday, Indian equity markets faced a significant sell-off, with the Nifty index dropping 180.10 points or 0.74%, closing at 23,997.55. The Sensex also fell, losing 582.86 points or 0.75% to settle at 76,913.50. The volatility index, India VIX, increased by 5.86% to 18.46, indicating heightened market uncertainty. Analyst Sudeep Shah from SBI Securities discussed the outlook for the Nifty and Bank Nifty, noting that the Nifty has been consolidating within a narrow range of 24,335 to 23,798. Key resistance levels are identified at 24,300 to 24,350, while support is crucial at 23,800 to 23,750. Shah highlighted that the upcoming week will likely see increased volatility due to factors such as rising crude oil prices and the USD/INR exchange rate hitting a record low. Furthermore, the smallcap segment has shown strong performance, with the Nifty Smallcap 100 index gaining 18.44% in April, suggesting potential opportunities in fundamentally strong stocks. The banking sector, however, has underperformed, particularly public sector banks, indicating a cautious approach for investors.