1 week Ago
The Indian stock market benchmark indices, Sensex and Nifty 50, are likely to open higher on Friday, despite weak global market cues. The trends on Gift Nifty indicate a gap-up start for the Indian benchmark index. The Gift Nifty was trading around 22,950 level, a premium of nearly 470 points from the Nifty futures’ previous close.
Fears of a trade war unleashed by US President Donald Trump’s tariff policies continued to weigh on market sentiment. Volatility is expected to remain elevated amid Tariff related development, the US & India inflation print, and the onset of the results season. The Indian stock market was closed on Thursday on account of Mahavir Jayanti 2025.
On Wednesday, the domestic equity market indices ended lower, with the benchmark Nifty 50 closing near 22,400 level. The Sensex declined 379.93 points, or 0.
51%, to close at 73,847.15, while the Nifty 50 settled 136.70 points, or 0.
61%, to close at 22,399.15. Here’s what to expect from Nifty 50 and Bank Nifty today: Nifty OI Data Nifty Open Interest (OI) data shows the highest OI on the call side at the 22,500 and 22,800 strike prices, highlighting strong resistance levels.
On the put side, OI is concentrated at the 22,300 strike price, marking it as a key support level, said Hardik Matalia, Derivative Analyst at Choice Broking. Nifty 50 Prediction Nifty 50 declined 0.61% to end at 22,399.
15 on April 9, forming a bearish candlestick pattern on the daily chart, indicating selling pressure from higher levels. “ Nifty 50 continues to trade below the upper band of the falling channel and the 21-day EMA (Exponential Moving Average), indicating short-term weakness and resistance near 22,500. The RSI shows a bearish crossover, reinforcing the negative momentum .
The trend is expected to stay weak below 22,500, with a breakout potentially driving the index to 22,750 – 22,800. Failure to cross 22,500 may drag it down toward 22,000,” said Rupak De, Senior Technical Analyst at LKP Securities . Om Mehra, Technical Research Analyst, SAMCO Securities, noted that the Relative Strength Index (RSI) remains subdued near the 40 mark, reflecting a lack of bullish momentum, while the MACD continues to exhibit a negative crossover.
“Nifty 50 index is closely mirroring the global risk-off sentiment, with rising concerns reflected in the India VIX, which remains elevated at 21.43. This may lead to higher volatility in the near term.
Nifty remains below, both its 9-day and 20-DEMA, and the continuation of a lower-high, lower-low formation further weakens the short-term trend,” Mehra said. According to him, support for Nifty 50 is now placed in a broader zone between 22,150 and 22,000, while any meaningful upside would face stiff resistance near 22,700. Bajaj Broking Research believes that the short-term bias remains corrective as long as the Nifty 50 trades within Monday’s weekly gap-zone (22,857 - 22,254).
“Nifty 50 index has key support around 21,800 - 21,750 levels being the confluence of Monday’s panic low and 24 months EMA. Only a breakdown below 21,750 will signal an extension of the decline towards the Election outcome day low placed around 21,300 levels,” said the brokerage firm. According to VLA Ambala, Co-Founder of Stock Market Today, Nifty 50 can expect support between 22,250, 22,050, or 21,850 and meet resistance near 22,750 and 22,980 in today’s market session.
Bank Nifty Prediction Bank Nifty ended lower by 0.54% at 50,240.25 on Wednesday, forming a bearish candlestick on the daily chart, indicating a lack of buying interest.
“ Bank Nifty formed a small bear candle with a long lower shadow signaling consolidation with stock specific action. Index has immediate resistance at 51,000 levels failure to move above the same will signal consolidation in the range of 49,000 - 51,000,” said Bajaj Broking Research. As per the brokerage firm, Bank Nifty sustaining above 51,000 levels will lead to pullback towards 51,500 and 52,100 levels in the coming sessions being the Monday's gap down area and last two weeks almost identical highs.
While 49,000-48,700 will act as immediate support. Om Mehra highlighted that the Bank Nifty index continues to trade below the 38.2% Fibonacci retracement level, which stands at 50,400, yet remains above the 50% retracement placed at 49,900, offering a temporary support zone.
“Nifty Bank holds above the daily Supertrend indicator, providing a cushion against any volatile downside risks. However, the broader trend remains non-directional. To establish a clear directional trend, a decisive move beyond 50,800 on the upside or a breach below 49,160 on the downside will be required,” Mehra said.
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions..
