6 days Ago
The Indian stock market benchmark indices, Sensex and Nifty 50, are expected to open higher on Tuesday, tracking a rally in global markets. The trends on Gift Nifty also indicate a gap-up start for the Indian benchmark index. The Gift Nifty was trading around 23,290 level, a premium of nearly 373 points from the Nifty futures’ previous close.
On Monday, the Indian stock market was closed and the trading on BSE and NSE was shut on account of Ambedkar Jayanti 2025. On Friday, the domestic equity market skyrocketed after the US' 90-day pause on 26% tariffs imposed on India, with the Nifty 50 surging above 22,800 level. The Sensex jumped 1,310.
11 points, or 1.77%, to close at 75,157.26, while the Nifty 50 settled 429.
40 points, or 1.92%, higher at 22,828.55.
Nifty 50 formed a long bull candle on the daily chart with gap up opening and with upper shadow. “Technically, this market action indicates a decisive bounce back in the market in the short term after a violent decline amidst tariff war. Nifty is currently placed at the edge of the multiple hurdles like previous opening down gap of 7th April and daily 10 and 20 EMA (Exponential Moving Average) around 22,800 - 22,900 levels.
Nifty 50 on the weekly chart formed a bullish meeting line type candle pattern. This is a positive indication,” said Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities. According to him the short-term trend of Nifty 50 remains positive and a sustainable move above 22,900 - 23,000 levels could open the upside target of 23,400 - 23,500 levels in a quick period of time.
Here’s what to expect from Nifty 50 and Bank Nifty today: Nifty 50 Prediction Nifty 50 index spiked 1.92% to end at 22,828.55 on April 11, and formed a bull candle with a bullish gap below its base signaling strong pullback from the oversold territory.
“Nifty formed a bullish candle on daily and weekly charts, sustained above the trend line resistance of 22,700, and closed above the 22,800 hurdle, signalling strength. On the upside, 23,060 will serve as a crucial resistance point for the index, representing the 61.8% Fibonacci retracement of the recent fall, while 22,700 will now act as key support.
Traders are advised to follow a ‘buy on dips’ strategy in Nifty,” said Hrishikesh Yedve, AVP Technical and Derivatives Research at Asit C. Mehta Investment Interrmediates Ltd. Puneet Singhania, Director at Master Trust Group, highlighted that the Nifty 50 witnessed a sharp recovery after a weak start last week, ending just 0.
33% lower despite a major gap-down of nearly 5%. “A strong marubozu candle formed on the weekly chart, indicating buying interest at lower levels. However, India VIX surged 46% this week to hover near 20, reflecting continued high volatility.
The index is trading below its crucial 21-day and 55-day EMAs, hinting a weak trend. Key supports lie at 22,500 and 22,200, while resistance is seen near 23,050. In this uncertain environment, Nifty remains a sell-on-rise market,” said Singhania.
He advises traders to stay cautious and avoid aggressive long positions until volatility subsides and technical strength is confirmed. VLA Ambala, Co-Founder of Stock Market Today expects Nifty 50 to gain support at 22,700 and find resistance near 23,100 and 23,230 in today’s trading session. Bank Nifty Prediction Bank Nifty rallied 762.
20 points, or 1.52%, to close at 51,002.35 on Friday, forming a big bullish candle on both daily and weekly charts, reflecting underlying strength.
“Bank Nifty formed a bull candle with a bullish gap below its base signaling strong pullback from the oversold territory. The Bank Nifty index has key resistance at 51,500 levels, being last Monday’s gap down area. Sustaining above the same will lead to pullback towards 52,100 levels in the coming week being the last two weeks almost identical highs.
While 49,500-49,000 will act as key support,” Bajaj Broking Research said in a note. The brokerage firm advises investors to use the current breather to accumulate quality banking stocks in a staggered manner. Puneet Singhania noted that despite broader market weakness, the Bank Nifty index is showing relative strength.
It is trading above the crucial 21-day and 55-day EMAs, indicating short-term support. “Key support is now placed at 50,400 which aligns with the 21-day EMA; a breach below this could lead to a decline toward 49,800. On the upside, the psychological resistance of 52,000 remains a major hurdle.
Until this level is crossed decisively, further upside momentum is unlikely. The overall view remains cautious, and traders are advised to stay alert with key levels in focus,” Singhania said. Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint.
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