3 days Ago
The Indian stock market benchmark indices, Sensex and Nifty 50, are likely to open lower on Thursday, tracking mixed cues from global markets . The trends on Gift Nifty also indicate a negative start for the Indian benchmark index. The Gift Nifty was trading around 23,366 level, a discount of nearly 67 points from the Nifty futures’ previous close.
Investor sentiment dented after US Federal Reserve Chair Jerome Powell said on Wednesday that the central bank would remain patient and wait for more clarity on the economic outlook before considering any changes to interest rates On Wednesday, the domestic equity market extended its rally for the third consecutive session, with the benchmark Nifty 50 closing above 23,400 level. The Sensex surged 309.40 points, or 0.
40%, to close at 77,044.29, while the Nifty 50 settled 108.65 points, or 0.
47%, higher at 23,437.20. Here’s what to expect from Sensex, Nifty 50 and Bank Nifty today: Sensex Prediction Sensex jumped 309 points to close above the 77,000-mark on Wednesday, forming a bullish candle on the daily charts.
“Technically, after a muted opening, Sensex found support near 76,550 and reversed sharply. On the daily charts, it has formed a bullish candle, and on the intraday charts, it is holding an uptrend continuation formation that is largely positive. For trend-following traders now, 76,550 would be the key support zone.
Above this level, Sensex could maintain its positive momentum until 77,300. Further upside may also continue, potentially lifting the market to 23,575/77500,” said Shrikant Chouhan, Head Equity Research, Kotak Securities. On the flip side, he believes if Sensex falls below 76,550, the sentiment could change and a drop below this level could lead the index to retest the 76,500 - 76,200 range.
Nifty OI Data In the derivatives space, the highest Nifty open interest (OI) on the call side is seen at 23,800 and 24,000, acting as key resistance levels. On the put side, maximum open interest is concentrated at the 23,300 strike, making it a crucial support level. The current setup suggests a bullish undertone, with momentum likely to continue if key resistance levels are breached, said Mandar Bhojane, Research Analyst at Choice Broking.
Nifty 50 Prediction Nifty 50 continued its upside momentum on Wednesday and closed the day higher by 108 points. “A reasonable bullish candle was formed on the daily chart with lower shadow. After shifting into a consolidation movement at the hurdle of 200-Day EMA (Exponential Moving Average) around 23,360 levels on Tuesday, Nifty 50 surpassed the said hurdle on Wednesday and closed higher.
The huge opening upside gaps of 11th and 15th April remain unfilled and these gaps could now be considered as bullish runaway gaps, which are normally formed in the middle of the trend,” said Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities. According to him, the underlying trend of Nifty 50 remains positive and having moved above the hurdle of 200-day EMA at 23,360 levels, Nifty could advance towards another resistance at 23,870 levels (swing high of 25th March) in the near term. Immediate support is placed at 23,270 levels.
Om Mehra, Technical Research Analyst, SAMCO Securities, highlighted that the Nifty 50 index formed a bullish candle on the daily chart, further strengthening the positive outlook. “On the hourly chart, the higher highs and higher lows formation confirms the uptrend. However, given the sharp rally, a short-term pullback would be constructive, allowing the index to consolidate and establish a stronger base for the next leg higher.
Support is placed at 23,200, which may serve as a cushion in the event of a near-term retracement,” said Mehra. Hrishikesh Yedve, AVP Technical and Derivatives Research at Asit C. Mehta Investment Interrmediates Ltd.
said that the Nifty 50 formed a bullish candle on the daily chart and successfully crossed the key hurdle of the 100-Day Simple Moving Average, placed near 23,390, reinforcing underlying strength. “On the upside, the 23,700 – 23,800 zone will act as the next major resistance. As long as the index sustains above 23,390, traders are advised to adopt a ‘buy on dips’ strategy,” said Yedve.
VLA Ambala, Co-Founder of Stock Market Today also recommends traders to adopt a ‘buy on dip’ strategy rather than going for a sell on rise. “Market participants should focus on accumulating quality stocks that are available at attractive levels, while opting for diversified investments in parts rather than aggressive buying. From a technical perspective, Nifty 50 formed a bullish green hammer candlestick pattern during Wednesday’s session, with RSI standing at 57 on the daily frame.
Amidst these ongoing market developments, Nifty 50 might gain support between 23,380 and 23,300, while resistance can be found near 23,540 and 23,680,” said Ambala. Bank Nifty Prediction Bank Nifty rallied 738.25 points, or 1.
41%, to close at 53,117.75 on Wednesday, forming a strong bullish candle above the declining trendline connecting the previous swing highs. “Bank Nifty continues to outperform and is currently placed firmly above the 53,000 level.
It has formed a strong bull candle with a higher high and higher low signaling continuation of the up move. Structurally, Bank Nifty is showing resilience as compared to the benchmark as it witnessed the strongest candle last month post June 2024 and is now witnessing a follow-through buying demand in the current month, indicating revival in upward momentum,” said Bajaj Broking Research. It expects Bank Nifty to maintain a positive bias and head towards 53,700 - 53,900 levels in the coming weeks being the previous major highs and price parity with its previous up move.
“Immediate bias remains positive and only a breach below the recent breakout area (52,000) can lead to some consolidation in the range of 51,000 - 52,000,” said the brokerage firm. According to Hrishikesh Yedve, the Bank Nifty index decisively breached the trend line resistance of 52,800 levels and formed a bullish candle on the daily chart, indicating strength. “Going forward, 53,800 – 54,000 will be the next key resistance zone.
As long as the index remains above 52,800, a ‘buy on dips’ approach remains prudent,” said Yedve. 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.
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