The Indian stock market benchmark indices, Sensex and Nifty 50, are likely to open higher on Wednesday, tracking strong global market cues, amid hopes of the resumption of US–Iran talks and early signs of de-escalation in the Middle East conflict.
The trends on Gift Nifty also indicate a gap-up start for the Indian benchmark index. The Gift Nifty was trading around 24,229 level, a premium of nearly 370 points from the Nifty futures’ previous close.
The BSE and NSE were closed for trading on Tuesday, April 14, for a stock market holiday on the account of Dr Baba Saheb Ambedkar Jayanti.
On Monday, the Indian stock market ended sharply lower, with the benchmark Nifty 50 closing below 23,900 level.
The Sensex crashed 702.68 points, or 0.91%, to close at 76,847.57, while the Nifty 50 settled 207.95 points, or 0.86%, lower at 23,842.65.
Here’s what to expect from Sensex, Nifty 50 and Bank Nifty today:
Sensex Prediction
Sensex has slipped below the crucial 77,000 level, indicating near-term weakness.
“Immediate support for Sensex is placed near 76,250 – 76,400, while resistance is seen around 77,300 – 77,450. A breakdown below support could extend the decline further, while any pullback towards resistance may face selling pressure. Overall, the market is exhibiting a weak and volatile structure, with sentiment turning cautious amid global uncertainties,” said Aakash Shah, Research Analyst, Choice Equity Broking.
The near-term outlook suggests continued consolidation with a negative bias, unless key resistance levels are reclaimed decisively, he added.
Nifty Options Data
In the derivatives segment, notable call writing was observed at the 23,900 and 24,000 strike levels, indicating immediate resistance. On the put side, significant writing at 23,800 and 23,700 levels suggests support at lower levels. PCR stands at 1.09, indicating a mildly bullish stance.
Nifty 50 Prediction
Nifty 50 formed a long bullish candle on the daily chart, which indicates a formation of counter attack of bull type pattern.
“After the series of bearish lower tops and bottoms formations in the recent past, Nifty 50 registering a new higher low at 23,555 on Monday could be a sigh of relief for bulls to sustain the recent bounce back,” said Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities.
According to him, the weakness of Monday has not damaged the underlying near-term uptrend status of the market, and Nifty 50 is now placed at the crucial support of 23,500 levels and one may expect further upside in the near term. Immediate resistance is at 24,100.
Nilesh Jain, VP- Head of Technical and Derivative research at Centrum Finverse Ltd. noted that the broader structure remains positive, supporting a buy-on-decline strategy as long as the Nifty 50 index holds above its 21-DMA, placed at 23,270.
“A decisive move above 24,000 could trigger short covering, potentially driving the index towards the 24,200 – 24,400 zone. Momentum indicators and oscillators continue to signal strength, with the RSI holding above the 50 mark. Meanwhile, the volatility index surged by 8% to close above 20, which remains a concern; a cool down in volatility would be reassuring for the bulls,” said Jain.
Riyank Arora, Associate Vice President – HNI & Derivatives, Hedged.in said that Nifty 50, holding firmly above the 23,700 mark, indicates that the bullish structure remains intact despite some intraday volatility.
“The index continues to trade in an uptrend, with immediate support placed around 23,700 – 23,500, which is expected to act as a strong cushion on any dips. The trend continues to remain bullish. Any short-term consolidation or minor pullbacks should be considered as buying opportunities as long as key support levels are maintained,” said Arora.
Bank Nifty Prediction
Bank Nifty ended 307.70 points, or 0.55%, lower at 55,605.05, on Monday, forming a bullish candle with a lower high and a lower low.
“The 55,900 – 56,000 zone is expected to act as a key resistance area for Bank Nifty index. A sustained move above 56,000 could extend the pullback rally towards 56,500, followed by 57,200 in the short term. On the downside, the 55,100 – 55,000 zone will remain a crucial support for the index,” said Sudeep Shah – Head of Technical and Derivatives Research at SBI Securities.
Om Mehra, Technical Research Analyst, SAMCO Securities highlighted that on the daily chart, the Bank Nifty index continues to trade around the 50% Fibonacci retracement level placed near 55,800.
“Bank Nifty index is currently positioned above the 10 EMA, which has seen a positive crossover with the 20 EMA, while the 50-Day SMA near 57,300 continues to act as resistance. The RSI is placed near 52, indicating a gradual improvement in momentum, while the MACD remains in positive territory with a rising histogram. On the upside, 56,000 – 56,300 the immediate resistance zone,” said Mehra.
According to him, a sustained close above this band is required for further upside extension, while on the downside, 54,800 – 54,400 remains the key support zone, and holding above this range will be important to maintain the ongoing recovery phase.
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.
