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Business News/ Markets / Stock Markets/  Nifty 50, Sensex today: What to expect from Indian stock market in trade on April 15 amid Iran-Israel conflict
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Nifty 50, Sensex today: What to expect from Indian stock market in trade on April 15 amid Iran-Israel conflict

The trends on Gift Nifty also indicate a gap-down start for the Indian benchmark index. The Gift Nifty was trading around 22,460 level, a discount of nearly 140 points from the Nifty futures’ previous close.

Nifty 50 formed a long negative candle on the daily chart that has broken below the immediate support of the ascending trend line at 22,650 levels. (Photo: Bloomberg News)Premium
Nifty 50 formed a long negative candle on the daily chart that has broken below the immediate support of the ascending trend line at 22,650 levels. (Photo: Bloomberg News)

The Indian stock market indices, Sensex and Nifty 50, are expected to open lower on Monday tracking losses in global markets amid the Iran-Israel conflict.

The trends on Gift Nifty also indicate a gap-down start for the Indian benchmark index. The Gift Nifty was trading around 22,460 level, a discount of nearly 140 points from the Nifty futures’ previous close.

On Friday, the Indian stock market indices ended a percent lower each dragged by selling across the board amid weak global cues.

The Sensex plunged 793.25 points to close at 74,244.90, while the Nifty 50 settled 234.40 points, or 1.03%, lower at 22,519.40.

Nifty 50 formed a long negative candle on the daily chart that has broken below the immediate support of the ascending trend line at 22,650 levels. 

Also Read: Indian stock market: 10 key things that changed for market over weekend - Gift Nifty, Iran-Israel tensions to inflation

“Technically, this pattern indicates a formation of a crucial top reversal pattern and one may expect more weakness in the coming sessions. The hurdle of resistance trendline and Fibonacci projection around 22,800 levels have weighed high on the market and resulted in a reversal," said Nagaraj Shetti, Senior Technical Research Analyst, HDFC Securities.

On the weekly chart, Nifty 50 formed a small negative candle with an upper shadow, which is indicating a reversal pattern formation as per daily as well as weekly timeframe charts. This is not a good sign for bulls, Shetti added.

Nifty 50 Prediction

The Nifty 50 index ended sharply lower by 234 points on April 12 on profit booking across the board, hinting at a reversal in trend to down.

“Nifty slipped lower as it experienced a consolidation breakdown in the lower timeframe. The sentiment appears somewhat negative for the short term. However, there is observed support at 22,500 on a closing basis. As long as it maintains above 22,500 on a closing basis, we do not anticipate a significant correction in the market," said Rupak De, Senior Technical Analyst, LKP Securities.

Sustained trading above 22,500 could potentially push the index towards 22,650 - 22,700 once more. Conversely, a drop below 22,500 might initiate a correction of 200-250 points on the downside, he added.

Also Read: Buy or sell: Vaishali Parekh recommends three stocks to buy today — April 15

Bank Nifty Prediction

The Bank Nifty index declined 422 points to close at 48,565 on Friday.

“The Bank Nifty index experienced significant selling pressure, marking a return of bearish momentum after a prolonged period. The index is currently facing strong resistance at the 49,000 mark, and only a decisive close above this level could revive the upward trend towards the 50,000 mark," said Kunal Shah, Senior Technical & Derivative Analyst at LKP Securities.

Immediate support for the index is established at 48,000, where the highest open interest on the put side has been observed. A breach below this level could intensify the selling pressure, Shah added.

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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Published: 15 Apr 2024, 07:26 AM IST
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