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Business News/ Markets / Stock Markets/  Nifty 50, Sensex today: What to expect from Indian stock market in trade on April 2
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Nifty 50, Sensex today: What to expect from Indian stock market in trade on April 2

The trends on Gift Nifty also indicate a gap-down start for the Indian benchmark index. The Gift Nifty was trading around 22,550 level, a discount of nearly 50 points from the Nifty futures’ previous close.

Nifty 50 formed a small positive candle on the daily chart with an upper shadow. Premium
Nifty 50 formed a small positive candle on the daily chart with an upper shadow.

The Indian stock market indices, Sensex and Nifty 50, are likely to open lower on Tuesday following weak global market cues.

The trends on Gift Nifty also indicate a gap-down start for the Indian benchmark index. The Gift Nifty was trading around 22,550 level, a discount of nearly 50 points from the Nifty futures’ previous close.

On Monday, the domestic equity benchmarks indices ended half a percent higher after hitting new record highs during the session, with the Nifty 50 closing above the 22,400 level.

The Sensex gained 363.20 points to close at 74,014.55, while the Nifty 50 settled 135.10 points, or 0.61%, higher at 22,462.00.

Nifty 50 formed a small positive candle on the daily chart with an upper shadow. 

Also Read: Indian stock market: 7 key things that changed for market overnight - Gift Nifty, US Treasury yields to oil prices

“Technically, this pattern indicates the formation of a type candle pattern. Such doji formation at new highs/after a reasonable upmove signal chances of consolidation or minor dip from the higher levels," said Nagaraj Shetti, Senior Technical Research Analyst, HDFC Securities.

He believes the overall larger trend of Nifty remains positive and the market is now in an attempt of breaking above the crucial overhead resistance of 22,500 - 22,550 levels. 

“Though, Nifty is now placed at the crucial hurdle of around 22,500 levels, the overall chart pattern remains positive and we are unlikely to see any sharp decline from here. Any consolidation or dip could be a buying opportunity. Eventually, Nifty could show a decisive upside breakout of 22,500 levels and the near-term upside target would be around 22,800," said Shetti.

Here’s what to expect from Nifty 50 and Bank Nifty today:

Nifty OI Data

Analysing the Nifty Open Interest (OI) data, Deven Mehata, Research Analyst at Choice Broking noted that on the call side, the highest OI was observed at 22,500 strike prices while on the put side, the highest OI was at 22,200 strike price.

Also Read: Buy or sell: Vaishali Parekh recommends three stocks to buy today — April 2

Nifty 50 Prediction

The Nifty 50 index continued with a follow-through upmove with range movement on April 1 and closed the day higher by 135 points. The index hit an all-time high of 22,529.95 during the session.

“The Nifty index encountered a sideways trading session following a robust start, encountering resistance at 22,500, coinciding with the highest open interest on the call side. To maintain the upward momentum, the index must decisively breach the 22,500 mark, paving the way for further gains towards 22,700/ 22,800 levels," said Kunal Shah, Senior Technical & Derivative Analyst, LKP Securities.

On the downside, Shah believes support is situated at 22,350, and as long as the index holds above this level, the overall outlook remains optimistic.

Also Read: Small-, mid-caps erase most losses since mid-March

Bank Nifty Prediction

The Bank Nifty index jumped 454 points to end at 47,578 on Monday, forming a bullish candlestick pattern on the daily charts.

“The Bank Nifty index displayed upward movement leading up to the crucial RBI policy session this week, surpassing the immediate hurdle at 47,500. With lower-end support around the 47,000 - 46,800 zone, any retracement towards this level presents a favorable opportunity for long positions," Shah said.

According to him, the next obstacle for the Bank Nifty is at 48,000 and post the RBI policy announcement, market direction and sentiment are expected to become clearer.

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: 02 Apr 2024, 07:29 AM IST
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