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Business News/ Markets / Stock Markets/  Nifty 50, Sensex today: What to expect from Indian stock market in trade on April 23
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Nifty 50, Sensex today: What to expect from Indian stock market in trade on April 23

The trends on Gift Nifty indicate a flat start for the Indian benchmark index. The Gift Nifty was trading flat at around 22,370 levels.

Nifty 50 formed a small candle on the daily chart with an identical open and close and with a long lower shadow. (Photo: Bloomberg News)Premium
Nifty 50 formed a small candle on the daily chart with an identical open and close and with a long lower shadow. (Photo: Bloomberg News)

The Indian stock market indices, Sensex and Nifty 50, are likely to open higher on Tuesday led by positive global cues.

The trends on Gift Nifty indicate a flat start for the Indian benchmark index. The Gift Nifty was trading flat at around 22,370 levels.

On Monday, the domestic equity indices ended sharply higher for the second consecutive session, with the Nifty closing above the 22,300 level.

The Sensex rallied 560.29 points, or 0.77%, to close at 73,648.62, while the Nifty 50 settled 189.40 points, or 0.86%, higher at 22,336.40.

Nifty 50 formed a small candle on the daily chart with an identical open and close and with a long lower shadow. 

Also Read: Indian stock market: 6 key things that changed for market overnight - Gift Nifty, Japan PMI to Reliance Q4 results

“This market action indicates a formation of long legged doji or dragonfly doji type candle pattern. Having formed this pattern after one day of upmove, this doesn’t signal any significant alertness for bulls at the highs. Nifty has moved above the initial hurdle at 22,300 levels and is expected to encounter strong resistance at 22,500 levels (opening downside gap of 15th April) in the short term," said Nagaraj Shetti, Senior Technical Research Analyst, HDFC Securities. 

He believes if Nifty manages to sustain above 22,500, then the market could even reach new all-time highs in the near term.

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

Nifty OI Data

Analysis of Nifty Put options reveals a concentration of Open Interest (OI) at the 22,000 level, suggesting potential support for the ongoing expiry. On the Call side, significant OI concentrations are observed at the 22,500 and 22,600 levels, nearing an all-time high.

“Maintaining prices above this level could propel the market towards the 22,800 strike prices, which could act as potential resistance levels for the upcoming expiry. Traders and investors are encouraged to consider buying opportunities during Nifty dips and implement a suitable stop-loss strategy below the mentioned support levels," said Mandar Bhojane, Research Analyst at Choice Broking.

Also Read: Buy or sell: Vaishali Parekh recommends three stocks to buy today — April 23

Nifty 50 Prediction

Bulls continued to dominate the market as the Nifty 50 index continued with a follow-through upmove on April 22 and closed the day higher by 189 points.

“The trend has turned positive after reclaiming a critical near-term moving average. Sentiment is expected to remain favorable for bulls as long as it stays above 22,150. On the upside, the index could potentially move towards 22,600-22,700," said Rupak De, Senior Technical Analyst, LKP Securities.

Conversely, according to him, a drop below 22,150 could lead to consolidation in the index.

Also Read: Stock market today: Trade setup for Nifty 50 to Sensex, 7 stocks to buy or sell on Tuesday — April 23

Bank Nifty Prediction

The Bank Nifty index extended gains and ended 351 points higher at 47,925 on Monday.

“The Bank Nifty index exhibited continued bullish strength as it witnessed follow-up buying from lower levels. Currently, it is approaching a crucial resistance level of around 48,000, marked by the highest open interest on the call side. A decisive break above this level is anticipated to trigger further short-covering moves," said Kunal Shah, Senior Technical & Derivative Analyst at LKP Securities. 

Meanwhile, immediate support lies at 47,600 - 47,500 levels, suggesting that any dip towards this support zone could present a buying opportunity, 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: 23 Apr 2024, 07:29 AM IST
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