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Business News/ Markets / Stock Markets/  Nifty 50, Sensex today: What to expect from Indian stock market in trade on April 24
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Nifty 50, Sensex today: What to expect from Indian stock market in trade on April 24

The trends on Gift Nifty also indicate a strong start for the Indian benchmark index. The Gift Nifty was trading around 22,450 level, a premium of nearly 80 points from the Nifty futures’ previous close.

Nifty formed a small negative candle on Tuesday after the formation of doji type candle pattern on Monday, which is indicating ongoing range bound movement in the market. (Photo: AFP)Premium
Nifty formed a small negative candle on Tuesday after the formation of doji type candle pattern on Monday, which is indicating ongoing range bound movement in the market. (Photo: AFP)

The Indian stock market indices, Sensex and Nifty 50, are likely to open higher on Wednesday following gains in global markets.

The trends on Gift Nifty also indicate a strong start for the Indian benchmark index. The Gift Nifty was trading around 22,450 level, a premium of nearly 80 points from the Nifty futures’ previous close.

On Tuesday, the Indian stock market indices continued the upward momentum and ended higher for the third consecutive session.

The Sensex gained 89.83 points, or 0.12%, to close at 73,738.45, while the Nifty 50 settled 31.60 points, or 0.14%, higher at 22,368.00.

Nifty formed a small negative candle on Tuesday after the formation of doji type candle pattern on Monday, which is indicating ongoing range bound movement in the market. 

Also Read: Indian stock market: 7 key things that changed for market overnight - Gift Nifty, Tesla Q1 results to US PMI data

“Nifty is currently placed near the crucial overhead resistance of opening downside gap at 22,500 levels (15th April). The positive chart pattern like higher tops and bottoms is intact on the daily timeframe chart. Having formed a new higher bottom on 19th April at 21,777, the chances of higher top formation is likely," said Nagaraj Shetti, Senior Technical Research Analyst, HDFC Securities.

He believes the near-term uptrend status of Nifty remains intact and the short-term trend is choppy. 

“Further consolidation or minor dip could be a buying opportunity. A sustainable move above 22,500 could open next upside towards 22,800 levels," Shetti added.

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

Nifty OI Data

Analyzing the Nifty Open Interest (OI) data, the highest OI on the call side was observed at the 22,500 followed by the 22,600 strike prices. Conversely, on the put side, the highest OI was recorded at the 22,100 strike price, said Mandar Bhojane, Research Analyst at Choice Broking.

Also Read: Stock market today: Day trading guide for Nifty 50 to Sensex, six stocks to buy or sell today — April 24

Nifty 50 Prediction

The upside momentum with range bound action continued in the market on April 23 and the Nifty 50 index closed the day higher by 31 points amidst a choppy movement. 

“The Nifty remained sideways throughout the session as it failed to provide any directional breakout. However, the overall trend remains positive as the index closed above the critical moving average. The Relative Strength Index (RSI) is showing a bullish crossover with a reading below 60. On the higher end, the range of 22,350 - 22,400 is likely to act as a resistance zone; a decisive breakout above 22,400 might trigger a rally in the market," said Rupak De, Senior Technical Analyst, LKP Securities.

On the lower end, he believes the support is positioned at 22,250 and a breach below this level might weaken the bullish sentiment.

Also Read: Buy or sell: Vaishali Parekh recommends three stocks to buy today — April 24

Bank Nifty Prediction

The Bank Nifty index closed 46 points higher at 47,970 on Tuesday, forming a bearish candlestick pattern on the daily charts.

“The Bank Nifty index experienced a sideways trading session following a positive opening, with bears asserting dominance at higher levels. Despite this, the overall sentiment remains bullish, suggesting that dips should be seen as buying opportunities. Strong support is observed around the 47,800 - 47,700 zone. However, the immediate hurdle lies at 48,200 - 48,500," said Kunal Shah, Senior Technical & Derivative Analyst at LKP Securities.

A breakthrough above this resistance could pave the way for the index to achieve fresh all-time high levels, 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: 24 Apr 2024, 07:43 AM IST
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