Nifty 50, Sensex today: What to expect from Indian stock market in trade on April 29
- The trends on Gift Nifty also indicate a gap-up start for the Indian benchmark index. The Gift Nifty was trading around 22,655 level, a premium of nearly 100 points from the Nifty futures’ previous close.
The Indian stock market indices, Sensex and Nifty 50, are expected to open higher on Monday following positive global market cues.
The trends on Gift Nifty also indicate a gap-up start for the Indian benchmark index. The Gift Nifty was trading around 22,655 level, a premium of nearly 100 points from the Nifty futures’ previous close.
On Friday, the domestic equity indices snapped their five-day winning streak and ended over half a percent lower each.
The Sensex declined 609.28 points to close at 73,730.16, while the Nifty 50 settled 150.40 points, or 0.67%, lower at 22,419.95.
Nifty 50 formed a long negative candle on the daily chart on Friday, just beside the long bull candle of Thursday.
“This is signaling a formation of bearish dark cloud cover type candle pattern at the highs. After the decisive upside breakout of the crucial downside gap resistance of 15th April on Thursday at 22,500 levels, Nifty subsequently reacting down in the next session may not be a good sign for bulls,” said Nagaraj Shetti, Senior Technical Research Analyst, HDFC Securities.
A small positive candle was formed on the weekly chart with a long upper shadow. After a series of higher high formations, the market seems to have formed a lower high in this week.
“The short-term trend of Nifty seems to have reversed down after a reasonable rise from the lows. Immediate support is placed at 22,300 and the weakness below this support could trigger more declines ahead,” Shetti said.
Here’s what to expect from Nifty 50 and Bank Nifty today:
Nifty 50 Prediction
The Nifty 50 index witnessed a sharp U turn on the downside on April 26 and closed the day lower by 150 points.
“The Nifty remained under selling pressure throughout the session as the index failed to sustain above the crucial level of 22,500. On the daily chart, a dark cloud cover pattern is observed, indicating a potential bearish reversal. Immediate support is situated at 22,300, below which the Nifty could extend its losses towards 22,000,” said Rupak De, Senior Technical Analyst, LKP Securities.
On the other hand, he believes the level of 22,500 might act as a technical resistance for the Nifty.
Bank Nifty Prediction
The Bank Nifty index plunged 294 points to end at 48,201 on Friday, forming a bearish candlestick pattern on the daily charts.
“Despite facing selling pressure from higher levels, the Bank Nifty index managed to defend the crucial support at 48,000. The bullish sentiment persists as long as it remains above this level, where significant open interest is concentrated on the put side,” said Kunal Shah, Senior Technical & Derivative Analyst at LKP Securities.
Currently, the immediate hurdle lies at 48,600, and a decisive breakthrough above this level could pave the way for new all-time highs in the index, Shah added.
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