Nifty 50, Sensex today: What to expect from Indian stock market in trade on April 3

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

The trends on Gift Nifty also indicate a negative start for the Indian benchmark index. The Gift Nifty was trading around 22,455 level, a discount of nearly 122 points from the Nifty futures’ previous close.

On Tuesday, the domestic equity indices snapped the three-day rally to end lower amid weak global cues.

The Sensex fell 110.64 points to close at 73,903.91, while the Nifty 50 settled 8.70 points, or 0.04%, lower at 22,453.30.

Also Read: Indian stock market: 8 key things that changed for market overnight - Gift Nifty, Tesla sales drop to rising oil prices

Nifty 50 formed a small negative candle on the daily chart with minor upper and lower shadows.

“Technically, this pattern signals the formation of a doji-type pattern. This is the back-to-back second such doji pattern in the last two sessions. The short-term trend of the Nifty remains positive. Though Nifty placed at the crucial overhead resistance around 22,500 levels, still there is no confirmation of any reversal pattern unfolding at the highs,” said Nagaraj Shetti, Senior Technical Research Analyst, HDFC Securities.

He believes a decisive move above the hurdle of 22,500 - 22,600 levels could open more upside in the near term.

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

Nifty OI Data

Analysis of the Nifty Open Interest (OI) data highlights the highest OI on the call side at the 22,700 strike price, followed by the 22,800 strike price. On the put side, the highest OI was observed at the 22,300 strike price, said Mandar Bhojane, Research Analyst at Choice Broking.

Also Read: Stock market today: Day trading guide for Nifty 50 to Sensex, seven stocks to buy or sell on April 3

Nifty 50 Prediction

The Nifty 50 index shifted into a breather mode on April 2 and closed the day lower by 8 points.

“The Nifty traded within a range following a flat start. The index formed back-to-back doji patterns on the daily chart, typically indicating a pause before the next move. However, sentiment remains positive, with the Nifty closing above the important moving average. Momentum also remains positive, as indicated by the RSI in bullish crossover,” said Rupak De, Senior Technical Analyst, LKP Securities.

Over the short term, he believes the trend is positive, with the potential to reach 22,650 - 22,700. Support is positioned at 22,350 - 22,300 on the lower end.

Also Read: Buy or sell: Vaishali Parekh recommends three stocks to buy today — April 3

Bank Nifty Prediction

The Bank Nifty consolidated and ended 33 points lower at 47,545 on Tuesday.

“The Bank Nifty index maintained a narrow consolidation pattern in anticipation of the RBI policy. With downside support at 47,000 and upside resistance at 48,000, a breakout in either direction could trigger significant market moves,” said Kunal Shah, Senior Technical & Derivative Analyst at LKP Securities.

Despite the consolidation, the overall sentiment remains bullish, suggesting that dips should be seen as buying opportunities, especially with immediate support around the 47,400 - 47,350 zone, 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.