Nifty 50 and Sensex today: The Indian standard index is out to a strong start, according to Gift Nifty’s trends. The Gift Nifty was trading at a premium of around 100 points over the previous closing of the Nifty futures, at 22,655.
The Monday opening of the Sensex and Nifty 50 Indian stock market indices is anticipated to be higher due to favorable indications from the global market.
The Indian benchmark index is out to a strong start, according to Gift Nifty’s trends. The Gift Nifty was trading at a premium of around 100 points over the previous closing of the Nifty futures, at 22,655.
The domestic equity indices closed more than half a percent down on Friday, ending a five-day winning streak.
The Nifty 50 closed 150.40 points, or 0.67%, lower at 22,419.95, while the Sensex dropped 609.28 points to conclude at 73,730.16.
On the daily chart, Nifty 50 developed a long negative candle on Friday right next to the long bull candle on Thursday.
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At the highs, this indicates the formation of a bearish dark cloud cover-type candle pattern. The fact that Nifty pulled back in the following session after decisively breaking over the critical downside gap barrier of April 15 around 22,500 levels on Thursday may not be a good sign for bulls, according to Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities.
On the weekly chart, a little, positive candle with a long upper shadow formed. The market appears to have established a lower high this week following a string of higher high patterns.
“The Nifty’s short-term trend appears to have turned negative following a sensible recovery from the lows. The 22,300 mark serves as immediate support, and any weakness below it could lead to further falls in the future, according to Shetti.
What to anticipate from Bank Nifty and Nifty 50 today is as follows:
Nifty 50 Prediction
On April 26, the Nifty 50 index had a severe U-turn to the downside, ending the day 150 points lower.
“Throughout the session, selling pressure on the Nifty persisted as the index was unable to hold above the critical threshold of 22,500. A heavy cloud cover pattern on the daily chart suggests a possible bearish reversal. The Nifty could extend its losses towards 22,000 below the immediate support level of 22,300, according to Rupak De, Senior Technical Analyst at LKP Securities.
On the other hand, he believes the level of 22,500 might act as a technical resistance for the Nifty.
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Bank Nifty Prediction
On the daily charts, the Bank Nifty index formed a bearish candlestick pattern as it fell 294 points to close at 48,201 on Friday.
“Despite selling pressure from higher levels, the Bank Nifty index held onto the critical 488,000 support level.” Kunal Shah, Senior Technical & Derivative Analyst at LKP Securities, stated that “as long as it stays above this level, where significant open interest is concentrated on the put side, the bullish sentiment will persist.”
The immediate barrier is currently at 48,600, and Shah noted that a significant advance over this level may open the door for new all-time highs in the index.
