May 29, 2024
Stock Market

Nifty 50, Sensex today: What to expect from Indian stock market in trade on April 25

The Indian stock market benchmark indices, Sensex and Nifty 50, are expected to open lower on Thursday amid 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 22,350 level, a discount of nearly 60 points from the Nifty futures’ previous close.

On Wednesday, the domestic equity indices registered fourth straight session of gains, with the benchmark Nifty 50 closing above the 22,400 level.

The Sensex gained 114.49 points, or 0.16%, to close at 73,852.94, while the Nifty 50 settled 34.40 points, or 0.15%, higher at 22,402.40.

Nifty 50 formed a small negative candle on the daily chart with minor upper shadow.

Also Read: Indian stock market: 7 key things that changed for market overnight – Gift Nifty, fall in Meta shares to Treasury yields

“Technically, this pattern indicates range bound movement in the market around 22,450 – 22,500 levels. Nifty is currently placed near the crucial overhead resistance of previous opening downside gap of 15th April around 22,500 levels. As long as the Nifty fails to show any sharp decline from near the key resistance, there is a higher possibility of a decisive upside breakout of the said resistance in the near term,” said Nagaraj Shetti, Senior Technical Research Analyst, HDFC Securities.

He believes the short-term trend of Nifty is range bound with positive bias.

“The present range bound action could eventually result in a decisive upside breakout in the near term. A decisive move above 22,500 is expected to open the next upside target of 22,800 levels in the near term,” Shetti added.

Also Read: Buy or sell: Vaishali Parekh recommends three stocks to buy today — April 25

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

Nifty OI Data

Analysis of Nifty Put options indicates 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 22,700 levels, nearing all-time highs. Sustaining prices above these levels could propel the market towards the 22,800 strike prices, which might serve as resistance levels for the upcoming expiry.

Traders and investors are advised to consider buying opportunities during Nifty dips and to implement a suitable stop-loss strategy below the mentioned support levels, said Mandar Bhojane, Research Analyst at Choice Broking.

Also Read: Market fear gauge VIX sees sharpest fall in 5 yr before change in Nifty lot size

Nifty 50 Prediction

The Nifty 50 index closed the choppy session on April 24 higher by 34 points above the 22,400 level.

“The Nifty remained sideways throughout the session before closing with a slight gain. Sentiment for the short term continues to remain positive as the index closed above the critical moving average. The positive crossover in the RSI also supports the positive momentum. On the higher end, immediate resistance is placed at 22,500,” said Rupak De, Senior Technical Analyst, LKP Securities.

He is of the view that a decisive move above 22,500 might take the index towards 22,750 – 22,800 over the short term, while support is placed at 22,350-22,400.

Also Read: Stock market today: Three stocks under F&O ban list on April 25

Bank Nifty Prediction

The Bank Nifty index ended extended gains for the fourth consecutive session to end 219 points higher at 48,189, forming a small bullish candlestick pattern on the daily charts.

“The Bank Nifty saw a sideways trading session following a positive start, holding firm around the support zone of 48,000 – 47,800. Immediate resistance is noted at 48,500, and a decisive breakthrough could signal further upside towards 49,500 / 50,000 levels,” said Kunal Shah, Senior Technical & Derivative Analyst at LKP Securities.

With the overall sentiment remaining bullish, any pullbacks towards the support zone should be viewed as buying opportunities, 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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