Nifty 50, Sensex today: What to expect from Indian stock market in trade on April 26
The Indian stock market indices, Sensex and Nifty 50, are expected to open in green on Friday amid positive global market cues.
The trends on Gift Nifty also indicate a positive start for the Indian benchmark index. The Gift Nifty was trading around 22,694.50 level, a premium of 49.15 points from the Nifty futures’ previous close.
On Thursday, the domestic equity indices ended higher for the fifth consecutive session on a monthly F&O expiry day, with the Nifty closing above the 22,500 level.
The Sensex rallied 486.50 points, or 0.66%, to close at 74,339.44, while the Nifty 50 settled 167.95 points, or 0.75%, higher at 22,570.35.
Nifty 50 formed a long bull candle on the daily chart that has surpassed the crucial overhead resistance of the opening downside gap of 15th April around 22,500 levels and closed higher.
“This is a positive indication and is expected to result in more upside for the market ahead. The positive chart pattern like higher tops and bottoms is on the cards. Having formed a new higher bottom in the last week at 21,777, the Nifty is expected to move up from here to form a new higher top of the pattern around 22,800 levels,” said Nagaraj Shetti, Senior Technical Research Analyst, HDFC Securities.
He believes the short term uptrend seems to have resumed after a small pause. Having moved above the key hurdle, the Nifty is expected to move towards a new all-time high of 22,800 and above in the near term.
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 22,500 level, suggesting potential support. On the Call side, significant OI concentrations are observed at the 22,900 and 23,000 levels, nearing all-time highs.
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.
Nifty 50 Prediction
After showing range bound action in the last couple of sessions, the Nifty 50 index witnessed sharp upmove amidst volatility on April 25 and closed the day higher by 167 points.
“The Bulls finally had their day as the Nifty ended with a significant green candle following a series of small candles, suggesting meaningful buying activity during the day. Moreover, the index continues to stay above the 21-day Exponential Moving Average (EMA), which is a critical near-term moving average. Additionally, the momentum indicator RSI is showing a bullish crossover, indicating positive momentum in the index value,” said Rupak De, Senior Technical Analyst, LKP Securities.
Over the short term, he believes the index might remain strong with an upside potential ranging between 22,750 – 22.800. On the lower end, support is placed at 22.450.
Bank Nifty Prediction
The Bank Nifty index surged 306 points to close at 48,495 on Thursday, forming a long bullish candlestick pattern on the daily chart.
“The Bank Nifty index exhibited significant bullish strength as it surpassed the immediate hurdle of 48,300. This momentum reflects a strong comeback by the bulls. The index remains in a buy mode, with robust support noted at 48,000, where the highest open interest is observed on the put side,” said Kunal Shah, Senior Technical & Derivative Analyst at LKP Securities.
Additionally, during yesterday’s session, the index found strong support at its 20-DMA, leading to a notable reversal, indicating potential further upside towards the 49,000 / 50,000 mark, 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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