In response to subpar global market cues, it is anticipated that the Sensex and Nifty 50 indexes of the Indian stock market will open lower on Wednesday.
A bad start for the Indian benchmark index is also suggested by the trends on Gift Nifty. At the previous close of the Nifty futures, the Gift Nifty was trading at a discount of almost 122 points, at 22,455.
The domestic equity indices ended lower on Tuesday, with little indication from around the world, capping a three-day rally.
With the Nifty 50 closing 8.70 points, or 0.04%, lower at 22,453.30, the Sensex dropped 110.64 points to close at 73,903.91.
The daily chart of the Nifty 50 showed a small negative candle with slight upper and lower shadows.
According to theory, this pattern denotes the beginning of a doji-style pattern. In the last two sessions, this is the second consecutive back-to-back doji pattern. The Nifty’s short-term trend is still rising. Even though the Nifty closed at the critical overhead resistance at 22,500, no reversal pattern has been confirmed to be developing at the highs, according to Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities.
He thinks there could be more upside in the near future if there is a clear push above the 22,500–22,600 level barrier.
What can be anticipated from Bank Nifty and Nifty 50 today is as follows:
Nifty OI Data
The highest Open Interest (OI) on the call side is found at the 22,700 strike price, followed by the 22,800 strike price, according to an analysis of the Nifty OI data. The highest OI on the put side was noted at the 22,300 strike price, according to Choice Broking Research Analyst Mandar Bhojane.
Nifty 50 Forecast
On April 2, the Nifty 50 index entered a rest mode and ended the day down 8 points.
After opening flat, the Nifty moved in a range. On the daily chart, the index created consecutive doji patterns, which usually signal a pause before the next move. Nonetheless, the Nifty closed above the significant moving average, indicating that sentiment is still positive. The RSI in a bullish crossover indicates that momentum is still positive, according to Rupak De, Senior Technical Analyst at LKP Securities.
In the near future, he thinks the trend is promising and could rise to 22,650–22,700. The lower end of 22,350–22,300 is where support is located.
Forecast for the Bank Nifty
Tuesday’s Bank Nifty settled in at 47,545, down 33 points from its opening price.
In advance of the RBI policy, the Bank Nifty index kept up a narrow consolidation pattern. According to Kunal Shah, Senior Technical & Derivative Analyst at LKP Securities, “a breakout in either direction could trigger significant market moves, with upside resistance at 48,000 and downside support at 47,000.”
The general mood is still bullish despite the consolidation, indicating that dips should be viewed as buying opportunities, Shah continued, especially with immediate support located in the 47,400–47,350 zone.
Disclaimer: This is not a statement about Businessuncover; rather, it is the opinion of specific analysts or broking firms. Before making any investment decisions, we advise investors to consult with qualified specialists.
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