Nifty 50, Sensex today: What to expect from Indian stock market in trade on April 29

The trends connected Gift Nifty besides bespeak a gap-up commencement for the Indian benchmark index. The Gift Nifty was trading astir 22,655 level, a premium of astir 100 points from the Nifty futures’ erstwhile close.

On Friday, the home equity indices snapped their five-day winning streak and ended implicit fractional a percent little each.

The Sensex declined 609.28 points to adjacent astatine 73,730.16, portion the Nifty 50 settled 150.40 points, oregon 0.67%, little astatine 22,419.95.

Nifty 50 formed a agelong antagonistic candle connected the regular illustration connected Friday, conscionable beside the agelong bull candle of Thursday. 

Also Read: Indian banal market: 7 cardinal things that changed for marketplace implicit play - Gift Nifty, US ostentation to tech stocks rally

“This is signaling a enactment of bearish acheronian unreality screen benignant candle signifier astatine the highs. After the decisive upside breakout of the important downside spread absorption of 15th April connected Thursday astatine 22,500 levels, Nifty subsequently reacting down successful the adjacent league whitethorn not beryllium a bully motion for bulls," said Nagaraj Shetti, Senior Technical Research Analyst, HDFC Securities.

A tiny affirmative candle was formed connected the play illustration with a agelong precocious shadow. After a bid of higher precocious formations, the marketplace seems to person formed a little precocious successful this week.

“The short-term inclination of Nifty seems to person reversed down aft a tenable emergence from the lows. Immediate enactment is placed astatine 22,300 and the weakness beneath this enactment could trigger much declines ahead," Shetti said.

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

Nifty 50 Prediction

The Nifty 50 scale witnessed a crisp U crook connected the downside connected April 26 and closed the time little by 150 points.

“The Nifty remained nether selling unit passim the league arsenic the scale failed to prolong supra the important level of 22,500. On the regular chart, a acheronian unreality screen signifier is observed, indicating a imaginable bearish reversal. Immediate enactment is situated astatine 22,300, beneath which the Nifty could widen its losses towards 22,000," said Rupak De, Senior Technical Analyst, LKP Securities.

On the different hand, helium believes the level of 22,500 mightiness enactment arsenic a method absorption for the Nifty.

Also Read: Buy oregon sell: Vaishali Parekh recommends 3 stocks to bargain contiguous — April 29

Bank Nifty Prediction

The Bank Nifty scale plunged 294 points to extremity astatine 48,201 connected Friday, forming a bearish candlestick signifier connected the regular charts.

“Despite facing selling unit from higher levels, the Bank Nifty scale managed to support the important enactment astatine 48,000. The bullish sentiment persists arsenic agelong arsenic it remains supra this level, wherever important unfastened involvement is concentrated connected the enactment side," said Kunal Shah, Senior Technical & Derivative Analyst astatine LKP Securities.

Currently, the contiguous hurdle lies astatine 48,600, and a decisive breakthrough supra this level could pave the mode for caller all-time highs successful the index, Shah added.

Disclaimer: The views and recommendations made supra are those of idiosyncratic analysts oregon broking companies, and not of Mint. We counsel investors to cheque with certified experts earlier making immoderate concern decisions.

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Published: 29 Apr 2024, 07:22 AM IST