Nifty 50, Sensex today: What to expect from Indian stock market in trade on April 19

The trends connected Gift Nifty besides bespeak a gap-down commencement for the Indian benchmark index. The Gift Nifty was trading astir the 21,800 level, a discount of astir 260 points from the Nifty futures’ erstwhile close.

On Thursday, the home equity indices closed little for the 4th consecutive league with the Nifty falling beneath the 22,000 level.

The Sensex dropped 454.69 points to extremity astatine 72,488.99, portion the Nifty 50 scale settled 152.05 points, oregon 0.69%, little astatine 21,995.85.

Nifty formed a agelong carnivore candle connected the regular chart, which negated the insignificant upside bounce of the marketplace of the erstwhile session. 

Also Read: Indian banal market: 10 cardinal things that changed for marketplace overnight - Gift Nifty, Infosys Q4 results to enslaved yields

“Nifty is present placed astatine the borderline of moving beneath the important enactment of the 22,000 people (lower extremity of the ascending transmission and up inclination enactment connected the play chart). The affirmative illustration signifier similar higher tops and bottoms is intact. As agelong arsenic Nifty sustains supra 21,700 levels, the chances of an upside bounce from the lows arsenic per this signifier is likely," said Nagaraj Shetti, Senior Technical Research Analyst, HDFC Securities.

He believes the short-term inclination of Nifty remains weak. There is simply a anticipation of immoderate much weakness down to 21,800 - 21,700 levels successful the coming sessions.

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

Nifty 50 Prediction

The Nifty 50 scale witnessed precocious volatility connected April 18 and closed the time little by 152 points beneath the 22,000 mark.

“Nifty continued to weaken arsenic the scale remained beneath the captious moving mean of 21-EMA (Exponential Moving Average). However, connected the hourly chart, the scale has formed a bullish harami pattern, suggesting a imaginable bullish reversal successful the adjacent term. Additionally, a bullish divergence is evident connected the hourly chart," said Rupak De, Senior Technical Analyst, LKP Securities.

Looking ahead, helium believes the scale mightiness beforehand towards 22,200 / 22,300; sustained trading supra 22,300 could further fortify the market. Support is situated astatine 21,900.

Also Read: Buy oregon sell: Vaishali Parekh recommends 3 stocks to bargain contiguous — April 19

Bank Nifty Prediction

The Bank Nifty scale extended losses for the 4th league and closed 415 points little astatine 47,069.

“The Bank Nifty Index remains nether bearish control, with immoderate upward movements facing assertive selling, highlighting a prevailing ‘sell connected rise’ sentiment among traders. The large absorption for the scale is positioned astatine 48,000, wherever important telephone penning enactment has been observed, indicating beardown absorption astatine this level," said Kunal Shah, Senior Technical & Derivative Analyst astatine LKP Securities.

The wide marketplace code continues to beryllium bearish, and if the selling unit persists, the scale could trial its adjacent large enactment level astatine 46,500, wherever the 100-day EMA is located, 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: 19 Apr 2024, 07:28 AM IST