Nifty 50, Sensex today: What to expect from Indian stock market in trade on April 26

The trends connected Gift Nifty besides bespeak a positive start for the Indian benchmark index. The Gift Nifty was trading astir 22,694.50 level, a premium of 49.15 points from the Nifty futures’ erstwhile close.

On Thursday, the home equity indices ended higher for the 5th consecutive league connected a monthly F&O expiry day, with the Nifty closing supra the 22,500 level.

The Sensex rallied 486.50 points, oregon 0.66%, to adjacent astatine 74,339.44, portion the Nifty 50 settled 167.95 points, oregon 0.75%, higher astatine 22,570.35.

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Nifty 50 formed a agelong bull candle connected the regular illustration that has surpassed the important overhead absorption of the opening downside spread of 15th April astir 22,500 levels and closed higher.

“This is simply a affirmative denotation and is expected to effect successful much upside for the marketplace ahead. The affirmative illustration signifier similar higher tops and bottoms is connected the cards. Having formed a caller higher bottommost successful the past week astatine 21,777, the Nifty is expected to determination up from present to signifier a caller higher apical of the signifier astir 22,800 levels," said Nagaraj Shetti, Senior Technical Research Analyst, HDFC Securities.

He believes the abbreviated word uptrend seems to person resumed aft a tiny pause. Having moved supra the cardinal hurdle, the Nifty is expected to determination towards a caller all-time precocious of 22,800 and supra successful the adjacent term.

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

Nifty OI Data

Analysis of Nifty Put options indicates a attraction of Open Interest (OI) astatine the 22,500 level, suggesting imaginable support. On the Call side, important OI concentrations are observed astatine the 22,900 and 23,000 levels, nearing all-time highs.

Traders and investors are advised to see buying opportunities during Nifty dips and to instrumentality a suitable stop-loss strategy beneath the mentioned enactment levels, said Mandar Bhojane, Research Analyst astatine Choice Broking.

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Nifty 50 Prediction

After showing scope bound enactment successful the past mates of sessions, the Nifty 50 scale witnessed crisp upmove amidst volatility connected April 25 and closed the time higher by 167 points.

“The Bulls yet had their time arsenic the Nifty ended with a important greenish candle pursuing a bid of tiny candles, suggesting meaningful buying enactment during the day. Moreover, the scale continues to enactment supra the 21-day Exponential Moving Average (EMA), which is simply a captious near-term moving average. Additionally, the momentum indicator RSI is showing a bullish crossover, indicating affirmative momentum successful the scale value," said Rupak De, Senior Technical Analyst, LKP Securities.

Over the abbreviated term, helium believes the scale mightiness stay beardown with an upside imaginable ranging betwixt 22,750 - 22.800. On the little end, enactment is placed astatine 22.450.

Bank Nifty Prediction

The Bank Nifty scale surged 306 points to adjacent astatine 48,495 connected Thursday, forming a agelong bullish candlestick signifier connected the regular chart.

“The Bank Nifty scale exhibited important bullish spot arsenic it surpassed the contiguous hurdle of 48,300. This momentum reflects a beardown comeback by the bulls. The scale remains successful a bargain mode, with robust enactment noted astatine 48,000, wherever the highest unfastened involvement is observed connected the enactment side," said Kunal Shah, Senior Technical & Derivative Analyst astatine LKP Securities.

Additionally, during yesterday’s session, the scale recovered beardown enactment astatine its 20-DMA, starring to a notable reversal, indicating imaginable further upside towards the 49,000 / 50,000 mark, Shah added.

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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: 26 Apr 2024, 08:10 AM IST