Nifty 50, Sensex on April 1: What to expect in trade today

The trends on Gift Nifty also indicate a positive start for the Indian benchmark index. The Gift Nifty was trading around 22,530 level, a premium of nearly 40 points from the Nifty futures’ previous close.

On Thursday, the domestic equity indices ended sharply higher amid positive global cues, with the benchmark Nifty 50 closing above the 22,300 level.

The Sensex spiked 655.04 points to close at 73,651.35, while the Nifty 50 settled 203.25 points, or 0.92%, higher at 22,326.90.

Nifty 50 formed a reasonable bull candle on the daily chart with a long upper shadow. 

“This pattern indicates high volatility in the market near the all-time highs around 22,500 levels. One may expect the Nifty to find support from the lows and is expected to move up further. Nifty on the weekly chart showed a follow-through upmove this week. The 10-week EMA (Exponential Moving Average) has offered support around 22,000 levels this week and resulted in a reasonable upmove. Bullish pattern like higher tops and bottoms is intact as per weekly timeframe chart,” said Nagaraj Shetti, Senior Technical Research Analyst, HDFC Securities.

Shetti believes the near-term uptrend of Nifty remains intact with high volatility. The next upside levels to be watched are around 22,500 – 22,600 this week.

Also Read: Indian stock market: 10 key things that changed for market over weekend – Gift Nifty, US GDP, inflation to China’s PMI

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

Nifty 50 Prediction

The Nifty 50 index witnessed a decisive intraday upside breakout of the range with high volatility on March 28 and closed the day higher by 203 points.

“The Nifty has rallied significantly, surpassing the 22,500 mark after maintaining momentum beyond 22,100. Furthermore, there’s a clear breakout in consolidation on the daily timeframe, signaling rising optimism. Nevertheless, the Nifty encountered initial resistance near its previous swing high of 22,526. Consequently, to sustain a continued rally, it must surpass the 22,525 level decisively,” said Rupak De, Senior Technical Analyst, LKP Securities.

On the downside, he believes 22,200 could serve as short-term support.

Rahul Ghose, CEO, Hedged.in says that the key thing to watch out for now on the Nifty Index is whether or not we have a closing above 22,400 on Monday after the long weekend. 

“The current daily candle is not very comforting but may just be as a result of expiry-related adjustments. If we see a closing above 22,400 on Monday or if we see prices close above 22,500 this week, the up move will remain and we can expect 22,900 on the index,” Ghose said.

Also Read: Buy or sell: Vaishali Parekh recommends three stocks to buy today — 1st April

Bank Nifty 

The Bank Nifty index rallied 339 points to end at 47,125 on March 28.

“After a period of bullish resurgence, the Bank Nifty index exhibited strength by surpassing the 20-day moving average hurdle set at 47,000, backed by significant volumes. Despite this, it faced resistance around the 47,500 mark. A decisive breach above this resistance could propel the index towards the 48,000 level,” said Kunal Shah, Senior Technical & Derivative Analyst at LKP Securities.

Conversely, according to Shah, the immediate support is situated at the 47,000 – 46,800 zone. A conclusive drop below this support level, especially on a closing basis, might indicate a false breakout scenario, he 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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Published: 01 Apr 2024, 07:26 AM IST