The trends on Gift Nifty also indicate a gap-down start for the Indian benchmark index. The Gift Nifty was trading around the 21,800 level, a discount of nearly 260 points from the Nifty futures’ previous close.
On Thursday, the domestic equity indices closed lower for the fourth consecutive session with the Nifty falling below the 22,000 level.
The Sensex dropped 454.69 points to end at 72,488.99, while the Nifty 50 index settled 152.05 points, or 0.69%, lower at 21,995.85.
Nifty formed a long bear candle on the daily chart, which negated the minor upside bounce of the market of the previous session.
Also Read: Indian stock market: 10 key things that changed for market overnight – Gift Nifty, Infosys Q4 results to bond yields
“Nifty is now placed at the edge of moving below the crucial support of the 22,000 mark (lower end of the ascending channel and up trend line on the weekly chart). The positive chart pattern like higher tops and bottoms is intact. As long as Nifty sustains above 21,700 levels, the chances of an upside bounce from the lows as per this pattern is likely,” said Nagaraj Shetti, Senior Technical Research Analyst, HDFC Securities.
He believes the short-term trend of Nifty remains weak. There is a possibility of some more weakness down to 21,800 – 21,700 levels in the coming sessions.
Here’s what to expect from Nifty 50 and Bank Nifty today:
Nifty 50 Prediction
The Nifty 50 index witnessed high volatility on April 18 and closed the day lower by 152 points below the 22,000 mark.
“Nifty continued to weaken as the index remained below the critical moving average of 21-EMA (Exponential Moving Average). However, on the hourly chart, the index has formed a bullish harami pattern, suggesting a potential bullish reversal in the near term. Additionally, a bullish divergence is evident on the hourly chart,” said Rupak De, Senior Technical Analyst, LKP Securities.
Looking ahead, he believes the index might advance towards 22,200 / 22,300; sustained trading above 22,300 could further strengthen the market. Support is situated at 21,900.
Also Read: Buy or sell: Vaishali Parekh recommends three stocks to buy today — April 19
Bank Nifty Prediction
The Bank Nifty index extended losses for the fourth session and closed 415 points lower at 47,069.
“The Bank Nifty Index remains under bearish control, with any upward movements facing aggressive selling, highlighting a prevailing ‘sell on rise’ sentiment among traders. The major resistance for the index is positioned at 48,000, where significant call writing activity has been observed, indicating strong resistance at this level,” said Kunal Shah, Senior Technical & Derivative Analyst at LKP Securities.
The overall market tone continues to be bearish, and if the selling pressure persists, the index could test its next major support level at 46,500, where the 100-day EMA is located, Shah 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: 19 Apr 2024, 07:28 AM IST
Ananya Das is your guide to the latest trends, viral sensations, and internet phenomena. Based on a keen understanding of digital culture, Sophie navigates the ever-evolving landscape of trending topics. With an insightful and engaging approach, she explores what’s buzzing across social media platforms, ensuring readers stay in the loop with the most talked-about and shareable content online.
