Nifty 50, Sensex today: What to expect from Indian stock market in trade on April 1

The Indian stock market benchmark indices, Sensex and Nifty 50, are likely to open lower on Tuesday, tracking mixed global market cues.

The trends on Gift Nifty also indicate a gap-down start for the Indian benchmark index. The Gift Nifty was trading around 23,461 level, a discount of nearly 176 points from the Nifty futures’ previous close.

The Indian stock market was shut on Monday, March 31, in observance of Eid-ul-Fitr.

On Friday, the domestic equity market ended lower amid profit booking, with the Nifty 50 holding the 23,500 level.

The Sensex declined 191.51 points, or 0.25%, to close at 77,414.92, while the Nifty 50 settled 72.60 points, or 0.31%, lower at 23,519.35.

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

Nifty OI Data

Nifty Open Interest (OI) data suggests resistance at 23,600 and 24,000, while 23,300 acts as strong support. A breakout above 23,800 could accelerate further gains, and traders should closely watch these levels to confirm the next trend direction.

Nifty 50 Prediction

Nifty 50 slipped into weakness amidst range movement on March 28 and closed the day lower by 72 points.

“A reasonable negative candle was formed on the daily chart, which indicates an inability of bulls to continue with follow through upmove. The present chart pattern signals chances of range bound action developing within a high low of around 23,650 - 23,400 levels. Nifty 50 on the weekly chart formed a small candle with a long upper shadow. Technically, this market action indicates a formation of doji type candle pattern (type of gravestone doji -not a classical one). This market action suggests more consolidation for the short term,” said Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities.

According to him, the near-term uptrend of Nifty 50 remains intact and the downward correction from the highs has not damaged the underlying uptrend so far.

“Immediate support is placed at 23,400 - 200-day Exponential Moving Average (EMA) - and the overhead resistance to be watched around 23,650 levels and next 23,850 for this week,” Shetti said.

Om Mehra, Technical analyst, SAMCO Securities, highlighted that the Nifty 50 index remained resilient on a weekly basis and gained 0.72%, and posted a strong monthly return of 6.30%.

“On the daily chart, Nifty exhibits a higher high and higher low formation, strengthening its bullish momentum. The index is comfortably positioned above the 20, 50, and 100 EMAs, while the daily RSI remains steady above the 60 mark, indicating sustained strength. The support levels include the 23.6% Fibonacci retracement at 23,500, offering minor support, while a more substantial cushion is placed at the 38.2% retracement level at 23,280. Nifty may consolidate for some time before making its next decisive move,” said Mehra.

According to Hrishikesh Yedve, AVP Technical and Derivatives Research at Asit C. Mehta Investment Interrmediates Ltd., Nifty 50 respected the 100-Days EMA support near 23,400 and formed a red candle on the daily chart. However, on the weekly scale, the index formed a doji candle, indicating uncertainty.

“Nifty 50 index continues to face resistance in the 23,800 – 23,810 zone, and a decisive move above 23,810 could extend the rally towards 24,000 – 24,080, where the 200-Day Simple Moving Average (200-DSMA) is positioned. On the flip side, sustaining below 23,400 could lead to further weakness towards 23,200 - 23,000 levels. Traders should monitor these levels for potential trading opportunities,” said Yedve.

VLA Ambala, Co-Founder of Stock Market Today, noted that the Nifty 50 formed a gravestone doji candlestick pattern on the weekly chart, which indicates a negative sentiment if it closes below 23,390.

“According to the market analysis, the 23,350 to 23,400 range can be considered as a key for market movements and trading strategy in the upcoming week. In intraday trade, Nifty might expect support between 23,415 and 23,300, while resistance can be found near 23,600 and 23,670. However, with a long weekend, any significant gap opening or gap can affect market trends differently,” Ambala said.

Bank Nifty Prediction

Bank Nifty index ended 11.00 points, or 0.02%, lower at 51,564.85 on Friday, forming a small red candle, while on the weekly scale, it registered a green candle, reflecting underlying strength.

“Bank Nifty index continues to hold above the 200-DSMA, reinforcing a positive outlook. On the upside, 51,850 and 52,000 are key resistance levels, and a sustained move above 52,000 could trigger further upside. Traders should maintain a ‘buy on dips’ strategy for Bank Nifty as long as the index stays above the 200-DSMA support of 51,000,” said Hrishikesh Yedve.

Om Mehra believes that the broader trend remains firmly bullish, as the Bank Nifty index holds above all key moving averages.

“After a strong upward trajectory, Nifty Bank appears poised for a healthy consolidation, which could establish a solid support base before its next leg higher. The support remains at 51,000. while resistance stands at 52,100. A buying on dips remains a viable strategy for the upcoming session,” Mehra said.

Bajaj Broking Research said in a note that the Bank Nifty index formed a high wave candle signaling consolidation amid stock specific action.

“Going ahead, we expect the index to extend the last four session consolidation in the broad range of 52,000 - 50,500 thus forming a base for the next leg of up move and in the process work off the overbought condition developed in the daily stochastic,” said Bajaj Broking Research.

The brokerage firm believes the current breather should be used to accumulate quality banking stocks as we expect the index to sustain above the recent major breakout area of 50,500 and gradually head towards 53,000 levels in coming weeks being the measuring implication of the last 10 weeks range breakout.

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.