Nifty 50, Sensex today: What to expect from Indian stock market in trade on April 23 after global markets rally

The Indian stock market benchmark indices, Sensex and Nifty 50, are likely to open higher on Wednesday tracking a rally in global markets.

The trends on Gift Nifty also indicate a positive start for the Indian benchmark index. The Gift Nifty was trading around 24,375 level, a premium of nearly 206 points from the Nifty futures’ previous close.

Global markets surged, with the US stock market witnessing a sharp rebound overnight on comments from President Donald Trump that he was not willing to fire Fed Chair Jerome Powell, and optimism over easing US-China trade war.

On Tuesday, the domestic equity indices extended the rally for the sixth consecutive session, with the Nifty 50 closing above 24,100 level.

The Sensex gained 187.09 points, or 0.24%, to close at 79,595.59, while the Nifty 50 settled 41.70 points, or 0.17%, higher at 24,167.25.

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

Sensex Prediction

Sensex gained 187 points to close at 79,596 on Tuesday and formed a small bearish candle on the daily charts, indicating indecisiveness between the bulls and the bears.

“We believe that the current market texture is bullish but overbought, hence range-bound activity is likely to continue in the near future. For day traders, 79,400 and 79,000 will act as key support zones for Sensex, while 79,800 - 80,000 could serve as key resistance areas for the bulls. However, if Sensex falls below 79,000, sentiment could change. Traders may prefer to exit their long positions below this level,” said Shrikant Chouhan, Head Equity Research, Kotak Securities.

Nifty OI Data

Significant Nifty Open Interest (OI) build-up at the 24,500 strike make it a short-term ceiling, while heavy put writing at the 24,000 strike highlights strong base-building just below spot levels. This positions the 24,200 – 24,500 zone as a key resistance cluster. Interestingly, early signs of call writing shifting to higher strikes reflect growing bullish sentiment, said Dhupesh Dhameja, Derivatives Research Analyst, SAMCO Securities.

Meanwhile, the Put-Call Ratio (PCR) has eased slightly from 1.12 to 1.06, still signaling a positive undertone. Max Pain remains centered at 24,000, indicating that the market continues to find value at lower levels, though overhead supply remains an obstacle, he added.

Nifty 50 Prediction

Nifty 50 closed at 24,167.25 with a modest gain of 0.17%, forming a Doji candle on the daily chart which reflects indecision and signals a potential pause or mild pullback after the recent sharp up move.

“Nifty 50 index encountered resistance near the upper Bollinger Band, placed around the 24,250 mark, which would act as the immediate hurdle for the next session. On the lower side, the hourly chart supported by the supertrend indicator indicates a near-term base at 23,950.

The broader trend remains firmly bullish; however, intermittent dips cannot be ruled out,” said Om Mehra, Technical Research Analyst, SAMCO Securities.

According to him, a decisive move above the 24,270 level would reaffirm trend continuation and unlock a fresh positive outlook for the index.

Hrishikesh Yedve, AVP Technical and Derivatives Research at Asit C. Mehta Investment Interrmediates Ltd. noted that the Nifty 50 formed a spinning top candle on the daily chart, indicating indecision in the market.

“However, the Nifty 50 index is still holding above its 200-Day Simple Moving Average (200-DSMA) placed around 24,050, keeping the broader structure intact. On the upside, the 24,230 – 24,250 zone remains a key hurdle; sustainable breakout above 24,250 could push the index further towards 24,500 – 24,800,” said Yedve.

On the downside, 24,050 acts as immediate support, followed by 23,870 and traders should monitor these levels for potential trading opportunities, he added.

VLA Ambala, Co-Founder of Stock Market Today, said that the Nifty 50 formed a ‘hanging man’ candlestick pattern in the daily frame, signaling possible caution after a strong 11% return in the last two weeks.

“With the monthly expiry coming, I would advise traders to remain neutral in their strategies for next month and should opt for a buy-on-dip strategy instead of a sell-on-rise. Those trading in index options could consider neutral hedging strategies to manage risks better. Considering this situation, Nifty 50 might gain support between 24,040 and 23,950 and face resistance near 24,260 and 24,450 in the latest session,” Ambala said.

Bank Nifty Prediction

Bank Nifty registered gains of 342.70 points, or 0.62%, to close at 55,647.20 on Tuesday, extending its rally for the sixth session in a row.

“Bank Nifty index brushed against the upper Bollinger Band, typically a sign of a stretched rally. The daily RSI remains elevated near the 75 level; strong but yet to enter the overbought threshold of 80. The widening gap between current levels and the 9 EMA (Exponential Moving Average) suggests a potential mean reversion in the near term. However, any such pullback should be seen as a normal pause within the broader bullish structure, not a reversal,” said Om Mehra.

The zone around 56,300 now stands out as a critical resistance, coinciding with the 127.8% Fibonacci extension level. A decisive breakout above this zone would reaffirm bullish momentum. A clear break above 56,300 is needed to regain momentum; until then, a cautious stance should be preferred, he added.

Bajaj Broking Research said that the Bank Nifty formed a small bull candle characterized by a higher high and higher low, highlighting continuation of the uptrend.

“Bank Nifty, on expected lines, almost tested the resistance area of 56,000 in Tuesday’s session. We expect the index to maintain overall positive bias and head towards the 56,800 zone in the coming weeks. Daily stochastic has approached overbought territory after an 11% rally in just 6 sessions. Hence, failure to move above 56,000 levels will lead to some consolidation in the range of 54,400 - 56,000 in the coming sessions,” said the brokerage house.

According to Hrishikesh Yedve, the Bank Nifty index continues to trade above its breakout level of 54,470 and has formed a green candle with a long upper shadow, indicating selling pressure at higher levels.

“Going forward, 56,000 will act as a stiff resistance, while 54,470 remains a crucial support zone. Short-term traders are advised to book profits near 56,000 and look to re-enter on dips,” suggested Yedve.

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.