April Fools’ or Financial Feast? What’s in Store for Nifty 50 and Sensex on April 1st.indian stock market indices, Sensex and Nifty 50 are likely to have a positive opening on Monday led by supportive global market cues.The trend in Gift Nifty also indicates a positive start for the Indian benchmark index. Gift Nifty was trading around 22,530 level, a premium of around 40 points from the previous close of Nifty futures.
On Thursday, domestic equity indices ended sharply higher amid positive global cues, with the benchmark Nifty 50 closing above the 22,300 level.The Sensex rose 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.
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Nifty 50 has 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 high of 22,500 level. One can expect the Nifty to find support from the lows and is expected to move higher. Nifty showed a follow-through upmove this week on the weekly chart. The 10-week EMA (Exponential Moving Average) provided support around the 22,000 level this week and resulted in a reasonable upside. According to Nagaraj Shetty, senior technical research analyst at HDFC Securities, bullish patterns like higher tops and bottoms are intact as per the weekly timeframe chart.Shetty believes the Nifty’s near-term uptrend remains intact with high volatility. The next upside level this week is around 22,500 – 22,600.
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Nifty 50 Forecast
The Nifty 50 index witnessed a decisive intraday reversal breakout of the range with high volatility on March 28 and closed the day up 203 points.The Nifty has rallied significantly past the 22,500 mark after sustaining momentum above 22,100. Additionally, there is a clear breakout in consolidation on the daily timeframe, signaling growing optimism. Still, the Nifty faces resistance from its previous high of 2 to 2 previous highs. , to sustain a sustained rally, it must decisively cross the 22,525 level,” said Rupak Dey, Senior Technical Analyst, LKP Securities.On the downside, he believes 22,200 could act as short-term support.
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Rahul Ghosh, CEO, Hedged.in said that the main thing to watch for the Nifty index for now is whether we have a close above 22,400 on Monday after a long weekend.
The current daily candlestick is not very comforting but could just be the result of a duration-related adjustment. If we see a close above 22,400 on Monday or if we see the price above 22,500 this week, then the move above will hold and we can. Hope for 22,900 in the index. I do,” Ghosh said.
Bank Nifty
The Bank Nifty index rose 339 points to end at 47,125 on March 28.After a bullish resurgence, the Bank Nifty index showed strength by crossing the 20-day moving average barrier set at 47,000, supported by significant volume. Nevertheless, it faced resistance near the 47,500 mark. A decisive breach above this resistance could take the index towards the 48,000 level,” said Kunal Shah, senior technical and derivatives analyst at LKP Securities.Conversely, according to Shah, immediate support lies in the 47,000 – 46,800 zone. A final drop below this support level, especially on a closing basis, could indicate a false breakout situation, he added
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