The Indian stock market is likely to begin cautiously today, April 30, amid mixed global cues and negative trends in the Gift Nifty, which stands at about 24,375 — nearly 50 points below Nifty futures' previous close.
Yesterday's Session Recap
On Tuesday, the benchmark indices ended flat:
Sensex closed at 80,288.38, 70.01 points up (+0.09%)
Nifty 50 closed at 24,335.95, 7.45 points up (+0.03%)
Nifty 50 Outlook
- Resistance Zone: 24,350 – 24,500
- Support Levels: 24,150, followed by 24,000
Nifty experienced a small red candle, reflecting failed attempts to cross the resistance level of 24,400. Technical analysts suggest that the index will consolidate even more before breaking out. A good break above 24,450 would pave the way for a rally to 24,850, while support exists at 24,050 and 23,850.
The Put-Call Ratio has reduced from 1.17 to 0.84, indicating caution. High open interest at 24,500 (calls) and 24,000 (puts) confirms a close range with bearish undertones unless there is a breakout.
Sensex Outlook
Sensex continues to hold back at 80,500. A breakout can take the index to 80,800 – 81,000, while dipping below 80,000 can cause a decline to 79,500.
Bank Nifty Outlook
- Current Level: 55,391.25
- Resistance: 56,000 – 56,800
- Support: 54,000 – 53,500
Bank Nifty formed a shooting star formation, showing pressure to sell at 56,000. Crossing the level would lead to fresh highs. However, consolidation at levels of 54,450 – 56,000 is the likely game in the short term.
Technical Summary
Index Support Resistance Outlook
Nifty 50 24,100 – 23,850 24,550 – 24,630Range-bound / Cautious
Sensex 80,000 – 79,500 80,800 – 81,000 Consolidation
Bank Nifty 54,000 – 53,500 56,000 – 56,800Neutral / Sideways
Analyst Takeaways
- Options Data: Showing resistance at 24,500 with eroding bullish vigor.
- Technical Patterns: Spinning top and shooting star candles reflect indecision and supply at higher levels.
- Market Sentiment: Neutral with stock-specific movements likely during Q4 earnings season.
Disclaimer: Market predictions are based on technical indicators and expert opinions. Investors need to seek advice from certified experts before making investment decisions.
