Indian Stock Market Outlook: Analysts' Predictions for April 28 Trading Activity

Indian Stock Market Benchmark Indices Expected to Open Lower on Tuesday

The Indian stock market benchmark indices, Sensex and Nifty 50, are likely to open lower on Tuesday, following mixed cues from global markets. The trends on Gift Nifty indicate a negative start for the Indian benchmark index, trading around 24,046, a discount of nearly 74 points from the Nifty futures' previous close.

On Monday, the Indian stock market ended sharply higher, snapping its three-day losing run, with the Nifty 50 closing above 24,000 level. The Sensex surged 639.42 points, or 0.83%, to close at 77,303.63, while the Nifty 50 settled 194.75 points, or 0.81%, higher at 24,092.70.

Sensex Prediction

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Sensex formed a bullish candle on daily charts and a reversal formation on intraday charts, indicating that a pullback formation is likely to continue in the near future. For day traders, 77,000 and 76,700 would act as crucial support zones. As long as Sensex is trading above these levels, the bullish sentiment is likely to continue. On the higher side, the index could move up to 77,700. Further upside may also persist, potentially lifting the index up to 78,000.

Nifty Options Data

In the derivatives segment, notable call writing was observed at the 24,200 and 24,300 strikes, while put writing was concentrated at the 24,000 and 23,900 levels, indicating a defined trading range for the near term.

Nifty 50 Prediction

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Nifty 50 index formed a bullish candle that effectively 'engulfed' some of the previous session's weakness, suggesting that buyers are active near the 23,800 structural support. A long bull candle was formed on the daily chart that placed within the high low range of Friday's long red candle. This is indicating a formation of inside day type candle pattern which signals possible comeback of bulls after a reasonable downward correction.

Bank Nifty Prediction

Bank Nifty index ended 174.55 points, or 0.31%, higher at 56,264.30 on Monday, forming a small-bodied candle with shadows on both sides, indicating lack of clear direction. The Bank Nifty index is hovering near its 50-day EMA. Looking ahead, the 200-day EMA placed in the 56,600 – 56,700 zone will act as a key resistance. A sustained move above 56,700 could propel the Bank Nifty index towards the 57,200 level.

Comparison of Market Trends