Indian Stock Market Outlook: Nifty 50 and Sensex Predictions for April 23
Indian Stock Market Benchmark Indices Expected to Open Lower on Thursday
The Indian stock market benchmark indices, Sensex and Nifty 50, are likely to open lower on Thursday, as rising crude oil prices may dent sentiment, despite upbeat global markets. The trends on Gift Nifty also indicate a negative start for the Indian benchmark index, trading around 24,207 level, a discount of nearly 174 points from the Nifty futures' previous close.
Market Performance on Wednesday
On Wednesday, the Indian stock market snapped its three-session winning streak and ended sharply lower, with the Nifty 50 closing below 24,400 level. The Sensex crashed 756.84 points, or 0.95%, to close at 78,516.49, while the Nifty 50 settled 198.50 points, or 0.81%, lower at 24,378.10.
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Predictions for Sensex, Nifty 50, and Bank Nifty
Sensex Prediction Sensex formed a small bearish candle on daily charts, indicating indecisiveness between the bulls and the bears. For day traders, as long as Sensex trades below 79,000, the weak sentiment is likely to continue. On the downside, it could slip to 78,200, further downside may also continue which could drag the index up to 78,000. On the flip side, above 79,000, Sensex could retest levels of 79,300 - 79,500.
| Index | Prediction |
|---|---|
| Sensex | Below 79,000, potential downside to 78,200 or 78,000 |
| Above 79,000, potential retest of 79,300 - 79,500 |
Nifty 50 Prediction Nifty 50 index formed a bearish candle on the daily timeframe with the close near the day's low, indicating sustained selling pressure throughout the session. A reasonable negative candle was formed on the daily chart, which indicates the presence of a crucial hurdle around 24,400 - 24,500 levels. The underlying trend of Nifty 50 remains positive and present weakness is likely to find support around 24,200 - 24,100 levels in the next few sessions.
Read also: US-Iran Tensions Spark Uptick in Oil Prices Amid Global Market Decline
| Index | Prediction |
|---|---|
| Nifty 50 | Below 24,400, potential support at 24,200 - 24,100 |
| Above 24,600, potential move towards 24,800 - 25,000 |
Bank Nifty Prediction Bank Nifty index ended 247.00 points, or 0.43%, lower at 57,124.45 on Wednesday, forming a high wave candle which remained contained inside previous session price range, signaling consolidation after recent strong up move. While Nifty and Sensex continue to trade below their 100-day and 200-day EMAs, Bank Nifty has managed to close above these key moving averages for the second consecutive session, highlighting its relative outperformance versus the broader market.
| Index | Prediction |
|---|---|
| Bank Nifty | Consolidation above 57,500 - 57,600, potential move towards 58,000 |
| Below 56,600, potential support at 56,500 |
Volatility and Uncertainty
The volatility index, India VIX, rose by 4.38%, indicating a mild increase in market uncertainty. The Relative Strength Index (RSI) stands at 56.44, remaining above the midpoint level but showing signs of slight cooling from higher levels.
Investor Takeaway
Investors should be cautious and consider hedging their portfolios as the Indian stock market is expected to open lower due to rising crude oil prices.
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