Market Outlook Ahead of April 27 Opening Bell: Key Developments and Market Trends
Nifty 50 Extends Correction for Third Straight Day
The Nifty 50 fell 1.14 percent on April 24, marking its third consecutive day of decline. This downturn can be attributed to weak domestic and global cues, elevated oil prices due to West Asia tensions, and weakening momentum indicators. As a result, the 23,700 level has emerged as the immediate support to watch, with 23,500 serving as a crucial support level near the previous week's low.
However, in the event of a rebound, 24,000 can act as an immediate hurdle, followed by the crucial resistance of 24,200 (50-day Exponential Moving Average). Surpassing this level could open the door for 24,600, according to market experts.
Key Levels for Nifty 50 and Bank Nifty
Read also: Treasury Yields Experience Largest Increase in Two Weeks Following Release of Labor Market Data
| Index | Resistance (Pivot Points) | Support (Pivot Points) |
|---|---|---|
| Nifty 50 | 24,122, 24,215, 24,365 | 23,823, 23,730, 23,580 |
| Bank Nifty | 56,371, 56,539, 56,810 | 55,829, 55,661, 55,390 |
| Index | Resistance (Fibonacci Retracement) | Support (Fibonacci Retracement) |
|---|---|---|
| Nifty 50 | - | 23.6% (below 23,700) |
| Bank Nifty | 57,195, 59,169 | 55,676, 54,576 |
Options Data
| Index | Strike Price | Call Open Interest | Call Writing | Call Unwinding |
|---|---|---|---|---|
| Nifty 50 | 24,500 | 1.16 crore | 24,000 (51.29 lakh) | 23,300 (41,015) |
| Bank Nifty | 57,000 | 8.14 lakh | 56,000 (1.82 lakh) | 57,300 (41,490) |
Read also: US-Iran Tensions Spark Uptick in Oil Prices Amid Global Market Decline
| Index | Strike Price | Put Open Interest | Put Writing | Put Unwinding |
|---|---|---|---|---|
| Nifty 50 | 24,000 | 62.32 lakh | 23,900 (23.15 lakh) | 24,200 (18.11 lakh) |
| Bank Nifty | 55,000 | 7.24 lakh | 55,500 (83,520) | 56,500 (71,910) |
Market Sentiment
The Nifty Put-Call ratio (PCR) dropped to 0.78 on April 24, indicating a bearish mood in the market. The increasing PCR typically indicates selling in Calls is higher than selling in Puts, reflecting a bearish sentiment.
India VIX
India VIX, the fear gauge, jumped 6.04 percent to near the 20 level at 19.71, posing a concern for bulls. A sustained move above the 20 level could pose further risk for bulls, while a decisive fall below the 16 level could provide some comfort to the bullish camp.
Funds Flow and Stocks Under F&O Ban
Here are the stocks that saw a high share of delivery trades, indicating investing interest. Also, the list of stocks under F&O ban has been updated.
| Stock | Delivery Trades |
|---|---|
| SAIL | Retained in F&O ban |
Note: The list of stocks under F&O ban is subject to change.
Investor Takeaway
Investors should be cautious and watch the 23,700 level as immediate support.
More in Market
Treasury Yields Experience Largest Increase in Two Weeks Following Release of Labor Market Data
US-Iran Tensions Spark Uptick in Oil Prices Amid Global Market Decline
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