Nifty 50, Sensex Forecast for 10 April: Indian Stock Market Trading Expectations Examined

Indian Stock Market Likely to Open Higher on Friday

The Indian stock market benchmark indices, Sensex and Nifty 50, are expected to open higher on Friday, tracking gains in global markets, despite concerns over the fragile US-Iran ceasefire deal. The trends on Gift Nifty indicate a positive start for the Indian benchmark index, trading around 23,942 level, a premium of nearly 81 points from the Nifty futures' previous close.

On Thursday, the Indian stock market crashed amid fading hopes that the US-Iran ceasefire will last longer, with the benchmark Nifty 50 closing below 23,800 level. The Sensex plummeted 931.25 points, or 1.20%, to close at 76,631.65, while the Nifty 50 settled 222.25 points, or 0.93%, lower at 23,775.10.

Market Outlook

Read also: Treasury Yields Experience Largest Increase in Two Weeks Following Release of Labor Market Data

Sensex is witnessing consolidation after a sharp rally, with price action indicating resistance near higher levels and support emerging on dips. Key technical levels suggest that support for Sensex is placed in the 75,900 – 76,300 zone, which is likely to act as a demand area, while resistance is seen around 76,900 – 77,100, where upside may face selling pressure.

Nifty 50 index formed a bearish candle on the daily chart with shadows on both sides, indicating indecision near higher levels. A small negative candle was formed on the daily chart that is placed beside the bull candle of Wednesday, signaling a consolidation movement in the market after a sharp upside.

Technical Analysis

Read also: US-Iran Tensions Spark Uptick in Oil Prices Amid Global Market Decline

• Sensex: Support at 75,900 – 76,300, resistance at 76,900 – 77,100.
• Nifty 50: Immediate support at 23,500, key overhead resistance at 24,000.
• Bank Nifty: Immediate resistance at 55,300 – 55,400, crucial support at 54,400 – 54,300.

According to analysts, the near-term outlook remains cautiously positive but volatile, with profit booking at higher levels and ongoing geopolitical concerns likely to keep the market range-bound. While dips may continue to attract selective buying interest, a decisive breakout above 24,000 is crucial to trigger a potential short-covering rally towards the 24,500 zone.

Bank Nifty index ended 882.20 points, or 1.58%, lower at 54,821.70 on Thursday, forming a bearish candle on the daily chart with a minor lower shadow, indicating selling pressure at higher levels, though some buying emerged near the lows. Despite the weakness, Bank Nifty continues to trade above its 20-day EMA, suggesting that the short-term structure remains intact.