Nifty 50, Sensex Outlook: Indian Stock Market Projections for April 6

Indian Stock Market Set to Open Lower on Monday Amid Intensifying US-Iran War

The Indian stock market benchmark indices, Sensex and Nifty 50, are expected to open lower on Monday, tracking mixed global market cues, particularly in the wake of the intensifying US-Iran war in the Middle East. The trends on Gift Nifty indicate a weak start for the Indian benchmark index, with the Gift Nifty trading around 22,622, a discount of nearly 145 points from the Nifty futures' previous close.

Market Performance on Friday

The Indian stock market was closed on Friday, April 3, 2025, on account of Good Friday. On the previous trading day, Thursday, the Indian stock market recovered from its day's low and ended higher, with the Nifty 50 closing above 22,700 level. The Sensex rose 185.23 points, or 0.25%, to close at 73,319.55, while the Nifty 50 settled 33.70 points, or 0.15%, higher at 22,713.10.

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Sensex Prediction

Sensex has defended the crucial 72,800 - 72,900 support zone, indicating strong demand at lower levels. Immediate resistance for Sensex is placed near 73,800 - 73,900, and a sustained move above this zone could trigger further upside momentum. On the downside, 72,800 remains a key support, and a breach below this level may lead to renewed selling pressure.

Nifty 50 Prediction

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Nifty 50 index formed a counterattack bullish candle signaling strong pullback after gap down opening. Nifty 50 formed a high-wave candle on the weekly chart, while continuing its pattern of lower highs and lower lows. A long green candle was formed on the daily chart after opening lower, indicating a formation of bullish counter attack type candle pattern at the lows.

Bank Nifty Prediction

Bank Nifty index ended 100.10 points, or 0.19%, higher at 51,548.75 on Thursday, forming a bullish candlestick pattern as buying demand emerged from the key psychological level of 50,000 after a gap down opening. Immediate support is placed in the 51,100 - 51,000 zone, and any sustainable move below this zone could result in Bank Nifty extending its weakness towards 50,500, followed by 50,000 in the short term.

Market Analysts' Views

Market analysts are divided in their views on the market's near-term strategy. Some analysts, like Aakash Shah of Choice Equity Broking, believe that the market is in a high-volatility consolidation phase and favor a buy-on-dips approach near support while remaining cautious near resistance levels, until clearer global cues emerge. Others, like Nagaraj Shetti of HDFC Securities, believe that the buying seems to have started from near the support of 22,200 levels, and Nifty 50 needs to sustain above the hurdle of 23,000 levels to consider this as a bottom reversal pattern.

Key Support and Resistance Levels

Conclusion

The Indian stock market is expected to open lower on Monday, tracking mixed global market cues. Market analysts are divided in their views on the market's near-term strategy, and key support and resistance levels have been identified for Sensex, Nifty 50, and Bank Nifty.