Nifty 50, Sensex Outlook: Indian Stock Market Trading Expectations for April 15

Market Outlook: Indian Stock Market Expected to Open Higher on Wednesday

The Indian stock market benchmark indices, Sensex and Nifty 50, are poised to open higher on Wednesday, following strong global market cues and hopes of resumption of US–Iran talks and early signs of de-escalation in the Middle East conflict. The trends on Gift Nifty indicate a gap-up start for the Indian benchmark index, with the Gift Nifty trading around 24,229 level, a premium of nearly 370 points from the Nifty futures' previous close.

Market Holiday and Previous Trading Session

The BSE and NSE were closed for trading on Tuesday, April 14, due to a stock market holiday on the account of Dr Baba Saheb Ambedkar Jayanti. In the previous trading session on Monday, the Indian stock market ended sharply lower, with the benchmark Nifty 50 closing below 23,900 level. The Sensex crashed 702.68 points, or 0.91%, to close at 76,847.57, while the Nifty 50 settled 207.95 points, or 0.86%, lower at 23,842.65.

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Sensex Prediction

Sensex has slipped below the crucial 77,000 level, indicating near-term weakness. Immediate support for Sensex is placed near 76,250 – 76,400, while resistance is seen around 77,300 – 77,450. A breakdown below support could extend the decline further, while any pullback towards resistance may face selling pressure.

Nifty 50 Prediction

Nifty 50 formed a long bullish candle on the daily chart, indicating a formation of counter attack of bull type pattern. After the series of bearish lower tops and bottoms formations in the recent past, Nifty 50 registering a new higher low at 23,555 on Monday could be a sigh of relief for bulls to sustain the recent bounce back. The weakness of Monday has not damaged the underlying near-term uptrend status of the market, and Nifty 50 is now placed at the crucial support of 23,500 levels.

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Bank Nifty Prediction

Bank Nifty ended 307.70 points, or 0.55%, lower at 55,605.05, on Monday, forming a bullish candle with a lower high and a lower low. The 55,900 – 56,000 zone is expected to act as a key resistance area for Bank Nifty index. A sustained move above 56,000 could extend the pullback rally towards 56,500, followed by 57,200 in the short term.