Nifty 50, Sensex Outlook: Market Analysts Weigh In on Trading Prospects for April 29

Indian Stock Market Set for Mildly Positive Start on Wednesday

The Indian stock market benchmark indices, Sensex and Nifty 50, are expected to open higher on Wednesday, following mixed global market cues. The trends on Gift Nifty indicate a mildly positive start for the Indian benchmark index, with the Gift Nifty trading around 24,106 level, a premium of nearly 37 points from the Nifty futures' previous close.

On Tuesday, the Indian stock market ended lower, with the Nifty 50 slipping below 24,000 level. The Sensex declined 416.72 points, or 0.54%, to close at 76,886.91, while the Nifty 50 settled 97.00 points, or 0.40%, lower at 23,995.70.

Market Expectations for Sensex, Nifty 50, and Bank Nifty

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Sensex Prediction

Sensex is currently trading in a consolidation phase after recent volatility, reflecting indecisiveness among market participants. Immediate support for Sensex is placed in the 76,300 – 76,400 zone, which may act as a key demand area on declines. On the upside, resistance is seen around 77,300 – 77,500, where supply pressure is likely to emerge and may cap further upside. The near-term outlook remains cautious with a slight negative bias, as intermittent selling pressure continues to persist.

Nifty 50 Prediction

Nifty 50 index has formed an inverted hammer on the daily chart, indicating hesitation after the recent move. A small red candle was formed on the daily chart with minor upper shadow. Technically, this market action indicates a range-bound action in the market with weak bias. The short-term uptrend status remains intact, and Nifty 50 seems to have formed a higher bottom at 23,813 on 24th April.

According to Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities, a decisive move above the immediate resistance of 24,200 could bring bulls back into action again. However, immediate support is placed at 23,800 levels.

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Bank Nifty Prediction

Bank Nifty index plunged 863.95 points, or 1.54%, to close at 55,400.35 on Tuesday, forming a sizable bearish candlestick pattern with a lower high and a lower low, signaling continuation of the corrective decline for the fifth session. Going ahead, the immediate support for Bank Nifty is placed in the 54,900 - 54,800 zone. Any sustainable move below this zone could result in Bank Nifty extending its weakness towards 54,400, followed by 54,000 in the short term. On the upside, the zone of 55,900 – 56,000 zone is likely to act as an immediate resistance.

Market Outlook

The near-term outlook remains cautious with a slight negative bias, as intermittent selling pressure continues to persist. Volatility is likely to persist, and as long as the Nifty 50 index sustains above 23,800, a pullback towards the 24,200 level can be expected. However, a decisive break below 23,800 may lead to further downside, with the index potentially drifting towards the 23,500 mark.