The Indian stock market -Benchmark -Indices, Sensex and Nifty 50, will probably be open higher on Tuesday and follow a rebound in Asian markets.
The trends on Gift Nifty also indicate a positive start for the Indian benchmark index. The Gift Nifty traded around 22,650 level, a premium of almost 386 points from the previous closure of the Nifty Futures.
On Monday, the domestic stock market indices witnessed the biggest decrease of the single day in 10 months, with the Benchmark Nifty 50 lower than 22,200.
The Sesex broke 2,226.79 points, or 2.95%, to close to 73,137.90, while the Nifty 50 established 742.85 points, or 3.24%, lower at 22.161.60.
This is what to expect from Nifty 50 and Bank Nifty today:
Nifty OI -Data
Derivative data will continue to reflect a strong Bearish tilt. Call writers have definitely surpassed the writers, which strengthens the negative undertone.
“The 22,500 strike was a witness to substantial call writing (45.23 Lakh contracts), in which it cemented as an important resistance. Meanwhile, a considerable notebook on the 22,000 strike (80.79 LAKH contracts) Solid Support on lower levels, although the defensive attitude of buyers, begins to be on buyers, on buyers on buyers, on buyers, on buyers on buyers, Dhupesh Dhameja, Derivatives Research Analyst, Samco Securities.
The PUT-CALL ratio (PCR) fell from 0.60 to 0.58, which shows the growing caution. With the maximum pain level at 22,750, bears seem to absorb each bullish attempt, which increases the chance of further down drift, he added.
Nifty 50 forecast
Nifty 50 witnessed massive sale on April 7 and ended the day lower with 742 points, closing the day of the lows and the opening Down Gap remains partially filled.
“A long bull’s candle was formed on the daily map on the new swing layer of 21,743 levels. Technically, this market action indicates a rise of buying interest after sharp weakness. The Swing Low from Monday could also be considered a new lower soil maker around 21,800 levels at HDFC SHETTI.
According to him, the underlying trend of Nifty 50 is sharp negative with high volatility.
“The Swing Low of 21,743 on Monday could now be considered an important short -term support and it is possible to buy from the lower levels. Immediate resistance is placed at 22,400,” Shetti said.
To Mehra, technical research analyst, Samco Securities, noted that the Nifty 50 index decided on its 20-day, 50-day and 100-day exponential advanced averages (DEMA) (DEMA), which deteriorates the short-term trend front views.
“The Supertrend indicator has also turned negatively, so that the momentum is further weakened. The daily RSI has fallen sharply and is now at 34, which points to the assembly pressure because it remains about to be transferred. India vix at 22.79 spiked 65.62% intraday, a following level, next to the next, the following signaling, the next signaling, the next signaling, the following signaling, the next signaling, next, the following signaling, next, the following signaling, next, the next, signaling, next, the next, the following signaling. Level, the next level, the next level, the next level, the next level.
According to Vla Ambala, co-founder of today’s stock market, the Nifty 50 index has already corrected almost 17% from the peak of 2024, and it may fall even more, possibly testing the 21,270 level before the election results.
“Meanwhile, for long-term investors with a three-year image, this correction can be seen as a good opportunity to buy high-quality shares at lower prices, while short-term traders are advised to remain careful. In the current situation, a ‘sales-to-to-rise’ strategy is more suitable to manage the high market volatility), to the respect of industrial). increases, “said Vla Ambala.
Given the ongoing market developments, she expects Nifty 50 to receive support between 21,750 and 22,000 and will find resistance between 22,300 and 22,450.
Bank Nifty forecast
Bank Nifty Index fell 1,642.60 points, or 3.19%to close at 49,860.10, and formed a green candle on the daily graph.
“Bank Nifty Index defended the 50-day exponential advancing average (50-Dema) support that was placed around 49,500 and formed a green candle in the daily graph, which indicates the strength at lower levels. On the upright on its head, the 50,650-50.750 zone is a key resistance area. Derivates area. Ltd.
Bajaj Broking Research emphasized that the Bank Nifty was closed under the EMA of 20 and 50 days.
“Bank Nifty’s index immediate bias remains and only a formation of a higher high and higher low in the daily graph will indicate a break in the current corrective trend. Bank Nifty has immediate resistance at 51,000 levels, while the main support for paying attention to the lower side is 49,000 – 48,700 profit.
According to OM Mehra, the Bank Nifty Index slid under the EMAs of 20 days and 50 days, and the breakdown of his flag formation has denied the recent bullish prospects
“Nifty Bank has now been withdrawn into the 61.8% Fibonacci level near 49,300, which could act as a make-or-break zone. A decisive infringement below this level can open the door for a further decline to the 48,700 zone. And 2.84% respectively.
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