The benchmark indices of the Indian stock market, Sesex and Nifty 50, will probably be opened lower on Wednesday, influenced by negative global signals.
The trends on Gift Nifty also indicate a negative start for the Indian benchmark index. The gift Nifty acted around 22,442.50 level, a discount of 187.85 points from the previous closure of the Nifty Futures.
The Reserve Bank of India (RBI) will announce its monetary policy today. The RBI governor Sanjay Malhotra-guided Monetary Policy Committee (MPC) is expected to reduce the Repo percentage in the midst of cooling inflation and delays economic growth.
On Tuesday, the domestic stock market witnessed a sharp aid, with the Benchmark Nifty 50 closing above 22,500 level.
The Sesex rose 1,089.18 points, or 1.49%, to close to 74,227.08, while the Nifty 50 established 374.25 points, or 1.69%, higher at 22,535.85.
This is what to expect from Sesex, Nifty 50 and Bank Nifty today:
SENSEX prediction
Sesex bounced back sharply on Tuesday and collected with 1,089 points, which was more than the level of 74,200.
“Promising reversal formation and higher soil formation on Intraday -hit lists that suggest that pullback formation will probably continue in the near future. For day traders, 73,500 would now be an important level to look at Sesex; above this level, a pullback golf could be moving on the height of this level, with further up -and -ups of this level, with further up -and -ups of the high -up -up -up -up way, with further overhangs of the high -up -up -up -up -up -up way, with further up -and -ups. SENSEX could again test 73,000 – 72,800, “said Shrikant Chouhan, head of stock examination, Kotak Securities.
According to him, the current market texture is extremely volatile and uncertain; A level -based trade strategy would therefore be ideal for day traders.
Nifty OI -Data
Nifty derivatives data continue to reflect a cautious tone. On call writers have remained aggressive, the number exceeded in their well opposite and add to the negative bias. The 23,000 strike saw a huge call OI (open interest) structure of 1.02 CRORE contracts, which confirmed its status as a formidable resistance level. On the other hand, Solid Put -Writing was visible in the 22,500 strike (67.90 Lakh contracts), which indicates company support at lower levels, said Dhupesh Dhameja, Derivatives Research Analyst, Samco Securities.
Nifty 50 forecast
Nifty 50 continued his follow -up on April 8 and ended the day with a great win of 374 points.
“A reasonable positive candle was formed on the daily graph with long upper and lower shade. Technically, this market promotion indicates a formation of a candle pattern with a high -golf type, which indicates the constant high volatility in the market. The recent sharp opening of Monday has been challenged and soon filled up. Securities.
Normally, bullish exhausting hiases are more often associated with important soil intercourses. Immediate support is placed on 22,270, he added.
To Mehra, technical research analyst, Samco Securities noted that the Nifty 50 recovered from the zone transferred – possibly a dead cat stroking and has been withdrawn into the 38.2% Fibonacci level, where the recent Swing is connected high and low.
“Nifty 50 remains below 9, 20 and 50 EMAs (exponentially advancing average) on the daily map- a small care for a sustainable trend conversion. On a positive note, the hourly table reflects a structural development, with the previous resistance at 22,250 now acts as a support level, which said the short-term structure of mehra.
The daily RSI and MacD still have to cross above their respective averages, which reflects the constant weakness and suggests that market momentum is still looking for a fixed foot. A persistent movement above 22,650 could pave the road for further benefits in the upcoming session. The 50% Fibonacci retracement level at 22,800 remains an important resistance to view, he added.
Vla Ambala, co-founder of the stock market today, emphasized that after the opening of the gorge the Nifty 50 moved in a range of 300 points and a “high-wave doji” candlestick pattern formed on the daily hit list.
“In the midst of these current market developments, Nifty 50 can find support between 22,270 and 23,400 and meet resistance near 22,930 and 23,000,” said Ambala.
Bank Nifty forecast
Bank Nifty finished 1.31% higher at 50,511, because it had a repair of the sharp decline of the previous day, as a result of improved prospects in the daily graph.
“The Bank Nifty-Index crossed the obstacle of the 100-day EMA that was placed approximately 50,150 and formed a green candle, which indicates strength. On the other hand, the 50,750-50,800 zone will serve as a key resistance area. A persistent movement above 50,800 would be a fresh rally-5-5,000, the way of the way of 5100-52,000 Hrishikesh Yed Derivaten research at Asit C. Mehta Investment Interrmediates Ltd.
To Mehra said that the Bank Nifty index is currently placed above 20 and 50 dema’s, although it remains below 9 DEMA. In the meantime, the RSI gradually returns from lower levels and indicates a potential recovery in Momentum.
“Bank Nifty Index has recovered the psychological figure of 50,500, which adds strength to the bullish attitude. In the short term, the index is ready to test the 51.100 zone, and a persistent movement above this level could determine the scene for a more decisive uprising in the sessions that was still necessary,” Meehra was still needed.
A clear break under the most important support on 49,850 could weaken the current setup and endanger the continuous recovery, dampen the bullish sentiment, he added.
Disclaimer: The views and recommendations made above are those of individual analysts or brokers, and not from Mint. We advise investors to check with certified experts before we make investment decisions.
