Gift Nifty Signals Strong Opening, Global Cues Drive Bullish Sentiment
Indian stock market indices Nifty 50 and Sensex are expected to open higher on April 23, Wednesday, tracking a strong global market rally. The Gift Nifty was trading around 24,375 — a premium of 206 points over Nifty futures — indicating a positive start.
Markets were buoyed by upbeat global sentiment after US President Donald Trump ruled out removing Fed Chair Jerome Powell, and optimism returned over easing US-China trade tensions. Overnight, US indices rebounded sharply, setting a strong tone for Asian markets.
Sensex Outlook: Resistance at 80,000, Support at 79,000
The S&P BSE Sensex added 187 points on Tuesday to settle at 79,595. Technical analysts note the formation of a small bearish candle on daily charts, signaling possible consolidation ahead.
According to Shrikant Chouhan of Kotak Securities, “While the structure is bullish, it is also overbought. Key supports lie at 79,400 and 79,000. Resistance is seen around 79,800 and 80,000. A drop below 79,000 could alter sentiment.”
Nifty 50 Prediction: 24,250 as Hurdle, 23,950 as Support
The Nifty 50 closed at 24,167.25 on Tuesday, up 0.17%. The index formed a Doji candle, suggesting indecision and a potential short-term pause.
“Resistance lies at 24,250 near the upper Bollinger Band. Support can be expected near 23,950. A breakout above 24,270 could renew bullish momentum,” said Om Mehra from SAMCO Securities.
Hrishikesh Yedve of Asit C. Mehta Investment added, “The spinning top candle and holding above the 200-DSMA near 24,050 reflects bullish intent. However, a breakout above 24,250 is critical to push toward 24,500–24,800.”
VLA Ambala of Stock Market Today warns of caution, noting the ‘hanging man’ candlestick pattern and advising a buy-on-dip strategy amid upcoming expiry. “Expect resistance at 24,260–24,450 and support near 24,040–23,950,” she added.
Nifty OI Data: Strong Base at 24,000, Ceiling at 24,500
Options data suggests a resistance band between 24,200–24,500, with significant open interest at the 24,500 strike. Put writing at 24,000 indicates strong support. The Put-Call Ratio (PCR) at 1.06 still shows a bullish bias, per Dhupesh Dhameja of SAMCO Securities.
Bank Nifty Outlook: Resistance at 56,300, Support at 54,470
Bank Nifty rose 343 points to close at 55,647. Technical indicators suggest a stretched rally with RSI nearing overbought territory (75).
Om Mehra notes that 56,300 — the 127.8% Fibonacci extension — is a key resistance. “A breakout would reinforce bullish trend, but a mean reversion is likely in the near term,” he added.
Bajaj Broking expects bullish momentum to extend towards 56,800 unless the index fails to break 56,000, which could lead to consolidation between 54,400 and 56,000.
Yedve recommends booking profits near 56,000 while watching 54,470 as crucial support for re-entry opportunities.
Conclusion: Bullish but Cautious Sentiment
The Indian stock market remains bullish, riding on global optimism and strong technical momentum. However, overbought signals across indices suggest traders should prepare for range-bound movement or mild pullbacks.
Key Levels to Watch:
- Nifty 50 Support: 24,050 / 23,950 | Resistance: 24,250 / 24,450
- Sensex Support: 79,000 | Resistance: 80,000
- Bank Nifty Support: 54,470 | Resistance: 56,300
Categories: Markets, Business News, Technical Analysis, India Economy
Tags: Sensex, Nifty 50, Bank Nifty, April 23, Gift Nifty, Indian stock market, Global market rally, Technical analysis, Resistance levels, Support zones, Market trends
