The trends on Gift Nifty indicate a muted start for the Indian benchmark index. The Gift Nifty was trading around 24,430 level, a premium of nearly 12 points from the Nifty futures' previous close.
The Indian stock market was closed on Thursday, 1 May 2025, on account of Maharashtra Day holiday.
On Wednesday, the domestic equity market ended marginally lower, with the benchmark Nifty 50 holding the 24,300 level.
The Sensex fell 46.14 points, or 0.06%, to close at 80,242.24, while the Nifty 50 settled 1.75 points, or 0.01%, lower at 24,334.20.
Sensex Prediction
Sensex is consistently facing selling pressure near the 80,500 resistance zone, and it also formed a double top pattern on intraday charts on Wednesday, which supports temporary weakness from the current levels.
"We believe that as long as Sensex trades below 80,500, the weak sentiment is likely to continue. On the downside, the index could retest the 79,300 level. Further downward movement may also continue, potentially dragging the index to 79,000. On the flip side, a dismissal of the 80,500 level could change the sentiment. Above this level, Sensex could move up to 81,000 - 81,300," said Shrikant Chouhan, Head Equity Research, Kotak Securities.
Nifty OI Data
Nifty Open Interest (OI) data shows the highest concentration on the call side at the 24,400 and 24,500 strike prices, suggesting strong resistance levels at these points. On the put side, significant OI build-up is seen at the 24,300 and 24,200 strike prices, marking these levels as key support zones, said Hardik Matalia, Derivative Analyst at Choice Broking.
Nifty 50 Prediction
Nifty 50 ended flat on April 30 at 24,334, forming a small bearish-bodied candle with a long upper and lower wick on the daily chart, indicating indecision in the market and a tug-of-war between bulls and bears.
"Technically, Nifty 50 formed a doji candle on the daily chart, suggesting uncertainty at higher levels, with immediate resistance at 24,460, while the 200-Day Simple Moving Average around 24,050 will act as key support, followed by 23,850. If Nifty 50 sustains above 24,460, then the rally could extend towards the 24,800 - 24,850 levels," said Hrishikesh Yedve, AVP Technical and Derivatives Research at Asit C. Mehta Investment Interrmediates Ltd.
Bajaj Broking Research expects the Nifty 50 to extend consolidation going ahead in the range of 24,550 - 23,800, with 23,800 being the confluence of last week's low and recent breakout area and 24,550 is the 61.8% retracement of the entire decline (26,277 - 21,744).
"We believe the current consolidation will help the Nifty 50 index work off the overbought condition developed after the recent strong rally. Stock specific action will continue to remain in focus as we progress through the Q4 earnings season. Volatility is expected to stay elevated due to ongoing geopolitical tensions, developments related to tariffs, and the unfolding Q4 earnings season and major US economic data points," said the broking house.
VLA Ambala, Co-Founder of Stock Market Today, highlighted that the Nifty 50 closed above its 20-month EMA (Exponential Moving Average), which is seen as an essential support level for mid-term investors.
"From the technical perspective, Nifty formed a Doji Star candlestick pattern during the last session and has traded in a narrow range for eight consecutive sessions. This pattern suggests that we could see a movement of 2% to 3.5% in the coming two weeks. In this situation, I advise traders to have a neutral trading view," Ambala said.
Amidst these market developments, she expects Nifty 50 to gain support near 24,200 and 24,000 and meet resistance near 24,560 and 24,700.
Bank Nifty Prediction
Bank Nifty index declined 304.10 points, or 0.55%, to close at 55,087.15 on Wednesday, forming a bear candle on the daily chart.
"Bank Nifty formed a bear candle with a lower high and lower low signaling profit booking for the second session in a row after Monday's strong up move. A sustained move above the recent high of 56,098 could trigger further upside toward the 56,800 levels in the coming sessions. However, if the Bank Nifty index fails to surpass this level, the index is likely to extend the last 5 sessions consolidation within the 54,000 - 56,000 range, helping to ease the overbought conditions created by the recent sharp rally," said Bajaj Broking Research.
On the downside, key support is seen between 54,000 - 53,500, which corresponds to the gap-up region and the previous significant breakout zone, it added.
According to Hrishikesh Yedve, the Bank Nifty index has formed a red candle following a shooting star, indicating underlying weakness.
"On the upside, 56,000 will act as a stiff hurdle for the index while on downside 54,450 will act as major support. A firm break below 54,450 could trigger a fresh round of selling pressure in the Bank Nifty index; however, until that support is decisively breached, the index is likely to remain in a consolidation phase within the 54,450 - 56,000 range," Yedve said.
source: Mint
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