Nifty 50, Sensex today: What to expect from Indian stock market in trade on April 22

The trends on Gift Nifty also indicate a gap-up start for the Indian benchmark index. The Gift Nifty was trading around the 22,240 level, a premium of nearly 110 points from the Nifty futures’ previous close.

On Friday, the domestic equity indices ended sharply higher with the benchmark Nifty 50 closing above the 22,100 level.

The Sensex rallied 599.34 points, or 0.83%, to close at 73,088.33, while the Nifty 50 settled 151.15 points, or 0.69%, higher at 22,147.00.

Nifty 50 formed a long bull candle on the daily chart after opening at the lows.  

“The present chart pattern is indicating a formation of bullish piercing line type candle pattern and this signals short-term bottom reversal for the market. Nifty held above the support around 21,750 levels, which is near to the previous swing low of 20th March. This could be considered as a double bottom type formation. After breaking below the support of the lower end of the channel at 22,000 levels, the Nifty regained the lost ground and closed above that support on Friday,” said Nagaraj Shetti, Senior Technical Research Analyst, HDFC Securities.

He believes the short-term trend of Nifty seems to have reversed up after forming a bullish reversal-type candle pattern on Friday. One may expect further upside towards the next resistance of around 22,500 levels in the few sessions.

Also Read: Indian stock market: 8 key things that changed for market over weekend – Gift Nifty, China data to HDFC Bank Q4 results

Here’s what to expect from Nifty 50 and Bank Nifty today:

Nifty 50 Prediction

The Nifty 50 index witnessed an excellent upside recovery from the steep weakness on April 19 and closed the day with handsome gains of 151 points amidst high volatility.

“On the daily chart, a piercing line pattern has formed, often indicating a bullish reversal following a correction. Additionally, the indicator has surpassed the 55-EMA (Exponential Moving Average), a short-term moving average. A close above this moving average signifies a positive short-term trend. Looking ahead, bulls may drive the Nifty’s recovery towards 22,300,” said Rupak De, Senior Technical Analyst, LKP Securities.

Furthermore, he believes, a decisive breakthrough above 22,300 could trigger a sustained rally toward 22,600. On the downside, support on a closing basis is situated at 22,000.

Also Read: Buy or sell: Vaishali Parekh recommends three stocks to buy today — April 22

Bank Nifty Prediction

The Bank Nifty index closed 505 points higher at 47,574 on Friday.

“The Bank Nifty Index displayed strong bullish momentum as it formed a bullish piercing candlestick pattern from the support level of 46,500. The immediate resistance for the index is located at 48,000, where there is a significant buildup of open interest on the call side, indicating a potential hurdle. The index has established immediate support between 47,200 and 47,000,” said Kunal Shah, Senior Technical & Derivative Analyst at LKP Securities.

Any pullbacks towards this support zone are seen as buying opportunities, suggesting continued bullish sentiment if these levels hold, Shah added.

Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.

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Published: 22 Apr 2024, 07:26 AM IST