Nifty 50, Sensex today: What to expect from Indian stock market in trade on April 28

Mint

28-04-2025

The Indian stock market benchmark indices, Sensex and Nifty 50, are likely to see a strong opening on Monday, tracking gains in global markets.
The trends on Gift Nifty also indicate a positive start for the Indian benchmark index. The Gift Nifty was trading around 24,259 level, a premium of nearly 120 points from the Nifty futures' previous close.
On Friday, the domestic equity market ended lower on profit booking, with the Nifty 50 holding the 24,000 level.
The Sensex fell 588.90 points, or 0.74%, to close at 79,212.53, while the Nifty 50 settled 207.35 points, or 0.86%, lower at 24,039.35.
Here's what to expect from Sensex, Nifty 50 and Bank Nifty today:
Sensex breached the 79,300 support zone and slipped below the 200-day SMA (Simple Moving Average) on Friday, creating a reversal formation on daily charts and a shooting star candlestick formation on weekly charts, indicating temporary weakness.
'We believe that as long as Sensex is trading below 79,300, the correction wave is likely to continue. On the downside, Sensex could slip to 78,500, and further downside may drag the index down to 78,200. Conversely, a breach above 79,300 could change market sentiment. If Sensex surpasses this level, it could rally to 80,200 - 80,500,' said Amol Athawale, VP-Technical Research, Kotak Securities.
The options setup reflects a gradual shift in market tone — from confident to cautious. Call writers have ramped up their presence, overshadowing put writers, indicating an uptick in bearish positioning, said Dhupesh Dhameja, Derivatives Research Analyst, SAMCO Securities.
The 24,500 strike has seen hefty open interest buildup (90.50 lakh contracts), turning it into a short-term ceiling. Meanwhile, the 24,000 strike has seen strong put writing (58.78 lakh contracts), lending support just beneath spot levels. The concentration of open interest in the 24,300 – 24,500 zone reaffirms this as a critical resistance zone. Interestingly, puts are seen repositioning at lower strikes, while call writing intensifies — both signs of nervousness, he added.
The Put-Call Ratio (PCR) has slipped to 0.70 from 0.93, indicating growing caution in trader sentiment. Max Pain remains centered at 24,050, hinting at undertone to remain sideways with upside capped for now.
Nifty 50 closed 0.86% lower at 24,039.35 on Friday, but remained resilient on a weekly basis and gained 0.77%.
'Nifty 50 formed a bearish candle on the daily chart but exhibited a higher high and higher low formation. The index holds above all key moving averages but remains slightly on the verge of the 9 EMA (Exponential Moving Average), indicating some pullback. The daily RSI remains steady above the 60 mark. The support levels include the 23.6% Fibonacci retracement at 23,750, offering major support. The resistance remains at 24,200, followed by 24,300,' said Om Mehra, Technical Research Analyst, SAMCO Securities.
According to him, India VIX stood at 17.16 and surged nearly 5.60%, reflecting a rise in the volatility, which could lead to large swings in the coming sessions, and Nifty 50 may consolidate for some time before making its next decisive move.
Puneet Singhania, Director at Master Trust Group noted that the Nifty 50 saw a 0.79% rise last week, marking its second consecutive gain, signaling a positive market trend. The index closed above the key psychological level of 24,000, a significant technical barrier.
'Nifty 50 continues to trade above the 21-day, 55-day, and 200-day EMAs, suggesting sustained bullish momentum. Gains were primarily fueled by strong performance in banking stocks. The RSI remaining above the 14-day SMA indicates ongoing strength. Immediate support levels are placed at 23,800 and 23,500 which also align with the 21-DEMA. On the upside, resistance is seen at 24,360, and a move above this may open the path toward 24,700,' Singhania said.
A buy-on-dips approach is considered favorable though caution is advised with potential market volatility, he added.
VLA Ambala, Co-Founder of Stock Market Today said that the Nifty and Bank Nifty formed a shooting star and gravestone doji candlestick pattern at the weekly timeframes, respectively.
'Nifty 50 can find support between 23,850 and 23,680 and face resistance near 24,180 and 23,370 levels,' Ambala said.
Bank Nifty closed with a loss of 0.97% at 54,664.05 on Friday, and posted a weekly gain of 0.69%. The index formed a Gravestone Doji on the weekly chart, suggesting a potential slowdown in the bullish momentum.
'Bank Nifty formed a bear candle with a lower high and lower low signaling consolidation with corrective bias for the third session in a row amid profit booking after recent strong rally of 11% in the preceding 7 sessions. We expect the Bank Nifty index to consolidate in the range of 53,500 - 55,500 in the coming sessions thus working off the overbought condition developed after the recent strong rally,' Bajaj Broking Research said in a note.
According to the brokerage house, the key support base for Bank Nifty is placed at 54,000 - 53,500 levels, being the Monday's gap area and the recent major breakout area. On the higher side only a move above 55,500 will open further upside towards 56,200 and 56,800 levels.
Puneet Singhania highlighted that the Bank Nifty remains firmly above its 21-day and 55-day EMAs, indicating a sustained uptrend.
'The next key resistance lies near the psychological level of 55,000, with potential for a further rally towards 56,000. On the downside, 54,100 is a crucial support level, and a breach could lead to a decline toward 53,300. The overall technical setup supports a 'buy on dips' strategy,' Singhania said.
According to Amol Athawale, for the Bank Nifty, 55,000 will be the trend-decider level for short-term traders.
'Below this level, Bank Nifty could retest the 54,000 - 53,700 range. On the flip side, if it moves above 55,000, sentiment could improve, increasing the chances of reaching 55,800 - 56,000,' said Athawale.
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.
First Published: 28 Apr 2025, 07:24 AM IST