Nifty 50, Sensex today: What to expect from Indian stock market in trade on April 18

livemint.com:

Sensex declined 456.10 points, or 0.62%, to close at 72,943.68, while the Nifty 50 dropped 124.60 points, or 0.56%, to settle at 22,147.90. The Indian stock market was shut on Wednesday for Ram Navami. Nifty 50 formed a small positive body candle on the daily chart with minor upper shadow.

Also Read: Indian stock market: 6 key things that changed for market overnight - Gift Nifty, US Treasury yields to oil prices “Technically, this market action signals range bound action in the market with weak bias. Normally, such formations post reasonable decline indicate an upside bounce from the lows. Nifty is currently placed near the crucial support of ascending trend line as per weekly chart and near lower end of an ascending channel on the daily chart around 22,000 levels.

Hence, there is a possibility of a bounce in the short term," said Nagaraj Shetti, Senior Technical Research Analyst, HDFC Securities. He believes the short-term trend remains weak. But, having placed near the cluster support of around 22,000 levels, one may expect upside bounce from the lows in coming sessions.

Here’s what to expect from Nifty 50 and Bank Nifty today: Coming to the Nifty Open Interest (OI) data, on the call side, the highest OI was observed at 22,400 followed by 22,500 strike prices while on the put side, the highest OI was at 22,000 strike price, said Deven Mehta, Research Analyst at Choice Broking. Also Read: Buy or sell: Vaishali Parekh recommends three stocks to buy today — April 18 The Nifty 50 index slipped into follow-through weakness amidst a range movement on April 16 and closed the day lower by 124 points. “Technically, the trend has weakened as the index fell below the 21-EMA (Exponential Moving Average).