Nifty 50, Sensex today: What to expect from Indian stock market in trade on April 29

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Sensex declined 609.28 points to close at 73,730.16, while the Nifty 50 settled 150.40 points, or 0.67%, lower at 22,419.95. Nifty 50 formed a long negative candle on the daily chart on Friday, just beside the long bull candle of Thursday. Also Read: Indian stock market: 7 key things that changed for market over weekend - Gift Nifty, US inflation to tech stocks rally “This is signaling a formation of bearish dark cloud cover type candle pattern at the highs.

After the decisive upside breakout of the crucial downside gap resistance of 15th April on Thursday at 22,500 levels, Nifty subsequently reacting down in the next session may not be a good sign for bulls," said Nagaraj Shetti, Senior Technical Research Analyst, HDFC Securities. A small positive candle was formed on the weekly chart with a long upper shadow. After a series of higher high formations, the market seems to have formed a lower high in this week.

“The short-term trend of Nifty seems to have reversed down after a reasonable rise from the lows. Immediate support is placed at 22,300 and the weakness below this support could trigger more declines ahead," Shetti said. Here’s what to expect from Nifty 50 and Bank Nifty today: The Nifty 50 index witnessed a sharp U turn on the downside on April 26 and closed the day lower by 150 points.

“The Nifty remained under selling pressure throughout the session as the index failed to sustain above the crucial level of 22,500. On the daily chart, a dark cloud cover pattern is observed, indicating a potential bearish reversal. Immediate support is situated at 22,300, below which the Nifty could extend its losses towards 22,000," said Rupak De, Senior Technical Analyst, LKP Securities.