Nifty 50, Sensex today: What to expect from Indian stock market in trade on April 30
Sensex surged 941.12 points, or 1.28%, to close at 74,671.28, while the Nifty 50 settled 223.45 points, or 1%, higher at 22,643.40. Nifty 50 formed a long bull candle on the daily chart, beside the long negative candle of Friday. Also Read: Indian stock market: 7 key things that changed for market overnight - Gift Nifty, rally in Tesla shares to China PMI “Technically, this pattern indicates a counterattack of bulls and a negation of previous bearish pattern of dark cloud cover of Friday.
This is a positive indication and is expected to open more upside in the coming sessions. The crucial hurdle of 22,500 levels (opening downside gap of 15th April) has been challenged once again on Monday and Nifty closed above the said resistance area. The larger degree bullish pattern of higher tops and bottoms is intact and the Nifty is now moving up towards the new higher top formation of the pattern (above 22,775 levels)," said Nagaraj Shetti, Senior Technical Research Analyst, HDFC Securities.
He believes the short-term uptrend of Nifty seems to have resumed after one day of weakness. The next upside levels to be watched are around 22,800 - 22,900. Here’s what to expect from Nifty 50 and Bank Nifty today: Analysis of Nifty Put options reveals a concentration of Open Interest (OI) at the 22,500 level, suggesting potential support during the ongoing expiry.
Conversely, significant OI concentrations on the Call side are observed at the 23,000 level, said Mandar Bhojane, Research Analyst at Choice Broking. Also Read: Buy or sell: Vaishali Parekh recommends three stocks to buy today — April 30 The Nifty 50 index witnessed an excellent upside bounce on April 29 and closed the day higher by 223 points. “Nifty continued to remain in the
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