Nifty 50, Sensex today: What to expect from Indian stock market in trade on April 1
Sensex spiked 655.04 points to close at 73,651.35, while the Nifty 50 settled 203.25 points, or 0.92%, higher at 22,326.90. Nifty 50 formed a reasonable bull candle on the daily chart with a long upper shadow. “This pattern indicates high volatility in the market near the all-time highs around 22,500 levels.
One may expect the Nifty to find support from the lows and is expected to move up further. Nifty on the weekly chart showed a follow-through upmove this week. The 10-week EMA (Exponential Moving Average) has offered support around 22,000 levels this week and resulted in a reasonable upmove.
Bullish pattern like higher tops and bottoms is intact as per weekly timeframe chart," said Nagaraj Shetti, Senior Technical Research Analyst, HDFC Securities. Shetti believes the near-term uptrend of Nifty remains intact with high volatility. The next upside levels to be watched are around 22,500 - 22,600 this week.
Also Read: Indian stock market: 10 key things that changed for market over weekend - Gift Nifty, US GDP, inflation to China’s PMI Here’s what to expect from Nifty 50 and Bank Nifty today: The Nifty 50 index witnessed a decisive intraday upside breakout of the range with high volatility on March 28 and closed the day higher by 203 points. "The Nifty has rallied significantly, surpassing the 22,500 mark after maintaining momentum beyond 22,100. Furthermore, there’s a clear breakout in consolidation on the daily timeframe, signaling rising optimism.
Nevertheless, the Nifty encountered initial resistance near its previous swing high of 22,526. Consequently, to sustain a continued rally, it must surpass the 22,525 level decisively," said Rupak De, Senior Technical Analyst, LKP Securities. On the downside, he believes
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