Nifty 50, Sensex today: What to expect from Indian stock market in trade on April 2
Sensex gained 363.20 points to close at 74,014.55, while the Nifty 50 settled 135.10 points, or 0.61%, higher at 22,462.00. Nifty 50 formed a small positive candle on the daily chart with an upper shadow. Also Read: Indian stock market: 7 key things that changed for market overnight - Gift Nifty, US Treasury yields to oil prices “Technically, this pattern indicates the formation of a type candle pattern.
Such doji formation at new highs/after a reasonable upmove signal chances of consolidation or minor dip from the higher levels," said Nagaraj Shetti, Senior Technical Research Analyst, HDFC Securities. He believes the overall larger trend of Nifty remains positive and the market is now in an attempt of breaking above the crucial overhead resistance of 22,500 - 22,550 levels. “Though, Nifty is now placed at the crucial hurdle of around 22,500 levels, the overall chart pattern remains positive and we are unlikely to see any sharp decline from here.
Any consolidation or dip could be a buying opportunity. Eventually, Nifty could show a decisive upside breakout of 22,500 levels and the near-term upside target would be around 22,800," said Shetti. Here’s what to expect from Nifty 50 and Bank Nifty today: Analysing the Nifty Open Interest (OI) data, Deven Mehata, Research Analyst at Choice Broking noted that on the call side, the highest OI was observed at 22,500 strike prices while on the put side, the highest OI was at 22,200 strike price.
Also Read: Buy or sell: Vaishali Parekh recommends three stocks to buy today — April 2 The Nifty 50 index continued with a follow-through upmove with range movement on April 1 and closed the day higher by 135 points. The index hit an all-time high of 22,529.95 during the session. “The Nifty
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