Nifty 50, Sensex today: What to expect from Indian stock market in trade on April 4
Sensex fell 27.09 points to close at 73,876.82, while the Nifty 50 settled 18.65 points, or 0.08%, lower at 22,434.65. Nifty 50 formed a small positive candle on the daily chart with a gap-down opening and an upper shadow. “Technically this pattern indicates broader range movement in the market near all-time highs.
The smaller degree positive pattern like higher tops and bottoms is intact as per the daily chart and the present weakness could be in line with the new higher bottom of the sequence. Hence, any weakness from here could be a buy on dips opportunity," said Nagaraj Shetti, Senior Technical Research Analyst, HDFC Securities. Also Read: Indian stock market: 7 key things that changed for market overnight - Gift Nifty, Powell’s speech to US private payrolls Shetii believes that the near-term uptrend of the Nifty remains intact and a decisive move above 22,550 is likely to pull the Nifty towards the next crucial hurdle of 22,800 levels in a quick period of time.
Here’s what to expect from Nifty 50 and Bank Nifty today: Analysis of the Nifty Open Interest (OI) data reveals the highest OI on the call side at the 22,700 strike price, followed by the 22,800 strike price. On the put side, the highest OI was observed at the 22,000 strike price, said Mandar Bhojane, Research Analyst at Choice Broking. Also Read: Buy or sell: Vaishali Parekh recommends three stocks to buy today — April 4 Nifty continued to consolidate within a range on April 3 but ended the day on a flat note.
“Nifty remained volatile throughout the day after an initial weak start attributed to negative global cues. Despite this, the overall sentiment remains robust as the index sustains itself above key moving averages. The Relative Strength Index (RSI)
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