Nifty 50, Sensex today: What to expect from Indian stock market in trade on April 5 ahead of RBI policy
Sensex gained 350.81 points to close at 74,227.63, while the Nifty 50 settled 80.00 points, or 0.36%, higher at 22,514.65. Nifty 50 formed a small negative candle on the daily chart with a long lower shadow. “This pattern indicates presence of strong resistance at the new all-time highs and the sharp buying is emerging from the lower levels.
Still the market is not able to generate enough strength for a decisive upside breakout of 22,550 - 22,600 levels," said Nagaraj Shetti, Senior Technical Research Analyst, HDFC Securities. Also Read: Indian stock market: 8 key things that changed for market overnight - Gift Nifty, US jobless claims to oil price rally He believes the near-term uptrend of Nifty remains intact and we observe smaller degree positive patterns like higher tops and bottoms as per daily timeframe chart. A decisive move above 22,550 - 22.600 levels could open the next upside towards 22,800 levels, he added.
Here’s what to expect from Nifty 50 and Bank Nifty today: Examining the Nifty Open Interest (OI) data, the highest OI on the call side is observed at the 22,800 strike price, followed by the 23,000 strike price. Conversely, the highest OI on the put side is seen at the 22,300 strike price, noted Mandar Bhojane, Research Analyst at Choice Broking. The Nifty 50 index showed high volatility of up and down swings near new all-time highs on April 4 and finally closed the day higher by 80 points.
“The Nifty remained highly volatile as the index fluctuated within the range of 22,300 and 22,600 throughout the day. On the daily chart, the index has formed a hanging man pattern, indicating a potential bearish reversal in the short term," said Rupak De, Senior Technical Analyst, LKP Securities. According to him,
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