Nifty 50, Sensex today: What to expect from Indian stock market in trade on April 10
Also Read: Indian stock market: 7 key things that changed for market overnight - Gift Nifty, US Treasury yields to oil prices Here’s what to expect from Nifty 50 and Bank Nifty today: Analyzing the Nifty Open Interest (OI) data, the call side showed the highest OI at the 22,800 level, followed by the 23,000 strike prices. On the put side, the highest OI was observed at the 22,500 strike price, said Mandar Bhojane, Equity Research Analyst at Choice Broking. The Nifty 50 index slipped into a minor decline amidst volatility on April 9 and closed the day lower by 23 points.
“Nifty opened higher but struggled to withstand the selling pressure at elevated levels. On the hourly chart, the RSI (14) indicates a bearish divergence, signaling a potential shift in price momentum towards the downside. Immediate support is observed at 22,600; a decisive drop below this level could drive the index towards 22,400," said Rupak De, Senior Technical Analyst, LKP Securities.
Conversely, according to him, resistance is evident at 22,770 on the higher end. Also Read: Day trading stocks to buy: Anand Rathi expert recommends three shares to buy today The Bank Nifty index rallied 149 points to end at a fresh closing high of 48,731 on Tuesday, extending gains for the fifth consecutive session. “The Bank Nifty demonstrated resilience at higher levels by surpassing the 49,000 mark intraday.
It finds support at 48,000, coinciding with significant open interest in put options. Sustained closure above 49,000 could propel the index towards 50,000," said Kunal Shah, Senior Technical & Derivative Analyst at LKP Securities. With a bullish undertone prevailing, downturns are seen as buying opportunities for the index, Shah added.
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