Nifty 50, Sensex today: What to expect from Indian stock market in trade on April 12

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Sensex surged 354.45 points to close at 75,038.15, while the Nifty 50 settled 111.05 points, or 0.49%, higher at 22,753.80. Nifty 50 formed a small positive candle on the daily chart with minor upper and lower shadow. “Technically, this pattern indicates a formation of high wave type candle pattern.

But, having formed this pattern amidst a sideways range, the predictive value of this pattern could be less," said Nagaraj Shetti, Senior Technical Research Analyst, HDFC Securities. Also Read: Indian stock market: 10 key things that changed for market overnight - Gift Nifty, US inflation to rally in tech stocks According to him, Nifty is currently placed at the hurdle of around 22,800 levels (ascending resistance trend line and 1.618% Fibonacci extension). “Though Nifty placed near the hurdle, still there is no sign of any reversal forming at the highs.

Immediate support is at 22,615 levels. A decisive move above 22,800 levels is expected to open further upside momentum for the market ahead," Shetti added. Here’s what to expect from Nifty 50 and Bank Nifty today: Analyzing the Open Interest (OI) data, Mandar Bhojane, Research Analyst at Choice Broking said the call side exhibits the highest OI at 23,000, followed by the 22,900 strike prices, serving as robust resistance levels for the Nifty.

Conversely, the highest OI on the put side is observed at the 22,700 strike price, indicating a support level. This data, according to him, suggests a sideways movement scenario for the Nifty. Also Read: Stock market: National Aluminium, SAIL, ZEEL among 8 stocks under F&O ban list today The Nifty 50 index continued to move up range bound action on April 10 and closed the day higher by 111 points.