Nifty 50, Sensex today: What to expect from Indian stock market in trade on April 15 amid Iran-Israel conflict

livemint.com:

Sensex plunged 793.25 points to close at 74,244.90, while the Nifty 50 settled 234.40 points, or 1.03%, lower at 22,519.40. Nifty 50 formed a long negative candle on the daily chart that has broken below the immediate support of the ascending trend line at 22,650 levels. Also Read: Indian stock market: 10 key things that changed for market over weekend - Gift Nifty, Iran-Israel tensions to inflation “Technically, this pattern indicates a formation of a crucial top reversal pattern and one may expect more weakness in the coming sessions.

The hurdle of resistance trendline and Fibonacci projection around 22,800 levels have weighed high on the market and resulted in a reversal," said Nagaraj Shetti, Senior Technical Research Analyst, HDFC Securities. On the weekly chart, Nifty 50 formed a small negative candle with an upper shadow, which is indicating a reversal pattern formation as per daily as well as weekly timeframe charts. This is not a good sign for bulls, Shetti added.

The Nifty 50 index ended sharply lower by 234 points on April 12 on profit booking across the board, hinting at a reversal in trend to down. “Nifty slipped lower as it experienced a consolidation breakdown in the lower timeframe. The sentiment appears somewhat negative for the short term.

However, there is observed support at 22,500 on a closing basis. As long as it maintains above 22,500 on a closing basis, we do not anticipate a significant correction in the market," said Rupak De, Senior Technical Analyst, LKP Securities. Sustained trading above 22,500 could potentially push the index towards 22,650 - 22,700 once more.