Indian stock markets are poised for a positive opening on Tuesday, April 23, tracking global market rallies and optimistic cues from the GIFT Nifty. The GIFT Nifty is trading around 24,375—indicating a premium of nearly 206 points over Monday’s Nifty futures close—suggesting early strength in domestic equities.
Global Cues Fuel Optimism
A robust rally in US stocks—led by the easing of US-China trade war fears and positive commentary by US leadership—has lifted sentiments globally. The Asian markets are trading higher, underpinning hopes for a bullish day at Dalal Street.
Key Index Summary (Close on April 22)
- Sensex: ▲ 187.09 pts (0.24%) to 79,595.59
- Nifty 50: ▲ 41.70 pts (0.17%) to 24,167.25
- Bank Nifty: ▲ 342.70 pts (0.62%) to 55,647.20
Nifty 50 Technical Outlook
- Trend: Bullish but overbought
- Immediate Support: 24,050 – 23,950
- Resistance Zone: 24,230 – 24,450
- Breakout Level to Watch: 24,270
- Market Structure: Holding above 200-DSMA (~24,050) indicates strength
- Options Data: Heavy call OI at 24,500; put writing at 24,000; Max Pain at 24,000
- Candle Pattern: Doji + Hanging Man – indicates caution after sharp gains
Expert View: Experts recommend a buy-on-dips approach with caution around resistance levels. A breach above 24,250–24,270 can propel Nifty to 24,500–24,800 in the next few days.
Bank Nifty Update
Last few days: 6-session winning streak
- Resistance: 56,000 – 56,300 (Fibonacci level)
- Support: 54,470
RSI & Stochastic: On the cusp of overbought levels, reflecting potential consolidation
Analyst View: Bank Nifty is in a firm uptrend. A break above 56,300 can prolong the rally, but caution is advised and profit-booking at these levels may be in order.
⚖️ Strategy for Traders
With the April monthly expiry date looming and markets technically overbought:
Be wary near resistance
Opt for neutral options strategies (such as iron condors or calendar spreads)
Target buy-on-dips in quality stocks
Watch levels: Bank Nifty 54,470 / Nifty 24,050 (principal support levels)
Conclusion
There is still strength in momentum but caution is suggested since principal indexes are nearing considerable resistance levels. Watch breakout levels for new opportunity and be prepared for potential consolidation prior to expiry.
Disclaimer: The article above is for educational purposes only. Consult a SEBI-registered financial advisor before investing.
