Indian Stock Market Outlook: Nifty 50, Sensex Predictions for 21 April

Indian Stock Market Expected to Open Higher on Tuesday

The Indian stock market benchmark indices, Sensex and Nifty 50, are likely to open higher on Tuesday, tracking mixed cues from global markets, amid optimism over the US-Iran peace talks. The trends on Gift Nifty also indicate a positive start for the Indian benchmark index. The Gift Nifty was trading around 24,406 level, a premium of nearly 74 points from the Nifty futures' previous close.

On Monday, the Indian stock market ended marginally higher, with the benchmark Nifty 50 closing above 24,300 level. The Sensex rose 26.76 points, or 0.03%, to close at 78,520.30, while the Nifty 50 settled 11.30 points, or 0.05%, higher at 24,364.85.

Sensex and Nifty 50 Outlook

Sensex is currently consolidating near higher levels, indicating a pause in the ongoing uptrend. Immediate support for Sensex is placed near 77,800 - 78,000, while resistance is seen around 79,000 - 79,200. A sustained move above resistance could trigger fresh upside, whereas a breakdown below support may lead to short-term weakness.

Nifty 50 index formed a high wave candlestick pattern with a higher high and a higher low, signaling consolidation around the 50-day EMA. A small candle was formed on the daily chart with minor upper and lower shadow, indicating a consolidation movement and the presence of a crucial hurdle like the previous opening down gap of 9th March.

Nifty Options Data

In the derivatives segment, notable call writing was observed at the 24,500 and 24,600 strike levels, indicating resistance zones. On the put side, significant writing at 24,300 and 24,200 suggests strong support at lower levels.

Bank Nifty Outlook

Bank Nifty index ended 16.65 points, or 0.03%, higher at 56,582.35 on Monday, forming a bearish candle on the daily chart, characterized by a long upper shadow and a relatively small lower shadow, indicating selling pressure near higher levels and hesitation among bulls to carry the momentum forward.

Technical Analysis

Immediate support for the Bank Nifty index is placed at 56,100 - 56,000, while resistance is seen around 57,000 - 57,100. A sustained and convincing breakout above 57,100, supported by volume expansion, could trigger further upside momentum, with Bank Nifty potentially advancing towards 57,600, followed by 58,200 in the short term.

| Index | Monday's Close | Tuesday's Prediction | |-------------|----------------|-----------------------| | Sensex | 78,520.30 | Higher (above 79,000) | | Nifty 50 | 24,364.85 | Higher (above 24,500) | | Bank Nifty | 56,582.35 | Higher (above 57,100) |