The Indian stock market is anticipated to start higher on Tuesday, buoyed by favorable signals from the international market. The Gift Nifty forecasts a flat opening for the Indian benchmark index. On Monday, domestic equity indices ended significantly higher for the second day in a row, with the Nifty closing over 22,300 levels. Nifty 50 produced a small candle on the daily chart with identical open and close values and an extended lower shadow. According to Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities, “This price activity indicates the formation of a long-legged doji or dragonfly doji type candlestick pattern. This pattern, which appears after a day of upward movement, does not raise major concerns for bulls at highs. Nifty has surpassed the initial hurdle at 22,300 and is likely to encounter strong resistance at 22,500 in the near term (opening downside gap of April 15th).” He anticipates that if Nifty can maintain above 22,500, the market may reach new highs in the near future. Here’s what to anticipate from Nifty 50 and Bank Nifty today: Nifty OI Data Analysis of Nifty Put options shows a concentration of Open Interest (OI) at the 22,000 level, suggesting potential support for the current expiration. Significant OI concentrations are seen on the Call side at the 22,500 and 22,600 levels, nearing all-time highs. “Maintaining prices above this level could drive the market toward the 22,800 strike prices, which could serve as potential resistance levels for the upcoming expiration. Traders and investors should consider purchasing opportunities during Nifty dips and implement a suitable stop-loss strategy below the stated support levels,” advises Mandar Bhojane, Research Analyst at Choice Broking. Nifty 50 Prediction Bulls remained in control as the Nifty 50 index continued its upward movement on April 22, closing 189 points higher. “The trend turned positive after reclaiming a critical short-term moving average. Sentiment should remain positive as long as it stays above 22,150. On the upside, the index could potentially reach 22,600-22,700,” said Rupak De, Senior Technical Analyst at LKP Securities. However, according to him, a drop below 22,150 could lead to consolidation in the index. Bank Nifty Prediction The Bank Nifty index rose 351 points to close at 47,925 on Monday. “The Bank Nifty index demonstrated continued bullish strength with follow-up buying from lower levels. It is now approaching a crucial resistance level of around 48,000, where the highest open interest is on the call side. A decisive break above this level is expected to trigger further short-covering moves,” said Kunal Shah, Senior Technical & Derivative Analyst at LKP Securities. Shah added that immediate support is at 47,600 – 47,500, indicating that any dip toward this support zone could provide a buying opportunity.
Indian Stock Market to Open Higher on Tuesday Led by Positive Global Cues
