Money Street News


The Indian stock market is likely to open in the red tomorrow (April 12, 2024) after the March inflation data in US beat Wall Street expectations and diminished rate cut hopes by the US Federal Reserve in June. Several stock market analysts maintain a bearish view for tomorrow’ market movement as concerns over global economic uncertainties and volatility due to the onset of January-March quarter results of fiscal 2023-24 (Q4FY24) may weigh on market sentiments.

Coming to current levels, NSE International Exchange (NSEIX) data suggests that Gift Nifty is trading around 22,582 (up 0.12 per cent) as against the Nifty 50 futures closing of 22,804 on April 10. Gift Nifty is more than 200 points lower which indicates a gap-down opening for Nifty 50 on Friday, April 12.

The gap down of April 12 should be a speed bump in an ongoing uptrend in the Index. This gap would most likely get bought into, according to market analysts.

On Wednesday, April 10, domestic equity benchmarks witnessed healthy buying across sectors despite mixed global cues. The 30-share Sensex closed above the 75,000 mark for the first time while the NSE Nifty 50 also settled at its fresh closing high in the previous session.

Sensex closed 354 points, or 0.47 per cent, higher at 75,038.15, before hitting its intraday high of 75,105.14. The Nifty 50 touched its fresh all-time high of 22,775.70 before settling at 22,753.80, up 111 points, or 0.49 per cent.

Technical View:

According to Rahul Ghose, CEO, Hedged.in, market participants should watch out for 2 things on the Index today if the gap down is not bought into:

1)The weekly candle close: If the weekly candle closes below 22500 on the 12th of April, this could trigger a period of consolidation or a short correction in the Index

2)If 22300 breaks on the Index: This would trap a significant quantity of put writers that are present right from 22500 to 22800 levels and can lead to a quick move on the downside.

If the initial dip is bought and 22500 is held, we should see smooth sailing keeping the above two levels in mind.

MORE TO COME

Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.

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