Nifty 50, Sensex today: What to expect from Indian stock market in trade on April 29

The Indian stock market benchmark indices, Sensex and Nifty 50, are likely to open on a flat note on Tuesday, tracking mixed global market cues.

The trends on Gift Nifty also indicate a flat-to-positive start for the Indian benchmark index. The Gift Nifty was trading around 24,478 level, a premium of nearly 26 points from the Nifty futures’ previous close.

On Monday, the domestic equity market indices ended with strong gains, with Nifty 50 closing above 24,300 level.

The Sensex rallied 1,005.84 points, or 1.27%, to close at 80,218.37, while the Nifty 50 settled 289.15 points, or 1.20%, higher at 24,328.50.

Here’s what to expect from Sensex, Nifty 50 and Bank Nifty today:

Sensex Prediction

Sensex jumped 1,006 points on Monday and formed a long bullish candle on the daily charts, which supports a further uptrend from current levels.

“We believe that the short-term market texture is still on the bullish side but buying on intraday dips and selling on rallies would be the ideal strategy for day traders. On the downside, 79,800 and 79,500 would act as key support zones for Sensex, while 80,500 – 80,700 could serve as crucial resistance areas for the bulls,” said Shrikant Chouhan, Head Equity Research, Kotak Securities.

However, if Sensex falls below 79,500, the uptrend would become vulnerable, he added.

Nifty OI Data

The Nifty options setup reflects a gradual transition in market sentiment from cautious to confident.

“Put writers have expanded their positions aggressively, overtaking call writers — a positive sign for bullish bets. The 24,500 strike has seen a heavy open interest addition (1.06 crore contracts), establishing it as a near-term resistance ceiling. Simultaneously, the 24,000 strike has witnessed robust put writing (1.24 crore contracts), offering a strong support floor just below the current levels,” said Dhupesh Dhameja, Derivatives Research Analyst, SAMCO Securities.

The accumulation of open interest between 24,400–24,500 reaffirms it as a critical resistance zone. Interestingly, while puts are repositioning at lower strikes, call writing has intensified, both hinting at underlying nervousness among traders, he added.

“The Put-Call Ratio (PCR) has risen sharply to 1.17 from 0.70, suggesting a noticeable shift towards bullish sentiment. Max Pain remains centred at 24,200, implying a range-bound bias for now, with an upward tilt capped unless a breakout materializes,” said Dhameja.

Nifty 50 Prediction

Nifty 50 witnessed an excellent bounce back on April 28 and closed higher by nearly 290 points above the 24,300 level.

“A long bull candle was formed on the daily chart that has almost engulfed the long negative candle of Friday. This market action indicates lack of follow-through selling post formation of reversal pattern on Friday. Nifty 50 also placed at the edge of the upside breakout of the immediate hurdle at 24,360 levels,” said Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities.

According to him, the near-term uptrend of Nifty 50 remains intact and a sustainable move above 24,400 is not only going to negate the recent short-term bearish pattern, but also open sharp upside towards the next resistance of around 24,600 – 24,800 levels in the near term. Immediate support is placed at 24,050 levels.

Hrishikesh Yedve, AVP Technical and Derivatives Research at Asit C. Mehta Investment Interrmediates Ltd., highlighted that the Nifty 50 index formed a green candle on the daily chart but was unable to cross recent swing high around 24,360 levels.

“Moreover, the Nifty 50 index closed above its 200-Day Simple Moving Average (around 24,050) reinforcing strength. The previous weekly low is placed near 23,850, which will serve as an immediate support for the index. As long as the index holds above 23,850, positive momentum could be possible; however, sustaining below 23,850 could trigger further bearish momentum,” said Yedve.

According to him, the Nifty 50 index will face immediate resistance around 24,360 – 24,400 levels, and a decisive move above 24,400 could extend the rally towards 24,800, where a horizontal trend-line resistance is placed.

“On the flip side, sustaining below 23,850 could lead to further weakness towards 23,600 levels where a trend-line support is placed. Traders should monitor these levels for potential trading opportunities,” Yedve added.

VLA Ambala, Co-Founder of Stock Market Today, noted that the Nifty 50 traded with its RSI at 64 on the daily charts and 57 on the weekly charts, suggesting a moderate purchase zone for medium-term and swing traders.

“I advise traders to adopt a buy-on-dip strategy instead of a sell-on-rise until the Nifty 50 touches its new high. Nifty 50 is likely to find support around 24,160 and 24,000 and resistance around 24,500 and 24,680,” said Ambala.

Bank Nifty Prediction

Bank Nifty rallied 768.75 points, or 1.41%, to close at 55,432.80 on Monday and formed a bullish engulfing candle, indicating a potential resumption of the upward trend after a three-session pause.

“Buying interest was seen emerging near the previous breakout zone. A sustained move above Monday’s high of 55,577 could trigger further upside toward the 56,200 and 56,800 levels in the coming sessions. However, if the Bank Nifty index fails to surpass this level, it may enter a consolidation phase within the 54,000 – 55,600 range, helping to ease the overbought conditions created by the recent sharp rally,” Bajaj Broking Research said in a note.

On the downside, key support is seen between 53,000 – 53,500, which corresponds to the gap-up region and the previous significant breakout zone, it added.

According to Hrishikesh Yedve, Bank Nifty formed a bullish engulfing candlestick pattern on the daily chart, reflecting strength in the index.

“On the upside, all time high around 56,100 will act as immediate resistance level, for Bank Nifty index and if index manages to sustain above these levels, then the rally can stretch upto psychological level of 57,000. On the downside, the newly formed Bullish engulfing low around 54,580 will act as immediate support for the index, followed by previous breakout level around 54,450 levels,” Yedve said.

He advises traders to maintain a ‘buy on dips’ strategy for Bank Nifty as long as the index stays above the 54,450 levels.

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.