Nifty 50, Sensex today: What to expect from Indian stock market in trade on April 30

The Indian stock market benchmark indices, Sensex and Nifty 50, are likely to see a muted opening on Wednesday, tracking mixed cues from global markets.

The trends on Gift Nifty also indicate a negative start for the Indian benchmark index. The Gift Nifty was trading around 24,375 level, a discount of nearly 50 points from the Nifty futures’ previous close.

On Tuesday, the domestic equity market indices ended choppy session on a flat note, with the benchmark Nifty 50 holding above 24,300 level.

The Sensex gained 70.01 points, or 0.09%, to close at 80,288.38, while the Nifty 50 settled 7.45 points, or 0.03%, higher at 24,335.95.

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

Sensex Prediction

Sensex is consistently facing resistance near the 80,500 resistance zone, and formed a small bearish candle near this important resistance level on Tuesday, indicating indecisiveness between the bulls and the bears.

“We are of the view that, on the upside, 80,500 would be the immediate breakout level for the bulls. Above this level, Sensex could rally towards 80,800 – 81,000. On the other hand, if the index falls below 80,000, selling pressure is likely to accelerate. Below this level, we could see a quick correction down to 79,700 – 79,500,” said Shrikant Chouhan, Head Equity Research, Kotak Securities.

Nifty OI Data

The options data signals a gradual shift in trader sentiment — from confidence to caution. Call writers have ramped up their positions aggressively, overtaking put writers, which is a subtle warning sign for bullish setups.

“The 24,500 strike has amassed a heavy open interest of 1.65 crore contracts, marking it as a strong near-term resistance ceiling. Conversely, the 24,000 strike has seen substantial put writing of 1.12 crore contracts, reinforcing it as a key support just below current levels. The significant build-up of open interest in the 24,400 – 24,500 band further highlights it as a crucial resistance zone. Notably, while put writers have begun shifting to lower strikes, call writing has intensified, signaling an undercurrent of nervousness among participants,” said Dhupesh Dhameja, Derivatives Research Analyst, SAMCO Securities.

The Put-Call Ratio (PCR) has dropped sharply from 1.17 to 0.84, indicating a clear tilt toward caution, as sellers gain ground. Max Pain remains anchored at 24,300, suggesting a range-bound stance with any upside likely capped unless a breakout is achieved, he added.

Nifty 50 Prediction

Nifty 50 shifted into a consolidation with a small high low range on April 29 and closed the day higher by 7 points.

“A small red candle was formed on the daily chart with a minor upper shadow. Technically, this market action indicates a failed upside breakout attempt of the hurdle of around 24,350 – 24,400 levels. Hence this could mean chances of more consolidation in the short term. Bullish pattern like higher tops and bottoms is intact as per daily chart and one may expect Nifty 50 to resume its upside momentum after a small consolidation or minor dip,” said Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities.

According to him, immediate support is placed at 24,150 levels and a decisive move above the resistance of 24,450 could open the next upside target of 24,850 levels in the near term.

Hrishikesh Yedve, AVP Technical and Derivatives Research at Asit C. Mehta Investment Interrmediates Ltd. highlighted that the Nifty 50 index formed a shooting star candle on the daily chart, signalling selling pressure at higher levels, with 24,460 acting as a short-term hurdle.

“Sustaining above this level could lead to a rally toward 24,800 – 24,850. On the downside, key support lies at the 200-Day Simple Moving Average around 24,050, followed by 23,850. Traders should monitor these levels for potential trading opportunities,” said Yedve.

Bajaj Broking Research said in a note that the Nifty 50 index formed a small bear candle signaling consolidation after Monday’s strong up move.

“Going ahead, Nifty 50 is expected to extend consolidation in the range of 24,550 – 23,800. With 23,800 being the confluence of last week’s low and recent breakout area. While 24,550 is the 61.8% retracement of the entire decline (26,277-21,744). We believe the current consolidation will help the index work off the overbought condition developed after the recent strong rally. Stock specific action will continue to remain in focus as we progress through the Q4 earnings season,” Bajaj Broking Research said in a note.

VLA Ambala, Co-Founder of Stock Market Today said that the Nifty 50 formed a spinning top candlestick pattern near a 7-day high and is now trading near the previous weekly increase of 24,350.

“From this level, the index is expected to remain range-bound within a 3–4% band over the next two weeks, making neutral option strategies advisable. Looking ahead, Nifty 50 may find support between 24,100 and 23,950, while resistance can be found near 24,550 and 24,630,” Ambala said.

Bank Nifty Prediction

Bank Nifty index fell 41.55 points, or 0.07%, to close at 55,391.25 on Tuesday, forming a small bear candle on the daily chart, signaling consolidation after Mondays strong up move.

“A sustained move above the recent high of 56,098 could trigger further upside toward the 56,800 levels in the coming sessions. However, if the Bank Nifty index fails to surpass this level, it is likely to extend the last 5 sessions consolidation within the 54,000 – 56,000 range, helping to ease the overbought conditions created by the recent sharp rally,” said Bajaj Broking Research.

On the downside, key support is seen between 54,000 – 53,500, which corresponds to the gap-up region and the previous significant breakout zone, it added.

Hrishikesh Yedve said that the Bank Nifty index formed a shooting star candle on the daily chart, suggesting strong supply near the 56,000 mark, while support is seen at 54,450.

“The index is expected to consolidate between 54,450 and 56,000 in the near term, with a breakout on either side likely to determine the next directional move,” Yedve said.

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.