As the Indian stock market gears up for trading on Friday, the benchmark indices, Sensex and Nifty 50, are expected to see a flat opening. This comes amid positive signals from global markets, although the Gift Nifty indicates a subdued start for domestic indices. Currently, the Gift Nifty is trading at around 24,430, reflecting a slight premium of approximately 12 points over the last Nifty futures close. Notably, the Indian stock market was closed on May 1, 2025, in observance of Maharashtra Day.

Market Recap

In its last session on April 30, the domestic equity market closed marginally lower, with the Nifty 50 holding steady near the 24,300 mark. The Sensex experienced a slight dip, falling by 46.14 points (or 0.06%) to finish at 80,242.24. Meanwhile, the Nifty 50 settled just 1.75 points (or 0.01%) lower at 24,334.20.

Sensex Outlook

The Sensex is encountering strong selling pressure around the 80,500 resistance level. On Wednesday, it formed a double top pattern on intraday charts, indicating potential weakness ahead. As per Shrikant Chouhan, Head of Equity Research at Kotak Securities, if the Sensex continues to trade below 80,500, it may revisit the 79,300 level, with further declines possible towards 79,000. Conversely, breaking past 80,500 could shift market sentiment, propelling the index towards 81,000 – 81,300.

Nifty 50 Insights

The Nifty 50 closed flat on April 30 at 24,334, presenting a doji candle on the daily chart, which suggests indecision among investors. According to Hrishikesh Yedve, AVP of Technical and Derivatives Research at Asit C. Mehta Investment Intermediates Ltd., resistance is seen at 24,460, while the 200-Day Simple Moving Average around 24,050 will serve as crucial support. If it sustains above 24,460, a move towards 24,800 – 24,850 could be in store.

Key Support and Resistance Levels

• Resistance Levels:

  • 24,460 (Immediate)
  • 24,800 – 24,850 (If a breakout occurs)
• Support Levels:
  • 24,300 (Strong)
  • 24,200 (Key)

Bank Nifty Analysis

The Bank Nifty index fell by 304.10 points (or 0.55%) to close at 55,087.15 on Wednesday, forming a bearish candle. This suggests profit-taking after a strong surge earlier in the week. Research from Bajaj Broking indicates that a sustained move above the recent high of 56,098 could lead to further gains towards 56,800. However, if it fails to clear this level, the index might continue to consolidate within the 54,000 – 56,000 range.

Conclusion

With ongoing geopolitical tensions and significant economic data set to be released, volatility is anticipated in the coming sessions. Traders are advised to maintain a neutral view as the market navigates through this uncertain phase. The Nifty 50 is expected to find support near 24,200 and 24,000, while resistance levels are projected at 24,560 and 24,700.

Keep an eye on these developments as we move further into the trading day, and stay updated on market dynamics for informed investment decisions!