Stock market today: Gift Nifty up 40 pts; key levels to watch for Nifty, Sensex, Nifty Bank
Indian benchmark indices are headed for a muted start on Tuesday as global market brace up for key US economic data, along with March quarter earnings from some of the largest global companies.
- Apr 29, 2025,
- Updated Apr 29, 2025 7:53 AM IST
Indian benchmark indices are headed for a muted start on Tuesday as global market brace up for key US economic data, along with March quarter earnings from some of the largest global companies. Back home, Q4 earnings and tension with Pakistan will be in focus during the truncated week.
Dhupesh Dhameja, Derivatives Research Analyst, SAMCO Securities said that Nifty Bank has carved a well-established trading corridor between 54,300 and 56,000, oscillating within this range over the past six sessions. This band has now emerged as a crucial zone for directional clarity in the coming days.
"Bullish momentum is gradually firming up, as price action continues to hover above the breakout neckline, supported by the 10-day EMA, both reinforcing the underlying strength of the bulls. A bullish candlestick pattern emerged on the daily chart following the recent profit-booking bout, further strengthening the positive bias. It continues to exhibit a 'buy-on-dips' structure," he said.
Bank Nifty 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, said Bajaj Broking. "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 said.
Indian benchmark indices are headed for a muted start on Tuesday as global market brace up for key US economic data, along with March quarter earnings from some of the largest global companies. Back home, Q4 earnings and tension with Pakistan will be in focus during the truncated week.
Dhupesh Dhameja, Derivatives Research Analyst, SAMCO Securities said that Nifty Bank has carved a well-established trading corridor between 54,300 and 56,000, oscillating within this range over the past six sessions. This band has now emerged as a crucial zone for directional clarity in the coming days.
"Bullish momentum is gradually firming up, as price action continues to hover above the breakout neckline, supported by the 10-day EMA, both reinforcing the underlying strength of the bulls. A bullish candlestick pattern emerged on the daily chart following the recent profit-booking bout, further strengthening the positive bias. It continues to exhibit a 'buy-on-dips' structure," he said.
Bank Nifty 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, said Bajaj Broking. "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 said.