Despite strong gains in the previous session, Indian equity markets may see a muted start on April 17, with Gift Nifty hinting at a 67-point dip. Experts suggest a ‘buy on dips’ strategy remains favorable.
April 17, 2025 |The Indian stock market is expected to open on a cautious note Thursday, April 17, tracking mixed global cues and a negative trend in Gift Nifty, which was trading around 23,366—a 67-point discount to the Nifty futures’ previous close.
Fed’s Dovish Patience Weighs on Sentiment
Investor mood soured after US Federal Reserve Chair Jerome Powell signaled a wait-and-watch stance on interest rates, prompting a cautious approach globally.
Market Recap: April 16 Performance
- Sensex surged 309.40 points (0.40%) to close at 77,044.29
- Nifty 50 gained 108.65 points (0.47%) to end at 23,437.20
Both indices formed bullish candles on their daily charts, signaling sustained upward momentum.
📊 Sensex Today: Support at 76,550, Resistance at 77,300
Kotak Securities’ Shrikant Chouhan suggests the 76,550 zone is a key support level, while 77,300 and 77,500 may act as near-term resistance. As long as the Sensex holds above its support, the uptrend could extend.
However, any breach below 76,550 could trigger a correction toward 76,200.
📈 Nifty 50 Outlook: Strong Bullish Structure with Support at 23,270
- Technical Highlights:
- Nifty formed a bullish candle with a lower shadow
- Closed above the 200-Day EMA (23,360)
- Two major opening gaps from April 11 & 15 remain unfilled—often seen as bullish runaway gaps
- Resistance Levels:
- Near-term: 23,540 to 23,680
- Medium-term: 23,870 (March 25 swing high)
- Support Levels:
- Primary: 23,300 (Put OI concentration)
- Secondary: 23,270, deeper support at 23,200
Expert Take:
🧮 Options Data Suggests Range-Bound Moves
- Call OI Hurdles: 23,800 and 24,000
- Put OI Support: 23,300
The derivatives setup indicates a bullish undertone with strong support and a clear ceiling unless breached.
🏦 Bank Nifty Prediction: Poised to Climb Towards 54,000
- Closed at 53,117.75, up 738.25 points (1.41%)
- Formed a powerful bullish candle with a breakout above 52,800 resistance
- Next resistance zone: 53,800 – 54,000
Bajaj Broking notes that Bank Nifty is showing stronger momentum than the broader indices, with follow-through buying suggesting further upside.
🔍 Analyst Strategy for April 17 Trade
- Buy on dips in quality stocks
- Focus on support zones: 23,270–23,300 (Nifty) and 52,800 (Bank Nifty)
- Watch for resistance near: 23,540–23,700 (Nifty) and 53,800–54,000 (Bank Nifty)
- Avoid aggressive long positions if Nifty falls below 23,200 or Sensex below 76,550
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