Nifty 50, Sensex Today: Markets Likely to Open Lower Amid Global Uncertainty; Is Bullish Trend Intact?

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.

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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.

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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.

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📊 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.

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However, any breach below 76,550 could trigger a correction toward 76,200.

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📈 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:

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🧮 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.

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🏦 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.

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🔍 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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