Bank Nifty Eyes Flat Start After 277-Point Fall – Will Nasdaq Boost Support a Recovery?
After a 277-point slide, Bank Nifty may open flat today amid mixed cues. Strong Nasdaq rally and Gift Nifty weakness balance out, hinting at a choppy session.
Key Highlights:
Bank Nifty Opening Forecast: Cautious Sentiment May Keep Bulls in Check
Bank Nifty, which closed 277.15 points lower at 55,370.05 on April 23, is expected to open flat or slightly higher on April 24, 2025, as conflicting global cues keep traders on edge.
While the Gift Nifty dipped 41 points in early trade, suggesting domestic caution, the Nasdaq rallied 2.50% overnight, lending some optimism to banking and financials globally.
Previous Session Recap – Why Bank Nifty Dropped
- Major drag: Private banks and select PSU names saw profit booking.
- Key levels breached: 55,500 acted as intraday resistance.
- FII data: Continued net outflows from financials added pressure.
Global Cues That May Influence Today’s Opening
- Nasdaq Composite: +2.50% (tech-led rally)
- Dow Jones: +0.69%
- S&P 500: +1.19%
- Gift Nifty: Down 41 points (indicating muted local mood)
- Asian Markets Mixed: Nikkei, TAIEX up; Kospi, SSE down
This divergence means Bank Nifty could open flat but may gain intraday momentum if buying picks up near support.
Opening Prediction and Key Levels
- Likely Opening Range: 55,300 – 55,450
- Support Zones: 55,200 / 55,000
- Resistance Zones: 55,600 / 55,800
Any break below 55,200 could intensify selling, while a close above 55,600 may revive bullish interest.
What This Means for Traders and Investors
- Intraday Traders: Expect volatility between 55,200–55,600. Look for clean breakouts.
- Swing Traders: Wait for closing above 55,800 before fresh longs.
- Investors: Banks remain fundamentally strong. Ideal time to accumulate on dips.
Technical Indicators Overview
- RSI: Near neutral but turning lower
- MACD: Bearish crossover intact
- 20DMA & 50DMA: Bank Nifty trading below key averages; cautious stance suggested
Institutional Sentiment Watch
- FII Activity (Previous Day): Net sellers in financials
- DII Support: Likely to remain steady around support zones
- Options OI Data: Heavy Call writing at 55,500 and 56,000
Final Outlook for April 24 – Flat to Mildly Positive Open Likely
Despite Wednesday’s loss, Bank Nifty may start Thursday’s session on a stable note, as global tech euphoria from Nasdaq tempers the impact of Gift Nifty weakness. However, any sustained upward move will require support from large-cap banks and a pickup in volumes near 55,500.
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