Nifty 50 Set for Range-Bound Open on April 24: Global Tech Rally Offset by Gift Nifty Dip
Nifty 50 may open flat to slightly lower today despite strong Nasdaq gains. A 41-point drop in Gift Nifty hints at cautious domestic sentiment.
Key Highlights:
Nifty 50 Opening Prediction: April 24 May Begin With Flat to Bearish Bias
Nifty 50 is likely to witness a range-bound to mildly negative opening on April 24, 2025, as early signals from the Gift Nifty, global indices, and Asian markets show conflicting cues.
The Gift Nifty, a key indicator for domestic sentiment, dropped 41 points to trade at 24,270.5, signaling a possible flat or slightly weak start for the NSE Nifty index. This, despite a roaring rally on Wall Street where the Nasdaq surged +2.50%, shows how India-specific caution may weigh on the open.
Asian Market Snapshot
Asian indices opened mixed on April 24:
- Nikkei 225: +0.82%
- Kospi: -0.14%
- TAIEX: +4.50% (Previous session)
- Hang Seng: Up in previous close; flat at open
- SSE Composite: -0.10%
- SZSE Component: +0.67%
- ASX 200: +1.33%
The divergence in Asian sentiment means Nifty may not fully mirror Nasdaq’s rally and could trade within a narrow band unless fresh domestic triggers emerge.
Gift Nifty Trends Signal Intraday Range
Gift Nifty’s 0.17% decline from its previous close acts as a short-term red flag for bulls. However, strong Nasdaq performance may attract buy-on-dip interest during intraday trades.
Predicted Opening Range:
- Likely between 24,220 – 24,280
- Key Support: 24,180
- Immediate Resistance: 24,350
- Broader Range: 24,150 – 24,400
What Traders and Investors Should Expect
- Day Traders: Volatility likely near 24,200. Quick reversals may be seen in early trade.
- Positional Traders: May wait for clean breakout above 24,350 for directional confidence.
- Investors: Long-term trend remains intact. Use dips to accumulate frontline stocks.
Technical Setup & Derivatives View
- Options Data: Highest OI build-up seen at 24,300 (Calls) and 24,000 (Puts)
- RSI: In neutral territory; momentum flat
- MACD: Still in bullish zone, but showing signs of consolidation
Global Sentiment Recap
- Nasdaq closed: +407 points higher at 16,708.05
- Dow Jones: +0.69%
- S&P 500: +1.19%
- These moves helped sustain bullish global sentiment, but not enough to fully lift Nifty 50 today due to local resistance and cautious Gift Nifty trend
Final View – Nifty 50 on April 24
The Nifty 50 is expected to open flat to slightly lower with early resistance near 24,300. The Gift Nifty dip of 41 points acts as a brake on any immediate uptrend despite global positivity. Investors should brace for a choppy and sentiment-sensitive session, driven by global macro developments and FII flows.
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