Sensex Likely to Open Soft After Strong Rally, Gift Nifty Hints at Pause
Sensex may open flat to lower today after a 1,500-point rally last session, with Gift Nifty and global markets pointing to cautious trade.
Key Highlights:
Sensex May Open Flat to Lower After 1,508-Point Surge on April 17
The Sensex is expected to open on a cautious note on April 21, following a sharp upmove in the previous session and weak cues from global peers and futures markets. On April 17, the BSE Sensex surged 1,508.91 points or 1.96% to close at 78,553.20, its biggest one-day gain in months.
With Gift Nifty now indicating early weakness, a pause in this momentum appears likely.
Last Close Recap – Sensex Performance on April 17
| Metric | Value |
|---|---|
| Previous Close | 77,044.29 |
| Closing Value | 78,553.20 |
| Day’s Gain | +1,508.91 |
| % Change | +1.96% |
| Day’s High | 78,616.77 |
| Day’s Low | 76,665.77 |
| 52-Week Range | 70,234.43 – 85,978.25 |
Global Cues and Gift Nifty Signal a Slower Start
Despite the euphoria last week, today’s early indicators suggest a cool-off at open. The Gift Nifty is down 42.5 points at 23,858.00, pointing toward a soft start for both Nifty 50 and Sensex.
Gift Nifty Snapshot (as of 6:41 AM IST):
| Index | Value | Change | % Change |
|---|---|---|---|
| Gift Nifty | 23,858.00 | -42.5 | -0.18% |
Global markets remain mixed after Nasdaq closed lower on April 17 and Asian peers like Nikkei 225 and Taiex opened weak this morning.
Asian Market Opening Snapshot – April 21
| Index | Movement | % Change | Status |
|---|---|---|---|
| Nikkei 225 | -368.10 | -1.06% | Weak |
| Kospi | +3.83 | +0.15% | Positive |
| Taiex | -183.46 | -0.95% | Lower |
| SSE, SZSE | Awaited | — | Yet to Open |
| Hang Seng | Not Open Yet | — | Awaited |
Global uncertainty and a drop in U.S. futures are likely to limit risk appetite during today’s trade in India.
Nasdaq Close – Tech Weakness May Weigh
The Nasdaq Composite closed at 16,286.45, down 20.71 points (-0.13%) on April 17. Volatility in large-cap tech names and rising bond yields have created a cautious tone in equity markets.
| Open | 16,399.97 | | High | 16,408.51 | | Low | 16,181.17 | | Close | 16,286.45 | | Change | -20.71 pts (-0.13%) |
Technical Setup – Can Sensex Sustain Above 78,000?
After last week’s breakout, the Sensex enters overbought territory on daily indicators. Unless supported by broad-based gains or strong earnings updates, consolidation between 77,800–78,800 is likely.
| Support Level | 77,600–77,800 | | Resistance Level | 78,800–79,100 | | Watch Zone | 78,200–78,500 |
Intraday volatility may increase if global sentiment worsens during European hours.
Sectoral Outlook – What to Watch Today
- IT & Tech: May underperform tracking Nasdaq
- Auto & Capital Goods: Positive bias post macro support
- Banking & Financials: Key drivers; earnings in focus
- Pharma & FMCG: Defensive support likely to emerge
Market Forecast – Sensex Could Open Muted After Sharp Rally
After a 1,500-point rally, the Sensex is poised for a flat to negative open today amid:
- Weak cues from global indices
- Pressure on tech and export-oriented sectors
- Lower start in Gift Nifty
- Awaited cues from China and Europe
Caution may dominate the early session with selective buying in defensives and rate-sensitive stocks.
Final Word on Sensex’s Opening Trend
While the Sensex had a stellar session on April 17, today’s setup indicates profit-booking or range-bound action. Traders should watch Gift Nifty trends, China’s market opening at 7:00 AM IST, and early moves in large-cap financials to assess intraday direction.
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