Sensex Gain 309 Points, Nifty at 23,437; Tomorrow Nifty Prediction

Tomorrow Nifty Prediction

Stock Market Today: Nifty Closes Above Key EMA; Resistance Ahead at 23,500 – What to Expect on April 17

Indian equity benchmarks ended Tuesday’s trading session (April 16, 2025) with healthy gains, led by buying in banking, oil & gas, and media stocks.

The Nifty 50 continued its upward momentum, closing firmly above its 100-day Exponential Moving Average (EMA) for the second consecutive session—a positive signal from a technical standpoint.

The broader market also participated in the rally, with midcaps and smallcaps outperforming frontline indices.

Headline Indices Gain Amid Late Buying:

• Sensex rose by 309.40 points, or 0.40%, to close at 77,044.29
• Nifty 50 gained 108.65 points, or 0.47%, ending at 23,437.20

While the indices spent most of the session range-bound, a strong surge during the final hour of trade helped Nifty break out of its intraday consolidation zone.

The move was supported by strength in banking majors and mid-tier stocks, with market sentiment turning increasingly optimistic heading into the latter half of the week.

Market Breadth Remains Positive:

Out of the total stocks traded on the BSE:

• 2,561 stocks advanced
• 1,244 stocks declined
• 129 stocks remained unchanged

This favorable breadth is a sign of broad-based participation, which typically strengthens the underlying market trend.

Top Gainers and Losers:

Nifty Top Gainers:

• IndusInd Bank
• Axis Bank
• Trent
• ONGC
• Asian Paints

Nifty Top Losers:

• Maruti Suzuki
• Hindalco Industries
• Bajaj Finance
• Larsen & Toubro (L&T)
• Tata Motors

Banking names dominated the gainers’ list, with financials showing renewed strength, likely fueled by institutional inflows and positive earnings expectations. On the flip side, auto stocks came under pressure as investors booked profits after recent rallies.

Sectoral Highlights:

The performance across sectors was mixed but largely tilted towards the positive side. Here’s a breakdown:

• Banking and Financial Services: Led the market higher with notable gains in both private and PSU banks.
• Media and PSU Banks: Outperformed, rising between 1–2%, reflecting investor interest in high-beta and value plays.
• Oil & Gas: Continued to see buying interest amid rising global crude prices and expectations of stronger Q4 earnings.
• Auto, IT, and Pharma: Lagged the broader market, with marginal corrections of 0.43%, 0.18%, and 0.10% respectively.

Meanwhile, the BSE Midcap index advanced 0.5%, and the Smallcap index rallied nearly 1%, signaling strong appetite in broader markets.

The outperformance of mid and smallcaps over large-cap indices indicates a shift toward high-growth, value-based opportunities among retail and domestic institutional investors.

Technical View: Nifty Forms Bullish Candle; Resistance at 23,500

From a technical perspective, Nifty has now formed a bullish candlestick pattern on the daily chart, reinforcing near-term bullish sentiment.

The index closed above its 100-day EMA for the second day in a row, which is seen as a critical support zone by market analysts.

According to Aditya Gaggar, Director at Progressive Shares:

“Nifty traded within the previous day’s range for most of the session, but a sharp rally in the last hour helped it break above the consolidation zone. The bullish candle reflects positive sentiment, though the index is now nearing an overbought territory.”

He adds that resistance lies in the 23,450–23,500 range, and if the Nifty manages to close above this level, it could target the next resistance at 23,800.

However, traders should remain cautious as the market approaches this resistance zone, especially considering global uncertainties and earnings season volatility.

Support and Resistance Levels to Watch:

Support Levels:

• Immediate support: 23,300 (aligned with 100-EMA)
• Next support: 23,275, followed by 23,150 and 23,000

Resistance Levels:

• Immediate resistance: 23,450–23,500
• Next resistance: 23,650 and 23,800

Rupak Dey, Senior Technical Analyst at LKP Securities, shares a similar outlook:

“As long as the index remains above the 23,300 mark, the uptrend is likely to continue. A decisive move above 23,500 could attract further buying and push the index toward 23,800 in the short term. However, a break below 23,300 could trigger a corrective move toward 23,150 or even 23,000.”

What’s Driving Market Sentiment?

Several factors have contributed to the current bullish tone:

1. Strong institutional buying, particularly in banking and oil-related stocks
2. Firm global cues, as major US and European indices continue to show resilience
3. Q4 earnings season optimism, with expectations of strong results from banking, FMCG, and energy sectors
4. Robust domestic macroeconomic indicators, including stable inflation data and positive GDP projections

Market Prediction for April 17:

Looking ahead, market participants will closely monitor the following:

• Whether Nifty can sustain above 23,450 and break through 23,500 resistance
• Global cues from US and Asian markets, including interest rate signals and macro data
• Earnings reports from key companies, particularly in the banking and IT sectors
• Crude oil prices and their impact on inflation-sensitive sectors

Volatility may rise, especially as the index approaches key resistance levels. Traders should be cautious of potential profit-booking near highs, even as the broader sentiment remains positive.

Bottom Line:

The market continues to show strength, backed by technical indicators and improving investor sentiment.

While a near-term pause or mild correction cannot be ruled out due to overbought conditions, the overall structure remains bullish as long as the Nifty holds above its support zone of 23,300.

Key takeaway: Watch for a breakout above 23,500 for confirmation of continued upside toward 23,800. On the downside, maintain caution if the index slips below 23,300.