Pre-market analysis today: As much as 76 stocks were on the short-covering list as per the percentage graph from OI. Major players include Bata India, Wipro, Indraprastha Gas and Exide Industries.

Experts say that if the Nifty 50 continues to rise with higher highs and lower lows and closes above the important 22,300 mark, it will likely reach levels between 22,400 and 22,500 in the next few days, with support at 22,200 and 22,000. If the index reclaims and holds 22,500, it could go on to set a new record high.

On April 22, the main indices continued their upward trend for the second day in a row. The BSE Sensex rose 560 points to 73,649. The Nifty 50 went up 189 points to 22,336. On the daily charts, it made a Dragonfly Doji pattern because it closed close to where it started, showing that bulls and bears aren’t sure what the next market move will be.

Nagaraj Shetti, a senior technical research expert at HDFC Securities, said, “This pattern formed after one day of upmove, so it doesn’t mean that bulls at the highs should be very alert.”

He said that Nifty has moved above the first hurdle at 22,300 levels and will likely face strong resistance at 22,500 levels (the opening downside gap of April 15) in the short term. If Nifty can stay above 22,500, the market could even reach new all-time highs in the near future. “Immediate support is at 22,260 levels.”

Pre-Market Analysis- Nifty Key Support and Resistance Level

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The pivot point tool shows that the Nifty 50 will likely run into trouble at the level of 22,353. It will then encounter problems at the levels of 22,413 and 22,481. The index may find instant support at the level of 22,236, then at 22,194, and finally at 22,126.

The Bank Nifty also made more gains on April 22 and got closer to the 48,000 mark. The index went up 351 points to 47,925. It made a negative candlestick pattern with a long lower shadow because it closed lower than it started. However, it held on to the 10-day exponential moving average and the 21-day exponential moving average at the end of the day.

Both private and public sector bank stocks contributed to the rise, which shows that the trend will last. RSI (relative strength index) and MACD (moving average convergence divergence) on the daily chart show that the market is likely to go up. “The immediate support levels are still at 47,500, and the resistance level is at 48,500,” said Om Mehra, a technical analyst at Samco Securities.

The pivot point tool says that the Bank Nifty index might run into trouble at 47,972, then at 48,220, and finally at 48,418. At the bottom, the index is likely to find support at 47,702, then at 47,580, and finally at 47,382.

More news about stocks

Reliance Industries

The oil, telecom, and retail giant reported a net profit of Rs 21,243 crore for the March FY24 quarter, up 0.1% year over year but less than the company’s annualized profit because of higher tax costs. Gross income for the quarter, which was Rs 2,64,834 crore, rose 10.8 percent year-over-year. This was due to oil-to-chemical (O2C) and customer business growing by more than 10 percent each.

Tejas Networks

The company that makes wired and wireless networking goods had a combined net profit of Rs 146.8 crore for the quarter ending March FY24. This was due to strong sales growth. Last year, there was a net loss of Rs 11.5 crore. In Q4FY24, operating income rose sharply by 343.3 percent year-over-year to Rs 1,326.88 crore.

Hatsun Agro Product

The dairy company’s net profit at Rs 52.2 crore for the March FY24 quarter grew by a huge 109 percent year-over-year. This was due to strong running performance. Compared to the same time last year, operating income for the quarter rose by 14.4 percent to Rs 2,047 crore.

Patel Engineering

The building engineering company started its qualified institutions placement (QIP) offering on April 22. The floor price for each share is Rs 59.50, which is 5.3% less than the last trading session’s ending price.

Hero MotoCorp

As of April 30, Arun Jaura quit as Chief Technology Officer (CTO) of the world’s biggest two-wheeler company.

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