Market Prediction April 23: The Indian stock market closed with marginal gains today, continuing the bullish momentum. While Nifty 50 added 0.17%, Bank Nifty outperformed throughout the day, and the Sensex crossed 79,500, further signaling investor confidence. Despite online chatter about an imminent correction, the market tells a different story when you dive into the data. Let’s decode today’s charts, trends, and technicals to understand what lies ahead.
📌 Table of Contents
Table of Contents
Market Overview – 6th of Positive closing.
🔍 Nifty 50 Snapshot
| Open | High | Low | Close |
| 24,185.40 | 24,242.60 | 24,072.00 | 24,167.25 |
📊 Market Breadth (Nifty 50)
| ADVANCED | FLAT (<0.25%) | DECLINES |
| 15 | 7 | 28 |
📈 Nifty Movers
| TOP GAINERS | GAIN % | TOP LOOSERS | LOSS % |
| ITC | 2.36 % | INDUSIND BANK | – 4.79 % |
| HINDUNILVR | 2.21% | POWERGRID | – 2.11 % |
🏦 Nifty Sectoral Performance
- Nifty small cap 50 rises 3.44 %
- Nifty Reality with 2.42 % and FMCG with 1.89 % are the sector leader.
- Nifty IT and Energy closed in RED with miner loos ( – 0.5 %)
- Overall Setoral performance was bullish.
🔍 Technical Analysis – Resistance ahead, Make or Break?
Nifty managed to close near the day’s high at 24,167.25, approaching key resistance levels. RSI on the daily chart is rising (65.97), while on the hourly chart it’s cooling down from 72, indicating a possible short-term pause.
Key Levels:
- Support: 24,140, 24000
- Resistance: 24200, 24500
📌 “Nifty has given a break above its 200-day moving average and successfully managed to close above 24,000. This level should now act as strong support. Resistance remains at 24,200–24,300.”
– Riyank Arora, Technical Analyst, Mehta Equities Ltd (Source: MSN India | Breaking News, Entertainment, Latest Videos, Outlook)
📊 Open Interest (OI) Data
Open Interest Data has more waight in Market Predictions and Analysis.
- Max Call OI: 24,500 CE – 98.21 Lakh
- Max Put OI: 24,000 PE – 1.12 Cr
- 24500 CE having 98.21 Lkh OI
🧮 OI Build-Up:
| Index | PRICE % | OI % | BUILDUP |
| NIFTY | 0.17% | 22.4% | Long Buildup |
| BANK NIFTY | 0.62% | 22.93% | Long Buildup |
| FINNIFTY | 0.72% | 4.67% | Long Buildup |
- ✅ Long buildups reflect strong bullish momentum.
🌐 FII & DII Data (Will Update Soon)
FII : Cr. Sell in Cash
DII : Cr. buy in Cash
🧠 Market Prediction & Trade Plan
“In Nifty 50, hold long positions, consider buying 24,000 PE for hedging,”
– Anil Singhvi, Managing Director, Zee Business
As per the current structure:
- Nifty is comfortably above 24,000 with strong support.
- A breakout above 24,200 could lead us to test 24,500.
- Look for buy-on-dip opportunities, especially near support zones.
📘 Key Learning from Today’s Market
After trending days, markets often move sideways. Recognizing this pattern helps in capital preservation. Trend days are for riding the wave, range-bound days are for staying cautious and planning the next move.
💡 “Learn from the Market to Earn from the Market.”
📌 Disclaimer
All financial data and market statistics referenced in this article are sourced from the official website of the National Stock Exchange of India — https://www.nseindia.com.
This content is intended solely for informational and educational purposes. It does not constitute financial advice or a recommendation to buy, sell, or hold any securities. Readers are advised to perform their own research or consult a certified financial advisor before making any investment decisions.
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