Nifty Prediction 23 April: Bulls Reclaim Control Above 200 DMA | Market Outlook by ET Now Experts
Nifty Prediction 23 April: Will the index sustain above the 200-DMA? Read expert insights, support & resistance levels, and market outlook based on ET Now’s analysis.
Indian stock markets continued their positive momentum on April 22, 2025, with the Nifty 50 reclaiming a critical technical level—the 200-day moving average (DMA). This development is significant from a chartist’s perspective and has stirred optimism among short-term traders. The Nifty index closed at a four-month high, climbing 41.70 points to end at 24,167.25, while the Sensex gained 187.09 points to settle at 79,595.59.
This analysis is based on insights published by ET Now (original article here). We are summarizing the expert opinions shared in their report and do not claim this analysis as our own.
Nifty Above 200 DMA: A Bullish Signal?
Nifty Prediction: The 200-DMA is a closely watched technical indicator, often used to determine the broader market trend. According to ET Now, the Nifty’s reclaiming of this level suggests bullish sentiment may persist in the near term, especially supported by ongoing FII inflows and robust buying interest in banking and FMCG sectors.
However, despite the breakout above the 200-DMA, a small red candle formed on the daily chart, indicating indecision among participants at higher levels. This pattern resembles a Doji or a high-wave candle, as per Nagaraj Shetti of HDFC Securities, hinting at possible short-term consolidation or a minor dip before the next move.
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Support and Resistance for Nifty on 23 April
- Immediate Support: 24,000
- Immediate Resistance: 24,450
- A break above 24,250 could lead the Nifty to 24,550, while a breakdown below 24,000 might initiate a minor correction.
As per technical insights shared with ET Now:
According to Devarsh Vakil of HDFC Securities, 24,545 also coincides with the 61.8% retracement level of the previous fall from the all-time high, making it a crucial resistance point.
Market Strategy Going Ahead
Nifty Prediction: Rupak De of LKP Securities highlights that although the Nifty has managed to close above its 200DMA, the move lacked strong conviction. The body of the candle was small, signifying hesitation. Still, the trend remains optimistic as long as the index holds above 24,000.
Ajit Mishra from Religare Broking believes that buy-on-dips remains the most suitable strategy at this point. He advises traders to focus on momentum-driven stocks, especially those reacting positively to quarterly results.
Nifty Bank at All-Time High
A notable development was the Nifty Bank index hitting a fresh record of 55,961.20 before closing at 55,746.20—up by 342.70 points. This strong performance from the banking sector adds to the bullish outlook for the broader market.
Conclusion: Nifty Prediction for 23 April
All technical experts featured in the ET Now article agree that Nifty’s trend is bullish in the short term. While a mild correction or sideways movement may occur due to overbought conditions, the index is expected to remain strong above 24,000.
If the bulls manage to break past 24,250 decisively, the path toward 24,500–24,550 seems likely. On the downside, any break below 24,000 could signal caution.
Disclaimer: This blog post is a summary of expert opinions published by ET Now. Read the full original analysis here: ET Now – Nifty Prediction for 23 April
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