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Sensex Prediction for Friday, 17 April: Following a high-octane rally earlier this week, the Indian equity markets entered a phase of cooling on Thursday, April 16, amid profit-taking in banking and financial shares after a recent sharp rally. As investors enter the final trading session of the week, technical experts suggest that Friday may witness continued consolidation, with the index oscillating between a defined range.
Sensex, Nifty at close on Thursday
The 50-share NSE Nifty dropped 34.55 points or 0.14 per cent to end at 24,196.75.
The two key indices had surged by more than 1 per cent on Wednesday following easing geopolitical tensions.
Sensex gainers and losers on Thursday, April 16
Sector-wise, Tailor stated the trend remained mixed, with Metal, IT and Services sectors emerging as key gainers, showing relative outperformance. On the other hand, Private Banks witnessed notable selling pressure, which weighed on the overall index, highlighting sectoral divergence.
Sensex Prediction for Friday, April 17 by experts
The index may remain range-bound on Friday, April 17, with technical analysts expecting a cautious yet opportunistic trend as the market consolidates after a recent rally.
Sensex Prediction for Friday, April 17 by Vipin Dixena
Market analysts view Thursday’s 1,055-point intraday swing as a natural reaction to the recent sharp surge. Vipin Dixena, a SEBI-registered analyst, noted that the Sensex is currently “consolidating within a tight range after a strong upmove.”
According to Dixena, the price action is oscillating between 78,650 resistance and 77,600 support, indicating a pause before the next directional move.
“The structure remains constructive as price is holding above the rising 50-EMA, but the inability to break higher suggests supply near the upper band. RSI around 50–55 reflects neutral momentum with no strong directional bias.,” he added.
On Friday’s trading session, Dixena said, “Buy on dips is still intact unless support is broken.”
Sensex Prediction for Friday, April 17 by Hitesh Tailor
Hitesh Tailor, Technical Research Analyst at Choice Equity, pointed out that the index is facing significant supply pressure near the 78,400–78,600 zone.
“From a technical standpoint, the index is consolidating near resistance levels, with price action indicating a pause after the recent up move. Key technical levels suggest that support is placed in the 77,400–77,500 zone, which is likely to act as a demand area on declines, while resistance is seen around 78,400–78,600, where upside may face supply pressure,” he said.
For Friday’s session, Tailor said, “The near-term outlook remains cautiously neutral, with volatility likely to persist due to profit booking at higher levels and external uncertainties, while dips may continue to attract selective buying interest.”
Board markets on Thursday
Broader markets closed higher with the BSE MidCap Select index climbing 0.86 per cent and the SmallCap Select index gaining 0.60 per cent. Sectorally, the trend remained mixed, with metals, IT, and energy stocks supporting the index, while banking and auto stocks faced some pressure.
Brent crude, the global oil benchmark, traded 1.51 per cent higher at USD 96.36 per barrel.
Foreign Institutional Investors (FIIs) bought equities worth Rs 666.15 crore on Wednesday, according to exchange data.
On Wednesday, the Sensex jumped 1,263.67 points or 1.64 per cent to settle at 78,111.24. The Nifty climbed 388.65 points or 1.63 per cent to end at 24,231.30.
(Disclaimer: The above article is meant for informational purposes only, and should not be considered as any investment advice. ET NOW DIGITAL suggests its readers/audience to consult their financial advisors before making any money-related decisions.)
