Sensex Prediction for Wednesday, April 29: The Indian equity benchmark indices, Sensex and Nifty, buckled under selling pressure on Tuesday, snapping their recent winning streak as a combination of a sharp rally in oil prices and foreign fund outflows amid persistent geopolitical uncertainties dented investor sentiment. Also, deep losses in banking, financial and auto stocks dragged the equity benchmarks lower.
As investors turn their gaze toward the new trading session on Wednesday, April 29, the mood on Dalal Street remains palpably cautious. Technical analysts suggest that the index is trapped in a precarious range, with traders advised to tread carefully amidst the prevailing volatility.
Sensex at close on Tuesday, April 28
The 50-share gauge NSE Nifty dropped 97 points, or 0.40 per cent, to end at 23,995.70.
Sensex losers and gainers on Tuesday, April 28
Sensex Prediction for Wednesday, April 29 by experts
Stock market experts indicate that the near-term trend remains cautious, with the index struggling to regain upward momentum.
Sensex Prediction for Wednesday by Vipin Dixena
SEBI-registered analyst, Vipin Dixena said the Sensex is currently trading in a weak, range-bound structure after losing momentum below the 50-day exponential moving average (EMA).
“The index is oscillating between 77,500 as resistance and 76,400 as support. The index is attempting a minor pullback from the lower band but continues to face supply near the falling EMA, indicating sellers are active on rises. RSI is hovering in the mid-zone without strength, suggesting lack of directional conviction. As long as 77,500 is not reclaimed decisively, the bias remains slightly bearish with a possibility of retesting 76,400, and a breakdown below this level can extend the move towards 76,000,” he said.
Any sustained move above 77,500–77,600 can shift momentum back to the upside, but until then, it remains a sell-on-rise, Dixena advised.
Sensex Prediction for Wednesday, April 29 by Hitesh Tailor
Hitesh Tailor said the market, from a technical perspective, is in a consolidation phase following recent volatility, reflecting indecision among investors.
“Immediate support is placed in the 76,300–76,400 zone, which may act as a key demand area on declines. On the upside, resistance is seen around 77,300–77,500, where supply pressure is likely to emerge and may cap further upside,” Tailor noted.
The near-term outlook remains cautious with a slight negative bias, as intermittent selling pressure continues to persist. He further stated, “While selective buying is visible, ongoing geopolitical uncertainties and global market cues may keep volatility elevated, limiting sharp directional moves in the short term.”
Sectoral indices on Tuesday, April 28
The BSE SmallCap Select index climbed 0.42 per cent, while the BSE MidCap Select index dipped 0.27 per cent.
Among sectoral indices, PSU bank dropped (2.20 per cent), bankex declined 1.61 per cent, top 10 banks (1.44 per cent), private banks (1.23 per cent), auto (0.98 per cent) and hospitals (0.95 per cent). However, energy, commodities, industrials, telecommunication, utilities, metal and oil & gas were the gainers.
Brent crude, the global oil benchmark, jumped 2.97 per cent to USD 111.4 per barrel.
Foreign Institutional Investors (FIIs) offloaded equities worth Rs 1,151.48 crore on Monday, according to exchange data.
On Monday, the Sensex jumped 639.42 points or 0.83 per cent to settle at 77,303.63. The Nifty climbed 194.75 points or 0.81 per cent to close at 24,092.70.
(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.)
