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Sensex Prediction for Thursday, April 23: Indian equity markets suffered a sharp correction on Wednesday, snapping a three-day gaining streak, dragged down by heavy selling in IT stocks and rising crude oil prices amid the ongoing global uncertainty linked to tensions between the United States and Iran.
A combination of disappointing corporate earnings, foreign fund outflows and fears of prolonged instability in West Asia also dented investor spirits. Amid this, market analysts suggest that the technical structure for the Sensex has turned short-term bearish after Wednesday’s decisive close.
Sensex at close on Wednesday, April 22
Among 30-Sensex firms, HCL Tech tumbled the most by 10.85 per cent after its March quarter earnings failed to cheer investors. HCL Tech reported a 4.20 per cent on-year rise in consolidated net profit to Rs 4,488 crore for the March quarter, even as the management flagged a highly volatile demand environment shadowed by tariffs and softened discretionary spends, giving a FY27 growth guidance of 1-4 per cent.
The decline was largely driven by IT stocks, which emerged as major laggards following weak earnings, with heavyweights dragging the index lower. In contrast, FMCG, Energy and Defence stocks showed relative resilience and provided limited support to the market. Selling pressure was also seen across select heavyweight counters, reflecting broad-based caution, he noted.
Sensex Prediction for Thursday, April 23
Sensex Prediction for Thursday, April 23 by Aakash Shah
From a technical perspective, Shah said the Sensex has slipped below immediate support zones, signalling short-term weakness.
Immediate support is now placed near 77,800–78,000, while resistance is seen around 79,200–79,300.
“Overall, the market structure has turned short-term bearish, with a risk of further consolidation or downside if key support levels are breached, although intermittent pullbacks cannot be ruled out,” he concluded.
Sensex Prediction for Thursday, April 23 by Vipin Dixena
SEBI-registed analyst said, “Sensex is showing early signs of weakness after failing to sustain above the 78,900 resistance. The structure is losing momentum as lower highs are forming on the intraday chart, and price is hovering around the 50-EMA, indicating a potential shift from bullish continuation to short-term consolidation.”
Immediate support is at 78,000 while resistance remains firm at 78,900. RSI has dropped below 50, reflecting weakening momentum and increasing selling pressure, the analyst noted.
For Thursday’s trading session, Dixena said, “Bias is sideways to mildly bearish- below 78,500 weakness can extend toward 78,000–77,800 zone and strength will only returns above 78,900.”
Broder markets, sectoral indices on Wednesday, April 22
The BSE SmallCap Select index climbed 0.76 per cent, while the MidCap Select index dipped 0.04 per cent.
Among sectoral indices, IT tanked 3.66 per cent, BSE Focused IT (3.54 per cent), Top 10 Banks (0.85 per cent), Financial Services (0.64 per cent), and Private Banks index (0.64 per cent).
Utilities jumped 2.48 per cent, Power (1.97 per cent), MidSmall Private Banks Quality Tilt (1.13 per cent), Capital Goods (1.11 per cent) and FMCG (0.98 per cent).
Foreign Institutional Investors (FIIs) offloaded equities worth Rs 1,918.99 crore on Tuesday, according to exchange data.
On Tuesday, the Sensex jumped 753.03 points or 0.96 per cent to settle at 79,273.33. The Nifty climbed 211.75 points or 0.87 per cent to end at 24,576.60.
(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.)
