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Sensex Prediction for Monday, April 27: The Indian equity markets enter into the final trading week of April on Monday, April 27, with a cautious, if not bearish, outlook as benchmark indices struggle to find a floor. After the Sensex and Nifty tumbled over 1 per cent on Friday, marking a third consecutive session of losses, investors are bracing for a continued volatility when trading resumes tomorrow.
The sharp rally in crude prices and massive selling in IT counters weighed heavily on investors’ sentiment on Friday. Additionally, unabated foreign fund outflows, a negative trend in global markets amid prolonged conflict and continued disruption in the Strait of Hormuz added to the gloom.
Sensex at close on Friday, April 24
A total of 2,905 stocks declined, while 1,326 advanced and 158 remained unchanged on the BSE.
The wider gauge NSE Nifty slumped 275.10 points, or 1.14 per cent, to end at 23,897.95.
On the weekly front, the BSE benchmark tanked 1,829.33 points, or 2.33 per cent, and the Nifty dropped 455.6 points, or 1.87 per cent.
Sensex Prediction for Monday, April 27
Sensex Prediction for Monday by Vipin Dixena
SEBI-registered analyst Vipin Dixena has highlighted a worrying technical breakdown in the 30-share Sensex, noting that the index has lost its structural integrity on the upside.
“Sensex is now clearly showing a loss of structure on the upside, with price slipping below the 50 EMA. The ongoing move is forming a short-term lower high–lower low sequence, indicating momentum shift in favour of sellers,” Dixena stated.
Technical support, resistance levels to watch
Dixena stated the immediate support is placed near 76,000 and a breakdown below this zone can extend the fall towards 75,500 levels. “On the upside, any pullback towards 77000 is likely to face selling pressure unless reclaimed with strength. RSI is coming out of oversold territory but still lacks strength, suggesting only a relief bounce possibility rather than a trend reversal,” the analyst said.
For Monday’s trading session, he said, “Overall bias remains cautious to bearish, and it’s better to avoid aggressive longs until price reclaims and sustains above the 50 EMA with confirmation.”
Sectoral indices performance on Friday, April 24
The BSE SmallCap Select index dropped 0.95 per cent, and the MidCap Select index dipped 0.91 per cent.
All sectoral indices ended lower. The BSE IT tanked 5.13 per cent, BSE Focused IT (4.65 per cent), Healthcare (1.35 per cent), Telecommunication (1.33 per cent), Realty (1.30 per cent), Services (1.17 per cent) and Consumer Discretionary (1.04 per cent).
Brent crude, the global oil benchmark, traded 2.17 per cent higher at USD 107.3 per barrel.
Foreign institutional investors (FIIs) offloaded equities worth Rs 3,254.71 crore on Thursday, according to exchange data.
On Thursday, the Sensex tumbled 852.49 points or 1.09 per cent to settle at 77,664. The Nifty dropped 205.05 points or 0.84 per cent to end at 24,173.05.
(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.)
