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Sensex Prediction for Tuesday, April 28: After the strong rebound in the stock markets on Monday, April 27, the sentiment has shifted toward cautious optimism. As investors look toward the trading session on Tuesday, April 29, the focus remains on whether the index can sustain the momentum or if it will face resistance at higher levels.
Benchmark equity indices Sensex and Nifty rebounded nearly 1 per cent on Monday, snapping the three-day falling streak following a rally in Reliance Industries and Sun Pharma and positive global trends.
Sensex top gainers and losers on Monday, April 27
From the 30-Sensex constituents, Sun Pharma jumped 7 per cent after it announced the acquisition of US-based Organon & Co in an all-cash deal at an enterprise valuation of USD 11.75 billion, one of the largest overseas buyouts by Indian firms.
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Sensex gainers and losers on Monday, April 27
The upside was broadly led by IT, Pharma, Auto and Energy stocks, which emerged as key outperformers and supported the index with strong buying interest. Additional cushioning to the market was provided by Consumer Durables, Healthcare and Oil & Gas stocks, which traded in the green and helped sustain the overall positive momentum, Shah stated.
“On the other hand, Financial Services stocks closed on a largely neutral note, indicating lack of strong directional bias, while private banking heavyweights remained flat with marginal gains, reflecting continued earnings-related volatility and capping sharper upside in the index,” the analyst said.
The key highlight of the session was short covering along with value buying after the recent correction, supported by improved global cues and stabilization in broader markets. Despite previous selling pressure, today’s recovery indicates that investors are selectively accumulating quality stocks at lower levels. Broader markets also participated in the upmove, reflecting improved sentiment, he added.
Sensex Prediction for Tuesday, April 28
Shah said Monday’s sharp rebound reflects a short-term pullback driven by short covering and value buying after the recent correction.
“From a technical perspective, the Sensex has managed to reclaim its immediate support zone, indicating a short-term pullback within a broader consolidation phase,” he said.
Immediate support is now placed near 76,700–76,500, while resistance is seen around 77,900–78,000.
“Overall, the market structure suggests a pullback rally within a range-bound trend, with momentum improving in the short term. However, a decisive breakout above resistance levels is required to confirm a sustained uptrend, while failure to hold support may again lead to consolidation,” the analyst concluded.
Sectoral indices on Monday, April 27
The BSE SmallCap Select index jumped 2 per cent and MidCap Select index climbed 1.35 per cent.
All sectoral indices ended higher. Utilities surged the most by 2.50 per cent, followed by Healthcare (2.43 per cent), Focused IT (2.41 per cent), Realty (2.35 per cent), IT (2.20 per cent), Power (2.05 per cent) and Services (1.92 per cent).
A total of 3,075 stocks advanced, while 1,288 declined and 193 remained unchanged on the BSE.
Brent crude, the global oil benchmark, traded 2.53 per cent higher at USD 107.9 per barrel.
Foreign Institutional Investors (FIIs) offloaded equities worth Rs 8,827.87 crore on Friday, according to exchange data.
On Friday, the Sensex dropped 999.79 points or 1.29 per cent to settle at 76,664.21. The Nifty slumped 275.10 points or 1.14 per cent to end at 23,897.95.
