Today’s Nifty 50 and Sensex: What to anticipate from the Indian stock market on April 8 following the Asian markets’ surge

Today’s Nifty 50 and Sensex: The Gift Nifty indicators also point to a successful start for the Indian benchmark index. The Gift Nifty was trading at a premium of around 386 points over the previous closing of the Nifty futures,at about 22,650.

Following a recovery in Asian markets, the key indices of the Indian stock market, the Sensex and Nifty 50, are probably going to open higher on Tuesday.

The Indian benchmark index is off to a good start, according to Gift Nifty’s tendencies. The Gift Nifty was trading at a premium of around 386 points over the previous closing of the Nifty futures, at about 22,650.

The benchmark Nifty 50 fell below 22,200 on Monday, the most one-day decline in ten months for the local equities market indices.

The Nifty 50 closed 742.85 points,or 3.24%,lower at 22,161.60, while the Sensex fell 2,226.79 points,or 2.95%,to close at 73,137.90.

What to anticipate from the Nifty 50 and Bank Nifty today is as follows:

The Nifty OI Data Derivatives data still shows a significant bearish slant. The gloomy undertone has been reinforced by the fact that call writers have significantly surpassed put writers.

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Significant call writing (45.23 lakh contracts) during the 22,500 strike solidified it as a major obstacle. Although buyers’ defensive posture is starting to wane, substantial put writing at the 22,000 strike (80.79 lakh contracts) indicates strong support at lower levels.

The moving put base toward lower strikes (22,000–22,100) suggests waning optimism,while the 22,300–22,500 area now serves as a robust supply belt,according to Dhupesh Dhameja,Derivatives Research Analyst at SAMCO Securities.

As prudence increased, the Put-Call Ratio (PCR) decreased from 0.60 to 0.58. He said that bears seem to be absorbing every bullish attempt,with the Max Pain level hovering around 22,750,raising the possibility of another negative movement.

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