Nifty 50 And Sensex Expected To Trade Cautiously On April 30

After a strong rally on April 29, where Sensex gained over 600 points and Nifty closed above 24,100, markets are bracing for a cautious start. Gift Nifty trends indicate a negative opening, reflecting global uncertainty and elevated energy costs.  

Sensex Outlook  

Sensex closed at 77,496.36 yesterday. Analysts suggest a fresh rally only if Sensex surpasses 77,800. Upside targets are 78,100–78,700, while downside risks emerge below 77,200, potentially dragging the index to 76,300–76,500.  

Nifty 50 Outlook  

Nifty 50 ended at 24,177.65, forming a bullish candle with volatility. Key support lies at 24,000, with a breakdown leading to 23,800. Resistance is seen at 24,300–24,330, crossing which may trigger bullish momentum. Options data indicates heavy call writing at 24,300, suggesting consolidation.  

Market Drivers  

Global cues remain weak due to the US Fed’s hawkish stance. Brent crude near USD 115 per barrel raises inflation concerns. Earnings from Adani Enterprises and Hindustan Unilever may drive intraday volatility. FIIs sold ₹595 crore yesterday, while DIIs bought ₹2,103 crore, showing domestic support.  

Key Highlights  

• Sensex likely to open lower, resistance at 77,800  
• Nifty consolidating, key levels at 24,000 and 24,300  
• Profit booking expected at higher levels  
• Crude oil prices and Fed policy weigh on sentiment  
• Corporate earnings may drive intraday moves  

Sources: Mint, BusinessLine, Economic Times, Reuters