Indian equity benchmark indices are anticipated to open on a flat to higher note today, influenced by positive movements in Asian markets despite mixed global cues and ongoing uncertainty surrounding US-Iran peace talks. Nifty futures on the NSE International Exchange traded 60 points, or 0.25%, higher at 24,401.5, signaling a positive start for the domestic market on April 21.
Previous Session Performance
In the preceding session on Monday, the Sensex saw a marginal gain of 26.76 points (0.03%), closing at 78,520.30. The Nifty also edged up 11.30 points (0.05%), settling at 24,364.85.
Global Market Influences
Overnight, Wall Street closed lower, with the Dow Jones Industrial Average ending flat, the S&P 500 down 0.24%, and the Nasdaq Composite slipping 0.26%. Hariprasad K, a SEBI-registered research analyst at Livelong Wealth, attributed this to renewed geopolitical tensions impacting US-Iran peace negotiations. Conversely, Asian equities showed strength today, with KOSPI gaining 1.69%, Hang Seng up 0.13%, and Nikkei jumping 0.98%.
Analyst Insights and Key Levels
According to Hariprasad K, today's session in India is likely to be significantly driven by stock-specific actions as the earnings season gathers momentum. Key companies scheduled to announce results include HCL Technologies, Nestle India, and Tata Elxsi.
Sensex Technical Outlook
Aakash Shah, Research Analyst at Choice Equity Broking Private Ltd, noted that the Sensex is currently consolidating at higher levels, suggesting a pause in its uptrend. Immediate support for the Sensex is positioned between 77,800 and 78,000, while resistance is observed around 79,000 to 79,200. Shah stated that a sustained move above resistance could trigger fresh upside, whereas a breakdown below support might lead to short-term weakness.
Nifty Technical Outlook
For the 50-pack index, Ponmudi R, CEO of Enrich Money, highlighted that the Nifty is holding above crucial support levels, indicating underlying strength. However, upside momentum faces a cap in the 24,450–24,500 range, which continues to act as a strong resistance zone. Ponmudi emphasized that a sustained breakout above 24,500 would be critical for extending the upmove towards the 24,800–25,000 levels. On the downside, 24,300–24,250 (previous swing lows) serve as immediate support, followed by the 24,100–24,000 zone, which remains a key psychological and demand area.