Stock Market Update: Nifty 50, Sensex to Remain Closed Today, Key Levels to Watch for 15th April

The Indian stock market will remain closed on Tuesday, April 14. In observance of Dr. Babasaheb Ambedkar Jayanti. The NSE and BSE trading activities will be suspended for the session. Additionally, the Multi-Commodity Exchange (MCX) will be closed for the morning session.

On Monday, the Sensex declined 702.68 points or 0.91% to close at 76,847.57. The Nifty 50 fell 207.95 points or 0.86% to settle at 23,842.65. The rupee also closed below 0.7% to 93.3750 per US dollar.

Broader markets performed slightly better than the benchmark indices. With Midcap and Smallcap declining only 0.5-0.6%.

The increase in crude oil prices above $100 per barrel was one of the key reasons for the weakness in domestic and international markets yesterday. 

Sensex Outlook

The Sensex formed a green candle with a large body and slightly longer upper shadow on the daily chart. The index has declined below the crucial 77,000 level suggesting near-term weakness.

The index witnesses immediate support close to 76,300-76,400. A breakdown below this zone may accelerate the selling further to lower levels.

Initial resistance is seen around 77,300-77,450 levels. A sustained close above this range could take the index towards 77,800 in the near-term.

Nifty 50 Outlook

On Monday, the Nifty 50 formed a long bullish candle on the daily chart, which indicates a sharp pullback by bulls from lower levels at the open. 

"The weakness of Monday has not damaged the underlying near-term uptrend status of the market. Nifty is now placed at the crucial support of 23,500 levels, and one may expect further upside in the near term. Immediate resistance is at 24,100," said Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities.

A sustained move above 24,100 could extend the index further toward 24,250 in the short term. 

Also Read: US Stock Market Today: S&P 500 Holds Near Flat as Hormuz Blockade Lifts Crude and Raises Caution

Bank Nifty Outlook

Bank Nifty backed 307.70 points or 0.55% to close at 55,605.05 on Monday. The index formed a large green candle on the daily chart.

The 55,900-56,000 zone is expected to act as a key resistance area. A sustained move above 56,000 could extend the pullback rally towards 56,500 and then be followed by 57,200. 

The 55100-55000 zone will act as a key support for the index.