The Nifty is quoting barely 150 pts shy from the 24,000-mark; but the key hurdles stand at 24,050 and 24,169 levels, shows the technical charts.
Given the sharp rally in the last few days and midcaps experiencing a fatigue, Nifty is also likely to take a breather and undergo a consolidative phase
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The long build-up is seen in the Bank Nifty futures, where we have seen a 3 per cent (Prov) rise in open interest with it rising by 2.2 per cent
Spot gold surged solidly higher on safe haven demand as trade war intensified with the Trump Administration looking into imports of computer chips, chip making equipment and pharmaceuticals
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Technically, the stock is placed above key moving averages, backed by a favourable price-to-moving averages action on daily chart. On the upside, the stock can potentially zoom to ₹ 2,100 levels.
Stock Market Today, April 16, 2025: GIFT Nifty futures indicated a negative start. As of 6:57 AM, GIFT Nifty futures were down 63 points at 23,278
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As of 6:36 AM, GIFT Nifty futures were down 1,006 points, at 21,952, compared to the previous close of Nifty futures at 22,958.15, signaling a gap-down start for Indian markets
Buoyed by safe haven demand, as gold hit a fresh record high of $3,059 on Trump's auto tariffs, and a weaker dollar, spot silver reached a fresh cycle high of $34.40 on March 27
On March 27, spot gold rose to a fresh record high of $3,059 on safe haven demand coming on US imposing auto tariffs. A weaker dollar also boosted the yellow metal
NSE derivatives data shows that FIIs are least bearish since December 13; DIIs most bullish in more than a year, while retail investors have turned cautious.
Significantly, call OI at 24,000 and put OI at 23,500 & 23,000, suggesting a well-defined trading range that supports a short, strangled setup
In the previous session, the Sensex dropped 728.69 points (0.93 per cent) to close at 77,288.50, while the Nifty50 ended 181.8 points (0.77 per cent) lower at 23,486.85
The Nifty Bank has given a breakout above 50,600 levels. Near-term bias is expected to remain positive as long as the index sustains above 50,350 and 49,865 support levels, suggests technical chart.
Bharti Airtel has emerged from a five-month consolidation phase, indicating potential for further upside in the near term
In the previous session, Sensex ended at 78,017.19, up 32.81 points or 0.04 per cent. Nifty50 closed at 23,668.65, up 10.30 points or 0.04 per cent
Following a recovery of more than 1,900 points from the swing low of 21,964, Nifty appears to have entered a profit-booking phase