Nifty, Sensex to Start Strong Amid Global Market Rally

Indian stock markets are expected to open on a positive note on April 23. GIFT Nifty futures were trading 198 points higher at 24,375 around 7:20 am, indicating a strong gap-up opening for Dalal Street.

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Nifty 50 Continues Its Winning Streak

The Nifty 50 index rose 42 points on April 22 to close at 24,167. Since hitting a low of 21,743 on April 7, it has gained more than 2,500 points, showing a strong upward trend. The Bank Nifty also hit a record high for the second day in a row.

Key Resistance and Support Levels for Nifty

Dhupesh Dhameja from SAMCO Securities said that Nifty’s recent high of 24,242 is an important short-term level. If Nifty goes above the 24,250–24,300 zone, it could see more buying and short-covering. On the downside, the 23,850–23,900 zone is a key support. If it breaks below this, the index might fall towards 23,750.

 FIIs Continue Buying for Fifth Day

Foreign institutional investors (FIIs) have been buying Indian stocks consistently. On April 22, they invested ₹1,290 crore in the cash market. Experts say FIIs are confident due to strong valuations, economic stability, and sector-specific growth stories.

Global Cues Support Market Optimism

US markets jumped overnight as investors gained confidence. The Dow Jones surged over 1,000 points, while the S&P 500 and Nasdaq also rose over 2.5%. Asian markets followed this trend with Japan’s Nikkei rising 1.8%, South Korea’s Kospi up 1%, and Australia’s ASX 200 gaining 1.7%.

Outlook: Continued Momentum Ahead

Experts believe that if macro fundamentals stay strong and corporate earnings remain healthy, FIIs will continue to invest. A stable currency, strong liquidity, and steady bond yields will also support the ongoing rally.

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