Sensex, Nifty outlook for today: Gift Nifty up 60 pts; key levels to watch

Domestic equity benchmark indices are likely to open on a flat to higher note on Tuesday, tracking gains in Asian markets amid mixed global cues and a lack of clarity around the US-Iran peace talks.

Nifty futures on the NSE International Exchange traded 60 points, or 0.25%, higher at 24,401.5, signalling a positive start for the equity market on April 21. 

Overnight, Wall Street closed lower. The Dow Jones Industrial Average ended flat at 49,442.56. The S&P 500 edged down 0.24% to close at 7,109.14. The Nasdaq Composite slipped 0.26% lower to 24,404.39.

“US markets closed lower in the previous session following a renewed spike in geopolitical tensions after a turbulent weekend that cast uncertainty over US–Iran peace negotiations,” said Hariprasad K, SEBI-registered research analyst and founder at Livelong Wealth.

Asian equities were trading higher today. KOSPI and Hang Seng gained 1.69% and 0.13%, respectively. Nikkei jumped 0.98% to 59,400.06.

“Back home, today’s session is likely to be influenced significantly by stock-specific action as the earnings season gathers pace. Key companies in focus include HCL Technologies, Nestle India, and Tata Elxsi, all of which are scheduled to announce their results,” Hariprasad added.

Previous session

In the previous session on Monday, the Sensex edged up 26.76 points, or 0.03%, to settle at 78,520.30, while the Nifty rose 11.30 points, or 0.05%, to close at 24,364.85.  

Key levels

Sensex: Aakash Shah, Research Analyst at Choice Equity Broking Private Ltd, said that the Sensex is currently consolidating near higher levels, indicating a pause in the ongoing uptrend. Immediate support is placed near 77,800–78,000, while resistance is seen around 79,000–79,200. 

“A sustained move above resistance could trigger fresh upside, whereas a breakdown below support may lead to short-term weakness,” Shah said.

Nifty: For the 50-pack index, Ponmudi R, CEO of Enrich Money, said that the index is holding above key support levels, indicating underlying strength, although upside momentum remains capped in the 24,450–24,500 range, which continues to act as a strong resistance zone. 

“From a technical perspective, a sustained breakout above 24,500 will be crucial to extend 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,” Ponmudi said.