24 Apr, 2025
April 24 trade setup.
News

Here’s the trade setup for Thursday, April 24, 2025, highlighting the top 15 things to know before the opening bell:​

Market Overview

  1. Nifty 50 Outlook: The Nifty 50 index is expected to open on a negative note, with GIFT Nifty trading around 24,260.50, indicating a potential pullback after recent gains.
  2. Sectoral Performance: The IT sector showed strong performance, with the IT index jumping 4%, while the PSU Bank and consumer durables sectors declined by 0.5–1%.
  3. Midcap and Smallcap Indices: The BSE Midcap index rose by 1%, and the Smallcap index was up by 0.2%, indicating broader market participation.

Nifty 50 Levels:

  • Resistance: 24,226, 24,266, 24,331
  • Support: 24,095, 24,055, 23,990
  • Current Level: 24,167

Bank Nifty Levels:

  • Resistance: 55,891, 56,061, 56,335
  • Support: 55,343, 55,174, 54,900
  • Current Level: 55,647​

Market Sentiment

  1. Bearish Reversal Pattern: The Nifty 50 formed a small bearish candle resembling a Doji-like pattern, indicating indecision among bulls after a consistent six-day rally.
  2. Momentum Indicators: Despite the bearish pattern, the overall trend remains strong, with higher highs and higher lows, and the index trading well above key moving averages.

Institutional Activity

FII and DII Activity: Provisional data indicates that foreign institutional investors (FIIs) sold shares worth Rs 259.08 crore, while domestic institutional investors (DIIs) bought shares worth Rs 387.26 crore.

    Corporate Earnings

    Axis Bank Q4 Results: Axis Bank is set to announce its Q4 results today, with expectations of muted earnings. Investors will be keen on dividend announcements and any updates on fundraising plans.

      Nestlé India Q4 Profit: Nestlé India’s Q4 profit declined to Rs 885.4 crore, which may impact investor sentiment towards the stock.

      Technical Indicators

      Bollinger Bands: The Nifty 50 is trading near the upper line of the Bollinger Bands, suggesting that the index is in overbought territory and may face resistance.

      Fibonacci Levels: Key resistance levels for the Nifty 50 are at 24,200 and 24,350, while support levels are at 24,000 and 23,900.

        Market Strategy

        Profit Booking: Given the recent rally, investors may consider profit booking, especially in sectors that have shown significant gains.

        Consolidation Phase: The market may enter a consolidation phase, with potential for short-term pullbacks before any further upward movement.

        Stock-Specific Opportunities: Focus on stocks with strong fundamentals and positive earnings outlooks, such as HCL Technologies, Tech Mahindra, Tata Motors, Wipro, and Infosys, which were among the biggest gainers on the Nifty.

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        Sources