Indian Stock Market Outlook Amid Iran-Israel Conflict on April 15

The Indian stock market indices, Sensex and Nifty 50, are poised to open lower on Monday, mirroring losses in global markets amid escalating tensions between Iran and Israel. Additionally, trends on Gift Nifty suggest a gap-down start for the benchmark index, trading at around 22,460 levels, indicating a discount of nearly 140 points from the Nifty futures’ previous close.

Friday witnessed the Indian stock market indices tumbling by a percent each, driven by widespread selling amidst weak global cues. The Sensex plummeted by 793.25 points to close at 74,244.90, while the Nifty 50 settled 234.40 points, or 1.03%, lower at 22,519.40.

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Notably, the Nifty 50 formed a long negative candle on the daily chart, breaching the immediate support of the ascending trend line at 22,650 levels. According to Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities, this pattern indicates a crucial top reversal, suggesting potential weakness in the upcoming sessions.

Analyzing the weekly chart, Nifty 50 formed a small negative candle with an upper shadow, signaling a reversal pattern formation on both daily and weekly timeframes. Shetti highlights the significance of maintaining above the 22,500 level on a closing basis to avert significant market correction.

Rupak De, Senior Technical Analyst at LKP Securities, remarks on the Nifty 50's sharp decline on April 12, indicating profit booking across the board and hinting at a reversal in trend. However, he emphasizes the critical support at 22,500, suggesting a potential rebound towards 22,650 - 22,700 with sustained trading above this level.

Regarding the Bank Nifty, which declined by 422 points to close at 48,565 on Friday, Kunal Shah, Senior Technical & Derivative Analyst at LKP Securities, notes significant selling pressure and strong resistance at the 49,000 mark. A decisive close above this level is deemed necessary to revive the upward trend towards 50,000. Immediate support lies at 48,000, with a breach potentially intensifying selling pressure.

As market participants brace for the week ahead, uncertainties surrounding geopolitical tensions and global market movements are expected to influence trading sentiments in the Indian stock market.

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