Nifty Prediction For Monday By Experts: The Indian stock market ended lower for the sixth consecutive week, declining by nearly half a per cent. While the Sensex closed the week at 73,319.55, the Nifty 50 index settled at 22,713.10.
Sectoral indices showed mixed trends during the week. Nifty IT and Nifty Metal led the mid-week recovery. However, Nifty Pharma, Nifty Financials and Nifty Bank declined, keeping the overall market under pressure.
In the broader markets, midcap stocks underperformed, with the midcap index declining 0.78 per cent. The smallcaps showed relative resilience, ending marginally higher by 0.20 per cent.
India VIX declined by around 5 per cent, but continues to remain elevated at 25, indicating that heightened volatility remains a concern.
Nifty Prediction For Monday By Experts
Ajit Mishra – SVP, Research, Religare Broking, said that Nifty is gradually approaching its critical support base near the long-term weekly moving average (200 WEMA) at 21,930, followed by 21,750, which coincides with the April 2025 low.
The recent price action indicates elevated volatility with sharp intraday swings, suggesting indecision at current levels.
Nifty Support And Resistance Levels Monday, April 6
Nifty Prediction For Monday By Experts: On the upside, Nifty has immediate resistance placed in the 23,000–23,200 zone, with a key hurdle around 23,500.
"A decisive move above this band could shift the bias positively and open room for a recovery towards 24,000," said the analyst.
Nilesh Jain, VP- Head of Technical and Derivative research at Centrum Finverse, Nifty has formed a high-wave candle on the weekly, while continuing its pattern of lower highs and lower lows.
"A strong rebound was witnessed from the 22,180 level, which is likely to act as a key support going ahead. A sharp pullback towards the 23,200 zone cannot be ruled out. A decisive break above 23,500 will be required to negate the bearish setup and open the path towards 24,000 and higher levels," the market expert said.
Nifty Chart Pattern, Candle (Nifty Prediction For Monday By Experts)
On the daily chart, Nifty has formed a long green candle. This indicates the formation of a bullish counter attack type candle pattern at the lows.
Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities, said that buying seems to have started, with Nifty support placed around 22,200 levels and resistance at 23,000. On an immediate basis, Nifty has support placed at 22,400.
Nifty RSI Today Chart (Nifty Prediction For Monday By Experts)
Nifty RSI is now placed below the 40 mark. Nifty's Relative Strength Index (RSI) stands at 37.56, indicating that it remains below the midpoint level of 50.
This suggests that the upside momentum in Nifty lacks strong confirmation for now.
