Dip Before the Rise: Nifty 50, Sensex Set for Brief Correction Before Rally

The Nifty 50 (24,039) and Sensex (79,212) are poised for a short-term dip this week, with supports at 23,500–23,900 and 78,500–79,000, respectively, before resuming their uptrend. The Nifty Bank index, which hit 56,000 last week, faces a pullback to 53,800–54,200 before targeting 58,000

 

Key drivers:

 

Sectoral rotation: IT stocks (Infosys, TCS) outperformed, while metals (NMDC, Adani Enterprises) and banking (Axis Bank) dragged indices lower.

 

FII inflows: Sustained foreign buying (₹8,250 crore on April 24) cushions downside risks.

 

Technical outlook: A close above 24,400 on Nifty could propel the index to 25,000; Sensex eyes 82,000 post-correction.

 

Stocks to watch: SBI Life, Tech Mahindra (gainers); Axis Bank, Adani Ports

 

Sources: Businessline, 5paisa, Financial Express