Nifty 50, Sensex Today: What to Expect from Indian Stock Market
The Indian stock market benchmark indices, Sensex and Nifty 50, are likely to open flat amid mixed global cues. The trends on Gift Nifty also indicate a muted start for the Indian benchmark index. The Gift Nifty was trading around 24,761.50 level, a premium of nearly 14 points from the Nifty futures’ previous close.
Sensex and Nifty 50 Performance
On Monday, the Indian stock market ended with healthy gains, snapping their three-session losing run, with the benchmark Nifty 50 closing above the 24,600 level. The Sensex rallied 554.84 points, or 0.70%, to close at 80,364.49, while the Nifty 50 settled 198.20 points, or 0.81%, higher at 24,625.05.
Sensex Prediction
Sensex formed a reversal pattern on intraday charts, and created a bullish candle on the daily charts, indicating a continuation of the pullback formation in the near future. According to Shrikant Chouhan, Head Equity Research, Kotak Securities, as long as Sensex trades above 80,000, the pullback formation is likely to continue. On the higher side, it could bounce back to the 20-day SMA (Simple Moving Average) or 80,500. Further upside may also continue, potentially lifting Sensex up to 80,800. On the flip side, if the index falls below 80,000, traders may prefer to exit their long positions.
Nifty OI Data
On the derivatives front, the highest Nifty Call Open Interest (OI) is placed at the 24,700 strike, followed by the 24,800 strike, highlighting these levels as key resistance zones. On the Put side, the maximum OI is seen at the 24,600 strike, followed by the 24,500 strike, which will act as strong support levels. This OI setup suggests that the 24,600 – 24,700 range will be crucial for Nifty’s near-term movement, with a decisive move on either side likely to set the next direction.
Nifty 50 Prediction
Nifty 50 index formed a strong bullish candle on the daily chart, signaling renewed strength. A long bull candle was formed on the daily chart that formed near the cluster support of 24,300 levels. Technically, this market action indicates a formation of short-term bottom reversal pattern. A sustainable move above the hurdle of 24.700 levels could open more upside in the coming sessions.
Bank Nifty Prediction
Bank Nifty index gained 346.80 points, or 0.65%, to close at 54,002.45, forming a bull candle which remained contained inside previous session price range signaling consolidation around the 200 days EMA. The 20-SMA at 54,500 is the immediate barrier that needs to be crossed for a sustained uptrend. On the downside, 53,850 remains the immediate support to watch, followed by the crucial swing base of 53,483.
Conclusion
Overall, the Indian stock market is expected to open flat amid mixed global cues. The trends on Gift Nifty indicate a muted start for the Indian benchmark index. The Sensex and Nifty 50 are likely to continue their pullback formation, with the 24,600 – 24,700 range being crucial for Nifty’s near-term movement. The Bank Nifty index is expected to consolidate around the 200 days EMA, with the 20-SMA at 54,500 being the immediate barrier for a sustained uptrend.