On Tuesday, Sensex and Nifty 50, the key indices of the Indian stock market, are probably going to open higher on mixed global market indications.
Nifty 50 and Sensex: The movements observed on Gift Nifty also suggest that the Indian benchmark index is off to a good start. The Gift Nifty was trading at 22,610, which was about 70 points higher than the previous close of the Nifty futures.
The benchmark Nifty 50 closed above the 22,500 mark on Saturday, as the domestic equity indices finished the special trading day with modest gains.
At 74,005.94, the Sensex closed up 88.91 points, or 0.12%, while the Nifty 50 finished 35.90 points, or 0.16%, higher at 22,502.00.
Due to the Mumbai Lok Sabha elections, the Indian stock market was closed on Monday.
The Nifty 50 index displayed a modest range candle on the daily chart, signifying a pattern of continued rise.
The Nifty weekly chart shows the formation of a bullish candlestick pattern resembling a Piercing line pattern, suggesting further market gains in the near future. This week has seen the emergence of a larger range-bound pattern between 22,800 and 21,750. This week, we have risen from the bottom area of 21,750 levels,” stated HDFC Securities Senior Technical Research Analyst Nagaraj Shetti.
In the following one to two weeks, he anticipates that the Nifty 50 will go toward the higher 22,800 level region.
What Nifty 50 and Bank Nifty can expect today is as follows:
Forecast for the Nifty 50
During the special trading session on Saturday, May 18, the Nifty 50 maintained its upward trend with range-bound trading and ended the day 35 points higher.
After closing over 22,500 for the first time in a few days, the Nifty stays inside the channel. Nonetheless, the daily chart’s small-bodied candle offers very little insight into the direction that the price will go in the future. At the 22,500 strike, there is also noticeable wording in both the Call and Put that suggests an inflection point. Because of this, traders should exercise caution during the first hour of trading in order to verify any directional movement, according to Rupak De, Senior Technical Analyst at LKP Securities.
He states that there is support at 22,400 and that, on the higher end, a short-term advance that is sustained could push the index as high as 22,600.
According to V.L.A. Ambala, co-founder of Stock Market Today (SMT), there were conflicting feelings seen in Nifty’s technical indicators.
“The 22,650 and 22,350 levels may be the pivotal points for the upcoming rise. As a matter of fact, the next surge may occur in the next months and fall between the 4-7% region. “Dips are being bought even though the market is overbought,” Ambala stated.
She thought it would be good to invest in quality equities and to take a neutral trading approach. She said that in the following session, Nifty would encounter resistance between 22.520 and 22,600 and crucial support between 22,450 and 22,380.
Bank Nifty Forecast
On Saturday, the Bank Nifty ended the session at 48,199, up 84 points. The index had a respectable 1.64% increase last week.
“Bank Nifty was able to maintain its upward trending support line and made a passing pass at its 50 DEMA. It recovered its 50 DEMA and held support at 47,000 zones. As purchasing is evident at lower zones, it developed a Pin bar pattern on a daily basis with a lengthy lower shadow, according to Chandan Taparia, Head of Equity Derivatives and Technicals, Broking and Distribution, MOFSL.
He thinks that in order for the index to rise towards 48,250 and 48,500 zones, it must now maintain its hold above 47,777 zones. On the downside, support is located at 47,777 and 47,500 levels.
(Disclaimer: Businessuncover does not endorse the opinions or suggestions expressed above; rather, these represent the opinions of certain analysts or broking firms. It is recommended that investors consult with qualified specialists prior to making any financial decisions.)Â Â
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