2 weeks Ago
The Indian stock market benchmark indices, Sensex and Nifty 50, are likely to open flat amid mixed global market cues. The trends on Gift Nifty also indicate a flat start for the Indian benchmark index. The Gift Nifty was trading around 24,235 level, a premium of nearly 10 points from the Nifty futures’ previous close.
On Monday, the domestic equity benchmark indices ended flat amid volatility, with the Nifty 50 closing below 24,150 level. The Sensex gained 9.83 points to close at 79,496.
15, while the Nifty 50 settled 6.90 points, or 0.03%, lower at 24,141.
30. Nifty 50 formed a small bullish candle on the daily chart with a long upper shadow. “Technically, this pattern is indicating an inability of bulls to sustain the upside bounce.
Though, market declined in the last couple of sessions, the sharp downside momentum was absent. This market action could bring some hopes for bulls to make a comeback from the lows,” said Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities. According to him, the underlying trend of Nifty 50 remains choppy with weak bias and the market is moving in a broader high low range of 24,600 - 23,800 levels.
“Having declined from the upper range recently, Nifty is expected to witness an upside bounce from near the lower range of 23,800 levels in the short term. Immediate resistance to be watched around 24,300,” Shetti said. Here’s what to expect from Nifty 50 and Bank Nifty today: Nifty 50 Prediction Nifty 50 witnessed high volatility on Monday and closed the day lower by 6 points.
“The Nifty remained volatile, failing to give any directional breakout. The index oscillated within the range of 24,000 - 24,350. The momentum indicator RSI shows a bullish crossover.
Additionally, on the daily chart, the index has formed an inverted hammer pattern, indicating a possible bullish reversal. On the higher side, the index might move towards 24,500-24,550, while support is placed at 24,000,” said Rupak De, Senior Technical Analyst, LKP Securities. Dr.
Praveen Dwarakanath, Vice President of Hedged.in highlighted that the Nifty 50 is being sold on every rise towards 24,500 levels. “The momentum indicators on a weekly and daily chart continue to show a further fall in the index.
The 23,800 level is critical to be held, a break of which can take the index towards the 23,000 level. The index makes mixed highs and lows on the 125 minutes chart, indicating a range-bound move before this week’s expiry,” said Dwarakanath. Options writer’s data for the present week’s expiry showed increased writing in calls above the 24,250 level and puts below the 24,200 level, indicating a range-bound move in the index for the week, he added.
VLA Ambala, Co-Founder of Stock Market Today noted that the Nifty’s intraday chart displays a Shooting Star candlestick pattern suggesting upper price rejection. After analyzing the market, she expects Nifty 50 to have support near 23,940, 23,780, or 23,600 levels with resistance near 24,130 and 24,200 in the next session. Bank Nifty Prediction Bank Nifty outperformed the frontline indices, closing 315.
55 points, or 0.61%, higher at 51,876.75 on Monday, and formed a bullish candle on the daily charts.
“Bank Nifty bounced from its immediate support at 51,200 levels, however, it got rejected near its immediate resistance at 52,000 levels. The index has been trading in a broad range of 52,400 - 50,400 levels, a breach of one of these levels can further decide the price action in the index. The ADX average line on a weekly chart is well below the 20 levels, indicating one of the trends is yet to pick up the momentum,” said Dr.
Praveen Dwarakanath. Options writer's data of weekly expiry showed increased writing in the calls of 52,000 and above and put writing at 52,000 and below, indicating a range-bound index before expiry, he added. Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint.
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