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Indian Stock Market Indices Set for Positive Opening
The Indian stock market indices, Sensex and Nifty 50, are anticipated to open on a positive note on Monday, driven by favorable global market cues. The Gift Nifty is indicating a promising start for the Indian benchmark index, trading at around 22,530 level, with a premium of nearly 40 points from the Nifty futures’ previous close.
Previous Performance and Analyst Insights
On Thursday, the domestic equity indices closed significantly higher, with the benchmark Nifty 50 surpassing the 22,300 level. The Sensex surged 655.04 points to close at 73,651.35, while the Nifty 50 settled 203.25 points, or 0.92%, higher at 22,326.90. Analysts have noted that the Nifty 50 formed a reasonable bull candle on the daily chart with a long upper shadow, indicating high volatility in the market near the all-time highs around 22,500 levels.
Expert Analysis and Predictions
Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities, believes that the near-term uptrend of Nifty remains intact with high volatility. He also highlighted the next upside levels to be watched, which are around 22,500 – 22,600 this week. Rupak De, Senior Technical Analyst at LKP Securities, emphasized the decisive intraday upside breakout of the range with high volatility on March 28 and the need for the Nifty to surpass the 22,525 level decisively to sustain a continued rally. Rahul Ghose, CEO of Hedged.in, pointed out the significance of a closing above 22,400 on Monday and the potential impact on the index’s upward movement.
Bank Nifty Performance and Analysis
The Bank Nifty index rallied 339 points to end at 47,125 on March 28. Kunal Shah, Senior Technical & Derivative Analyst at LKP Securities, highlighted the strength exhibited by the Bank Nifty index and the potential breach above the 47,500 mark to propel the index towards the 48,000 level. He also mentioned the immediate support and the implications of a drop below this level.
Conclusion
Overall, the Indian stock market is poised for a positive opening, with analysts closely monitoring key levels and indicators to gauge the market’s performance in the coming days.
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