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Indian Stock Market Indices Set to Open Higher
Indian stock market indices, Sensex and Nifty 50, are poised to open on a positive note today, following encouraging cues from global markets. The Gift Nifty is indicating a favorable start for the Indian benchmark index, trading at around 22,650 level, with a premium of over 50 points from the Nifty futures’ previous close.
Previous Session Recap
During the previous session, the domestic equity indices experienced a notable recovery in the final hour of trading, with the Sensex surpassing the 74,000 mark for the first time. The Sensex rose by 408.86 points to close at 74,085.99, while the Nifty 50 settled 117.75 points, or 0.53%, higher at 22,474.05. Notably, the Nifty 50 formed a long bull candle on the daily chart with a long lower shadow, indicating a bullish rising three method pattern, signifying an uptrend continuation pattern.
Technical Analysis and Predictions
Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities, highlighted that the technical pattern suggests a bullish rising three method pattern, with expectations of further upside in the coming sessions. The next upside levels to be monitored are around 22,800, with immediate support at 22,300 – 22,250 levels. Additionally, Rahul Ghose, CEO of Hedged.in, pointed out that the options data for the current expiry suggests a range-bound movement between 22,400 and 22,600, with the broader scale for the index in the March series remaining between 22,000 and 22,800. He emphasized that a break below 21,900 would trigger a downward move.
Nifty 50 Prediction
Rupak De, Senior Technical Analyst at LKP Securities, expressed optimism regarding the short-term trend of Nifty 50, citing a positive momentum as long as the index stays above 22,350. Looking ahead, he anticipates potential levels between 22,600 and 22,700 on the higher end.
Bank Nifty Prediction
Kunal Shah, Senior Technical & Derivative Analyst at LKP Securities, highlighted the bullish trend of the Bank Nifty index, with expectations of surpassing its historical highs in the near term. He identified a robust support zone at 47,500 – 47,400, serving as a defensive line for the index, and set upside potential targets at 49,000 / 50,000 in the near term.
Conclusion
Overall, the Indian stock market is poised for a positive opening, with technical analysts and experts expressing bullish sentiments for both the Nifty 50 and Bank Nifty indices. The technical patterns and options data suggest a range-bound movement with potential upside targets in the near term, while emphasizing key support and resistance levels to watch out for in the coming sessions.
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