Today’s Nifty 50 and Sensex trends also point to a flat start for the Indian benchmark index. The Gift Nifty was trading at a discount of around 14 points from the previous closing of the Nifty futures, at about 22,550.
Following conflicting global market signals, the key Indian stock market indices, the Sensex and Nifty 50, are probably going to open on a down note on Wednesday.
The Indian benchmark index has a flat start, according to Gift Nifty’s trends. The Gift Nifty was trading at a discount of around 14 points from the previous closing of the Nifty futures, at about 22,550.
The benchmark Nifty 50 settled close to 22,500 on Tuesday, while the domestic market indices closed the day unchanged.
The Nifty 50 closed 37.60 points, or 0.17%, higher at 22,497.90, while the Sensex dropped 0.02% to conclude at 74,102.32.
What to anticipate from today’s Sensex, Nifty 50, and Bank Nifty is as follows:
Sensex Forecast :
The Sensex saw a slight rebound from Tuesday’s lower levels, but it ended the day down 13 points.
As long as the Sensex is trading above 73,700, the picture for the near future is still positive. It might retest between 74,500 and 74,700 on the upward side. On the other hand, mood can shift if the Sensex drops below 73,700, according to Shrikant Chouhan, Head of Equity Research at Kotak Securities.
He says traders could choose to sell their long positions below this level.
Nifty OI Information :
Strong resistance levels are shown by the Nifty Open Interest (OI) data,which indicates that the call side’s OI is highest at the 22,600 and 22,700 strike prices. Hardik Matalia, a derivative analyst at Choice Broking, stated that OI is focused at the 22,400 strike price, which is a crucial support level on the put side.
Forecast for the Nifty 50
On March 11, the Nifty 50 had a slight increase of 0.17% to close at 22,497.90, creating a bullish Marubozu candlestick pattern on the daily chart.
Due to weak global indications, the Nifty 50 began the day gapping down. But throughout the day, the attitude stayed upbeat. Strong momentum in the RSI indicator and the index closing above the 50 EMA (Exponential Moving Average) on the hourly period reinforce the overall positive feeling for the very near term. The index may continue to rise in the very short term,possibly reaching 22,660 to 22,700,according to Rupak De,Senior Technical Analyst at LKP Securities.
He thinks that the Nifty 50 might rise to 23,000 above 22,700, and that 22,400 would provide steady support at the bottom end.
The daily RSI is 40, which suggests that there isn’t any bullish momentum,according to Om Mehra,Technical Analyst at SAMCO Securities.
On the other hand, a positive crossover in the daily MACD raises the prospect of an increase. The Nifty 50 is still trading in an unclear direction relative to the overall trend. A move outside of this area could set the stage for additional action,thus the range between 22,300 and 22,680 will be critical in determining the next breakout,Mehra added.
He claims that the Nifty 50’s immediate support is at 22,300,and that a clear closing above 22,600 is necessary to validate a long-term upward trend.
The Nifty 50 created a bullish Marubozu candlestick pattern and attempted to regain the level of 22,500, which serves as a crucial psychological support, according to VLA Ambala, co-founder of Stock Market Today.
More pessimism may be sparked if the Nifty 50 drops below this mark. Given that prices may soon test the February 2025 lows, investors are encouraged to follow the “sell on the rise” approach, according to the market research. In the upcoming intraday trading session, the Nifty 50 can meet resistance at 22,560 and 22,685 and hover for support near 22,380 and 22,300 in light of these market movements, according to Ambala.