Today Nifty 50 and Sensex: The Gift Nifty indicators also point to a successful start for the Indian benchmark index. The Gift Nifty was trading at a premium of around 45 points over the previous closing of the Nifty futures,at about 24,720.
Following positive global market signals, the key Indian stock market indices, the Sensex and Nifty 50, are probably going to open higher on Wednesday.
The Indian benchmark index is off to a good start, according to Gift Nifty’s tendencies. The Gift Nifty was trading at a premium of around 45 points over the previous closing of the Nifty futures, at about 24,720.
Tuesday saw a dramatic decline in the domestic equity market, with the benchmark Nifty 50 closing below the 24,600 mark.
The Nifty 50 closed 174.10 points, or 0.70%, lower at 24,542.50, while the Sensex fell 636.24 points, or 0.78%, to close at 80,737.51.
What to anticipate from today’s Sensex, Nifty 50, and Bank Nifty is as follows:
Sensex Forecast :
On the daily chart, the Sensex created a long bearish candle after falling below the 20-day SMA (Simple Moving Average), or 81,300. On intraday charts, a lower top formation that is primarily negative is still in place.
“We think the intraday market texture is weak, but only if the 80,500 level is broken could there be a new sell-off. The Sensex may drop to 80,100 to 80,000 below this. On the upside,a rapid retreat rebound towards the 20-day SMA or 81,300 can take place if the index rises above 81,000. Additionally, there may be more upside, which may push the Sensex to 81,500, according to Shrikant Chouhan, Head of Equity Research at Kotak Securities.
Forecast for the Nifty 50 :
When the index failed to hold above 24,800 and gave up its initial gains to close close to the low, the Nifty 50 formed a bear candle, indicating profit booking at higher levels.
On the daily chart, a lengthy negative candle formed, negating the beneficial effect of the previous session. The Nifty is presently trading in the lower range, according to Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities, who said that the market has been moving inside a wider high-low range during the past few weeks, between 24,500 and 25,000 levels.
According to him, any upside from here might encounter resistance around 24,800 levels, and additional weakness below might lead to further weakness down to the next support of 24,400–24,300 levels.
The Nifty 50 closed close to its support of 24,500 levels, forming an engulfing bearish candle, according to Dr. Praveen Dwarakanath, vice president of Hedged.in.
Strong support at the 24,500 level is indicated by the Nifty 50 index consistent bounce from that level. Until any one of these is broken,the bias remains sideways.The index has stabilized between 24,500 and 25,150. It is possible to sell on the rise around 25,000 levels and purchase on the decline close to the support. According to Dwarakanath,the momentum indicators on a shorter time frame have deteriorated to the oversold area,suggesting a potential recovery from the closing level.
On the daily time frame,the Nifty 50 index displayed a bearish engulfing candlestick pattern, according to VLA Ambala, co-founder of Stock Market Today.
According to the mood of the market right now,24,430 would be a key level to keep an eye on today because it might turn out to be a make-or-break moment. The general market direction is still bullish in the eyes of swing traders, who see the current momentum as a downturn. In the absence of any significant market triggers, the Nifty index fell 3.75% during Tuesday’s session, with its RSI at 50. A buy-on-dip strategy will be more advantageous if the Nifty begins around 24,250,whereas a sell-on-the-rise approach would be ideal if the index rises over 24,810, according to Ambala.
In light of these factors,she anticipates that during today intraday session,the Nifty 50 will find resistance close to 24,670 and 24,810 and gather support between 24,250 and 24,180.
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