Today’s 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 53 points over the previous closing of the Nifty futures, at about 23,758 levels.
Following encouraging signals from international markets, 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 53 points over the previous closing of the Nifty futures,at about 23,758.00.
Despite significant volatility,the domestic equity market completed Tuesday’s trading session with slight gains,continuing its winning run for the seventh straight session.
The Nifty 50 closed 10.30 points, or 0.04%, higher at 23,668.65, while the Sensex increased 32.81 points, or 0.04%, to close at 78,017.19.
What to anticipate from today’s Sensex, Nifty 50, and Bank Nifty is as follows:
Sensex Forecast :
On Tuesday, the Sensex saw some profit booking at higher levels and closed up 33 points higher. The daily charts showed a shooting star-like configuration, suggesting possible downside from the current levels.
“We believe that the market is currently undergoing some profit booking at higher levels following a promising upward surge. The market’s short-term texture is still favorable, though. 77,700 would be the main support level for day traders. The Sensex may retest the 78,300–78,500 area above this level. Conversely,a rejection of 77,700 can change the mood of the market. The Sensex might drop to 77,300 to 77,200 below this level,according to Shrikant Chouhan,Head of Equity Research at Kotak Securities.
Forecast for the Nifty 50 :
On March 25, the Nifty 50 closed with slight gains at 23,668.65 after slipping into weakness from the highs.
On the daily chart, a tiny red candle with upper and lower shadows formed. Technically speaking, this market movement indicates that selling pressure is beginning to emerge from the overhead resistance of the highly volatile 23,800 levels. According to Nagaraj Shetti,Senior Technical Research Analyst at HDFC Securities,”weakness was observed in broad market indices,and the overall market breadth was negative.”
He asserts that the Nifty 50’s short-term upward trend is still in place and that the fall from the highs was warranted after it had recovered significantly over the previous five to six sessions.
However,the market’s fundamental uptrend is unlikely to be harmed by the current pullback or fall. Watch for immediate support at 23,400; any consolidation or slight dip could present a buying opportunity.A clear rise above 23,900 on the upper side would allow for additional upside toward 24,200 levels, according to Shetti.
On the daily chart, the Nifty 50 created a red candle with a lengthy upper shadow, signaling selling pressure at higher levels, according to Hrishikesh Yedve, AVP Technical and Derivatives Research at Asit C. Mehta Investment Interrmediates Ltd.
The Nifty 50 index showed signs of weakness by failing to hold above the 23,810 barrier. It is still above the 100-Days Simple Moving Average (100-DSMA), which is situated close to 23,500 and will provide instant support. The Nifty 50 may move toward the 24,080 levels,where the 200-DSMA is located,if it breaks out above 23,810, while it may continue to decline toward the 23,300–23,200 area if it stays below 23,500,according to Yedve.
In today’s intraday trading session, the Nifty 50 can anticipate support between 23,650 and 23,580 and encounter resistance close to 23,870 and 24,000,according to VLA Ambala, co-founder of Stock Market Today.
Bank Nifty Forecast :
Profit booking caused the Bank Nifty index to conclude Tuesday at 51,607.95,down 97.00 points, or 0.19%.
On the daily chart, the Bank Nifty formed a red candle, signifying weakness, after running into resistance close to the 52,000 level. The 200-Days Simple Moving Average (200-DSMA), which is situated close to 50,980, will provide as crucial support for the index on the downside. A “buy on dips”approach ought to be used as long as the Bank Nifty remains above 50,980,according to Hrishikesh Yedve.
He claims that 52,000 will be a significant barrier for Bank Nifty on the rising side.
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