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 50 points over the previous closing of the Nifty futures, at about 24,930.
Following encouraging global market signals, the key Indian stock market indices, the Sensex and Nifty 50, are probably going to open higher on Monday.
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 50 points over the previous closing of the Nifty futures, at about 24,930.
The Nifty 50 closed above the 24,800 mark on Friday, marking a significant increase in the domestic equity market.
While the Nifty 50 ended the day 243.45 points (0.9%) higher at 24,853.15, the Sensex jumped 769.09 points (0.95%) to conclude at 81,721.08 as well.
What to anticipate from today’s Sensex, Nifty 50, and Bank Nifty is as follows:
Sensex Forecast
Senex is currently trading comfortably above the 20-day SMA (Short Term Moving Average), which is generally favorable, after forming a potential reversal shape on daily charts.
We believe that 82,300 would be the immediate resistance zone for the bulls, while 80,900 and 80,500 would be the main support zones for short-term traders. The Sensex might rise to 82,700–83,600 if a breach above 82.300 is successful. Conversely, the attitude can shift below 80,500. The Sensex might drop to 80,300 below the same. The index may continue to decline further, which might push it up to 79,700, according to Amol Athawale, VP of Technical Research at Kotak Securities.
Nifty OI Information
Strong put writing at 24,500 indicates firm support, while heavy call activity at the Nifty 25,000 and 25,500 strikes indicates strong resistance. This indicates a trading range of 24,500 to 25,100 that is well-balanced. According to a note from Choice Broking, traders should exercise caution and concentrate on a stock-specific, risk-managed strategy until there is a breakout on either side.
Forecast for the Nifty 50
On May 23, the Nifty 50 concluded 0.67% lower on a weekly basis after ending the day with a 0.99% gain at 24,853.15. On the weekly chart, the index has created a tiny bear candle with a long lower shadow.
The Nifty 50 displayed strength by forming a bullish candle on the daily chart and holding the 21-Day Exponential Moving Average (21-DEMA) support. The index is still below the 25,000 psychological resistance mark, though. In the medium term, a strong breakthrough over 25,000 would push the Nifty 50 to 25,200–25,250 levels, according to Hrishikesh Yedve, AVP Technical and Derivatives Research at Asit C. Mehta Investment Intermediates Ltd.
The 21-DEMA support is situated close to 24,480 on the downside. He noted that there is a good chance of an upside breakout as long as the index stays above this level.
The higher high formation on the daily chart is still present, which reinforces the upward trend, according to Om Mehra, Technical Research Analyst at SAMCO Securities.
The 9 and 20 EMA, which have served as support and resistance in recent sessions, are still the center of the Nifty 50’s oscillations. The resistance is stopped at 25,080, and the supports are positioned at 24,600 and 24,550. A healthy market breadth was indicated by the advance decline ratio, which stayed positive. A further decline below 17, ideally toward 16 or lower, would assist reduce volatility and bolster the optimistic view. The India VIX closed at 17.16. The index might remain neutral to positive till then, Mehra stated.
Long-term and mid-term investors should take advantage of the chance to purchase during 3%–10% declines, according to VLA Ambala, co-founder of Stock Market Today.
Ambala stated, “From a technical perspective, the Nifty 50 can find support between 24,750 and 24,660, while resistance can be anticipated between 24,960 and 25,050.”
According to Dr. Praveen Dwarakanath, vice president of Hedged.in, the Nifty 50 index has a support at 24,500 and an immediate resistance at 25,200.
Because of its upward velocity, the Nifty 50 index is a good investment at every decline. The index has shown strength as it has recovered from the day’s opening and grabbed support from its 20-day moving average. The extension of the Bollinger band points to a potential index rally from the current level. The ADX DI+ line is sloping upward, indicating upward momentum, whereas the ADX average line is sloping downward with the ADX DI-line. Dwarakanath stated, “The stochastics is in the oversold region, indicating bullishness to continue in the index.”
Bank Nifty Forecast
On the weekly chart, the Bank Nifty index produced a doji candle with a lengthy lower shadow, indicating consolidation amid buying demand at lower levels. The index gained 456.95 points, or 0.83%, to close at 55,398.25 on Friday.
We anticipate the Bank Nifty index to continue its upward trend and move closer to the upper band of the previous four weeks’ consolidation, which is situated between the 55,800 and 56,000 levels, in the upcoming week. All things considered, we anticipate that the index will continue to consolidate over the previous four weeks within the wide range of 56,000–53,500. An acceleration of the upward trend will only be indicated by a rise above 56,000 levels, according to Bajaj Broking Research.
Only 38.2% of the previous 9-session rise (49,157–56,098) has been retraced in the subsequent 22 sessions, suggesting a shallow pullback that points to underlying strength and possible higher bottom formation.
We think drops should be viewed as purchasing opportunities within the consolidation. The intersection of the 20-day EMA and the significant retracement is the main support at 54,000–53,500, the brokerage firm stated.
On the daily chart, Hrishikesh Yedve pointed out that the Bank Nifty index showed strength by forming a green candle after a hammer candle.
The index is encountering resistance on the upswing close to the 55,700 levels. A test of fresh all-time highs might result from a persistent advance above this level. The 21-DEMA support is situated close to 54,630 on the downside. The index is likely to maintain its bullish momentum as long as it stays above this level, Yedve stated.
