Stock Market Analysis: Nifty 50 and Sensex Predictions for Today
Indian stock market indices, Sensex and Nifty 50, are set to open higher on Tuesday as global markets show gains. The Gift Nifty is trading at a premium of nearly 130 points from Friday’s close, indicating a positive start for the Indian benchmark index.
On Friday, the Nifty 50 closed at a fresh high, with the Sensex rising 181.87 points and the Nifty 50 settling 66.70 points higher. The market was closed on Monday for Eid ul-Adha 2024.
Technical analysts are observing a long legged doji formation on the Nifty 50 charts, suggesting a possible reversal. However, the market continues to show range-bound action within 23,300 – 23,500 levels.
Analysts predict that a move above 23,500 levels could lead to an upside breakout, while a slide below 23,300 levels may indicate a downside breakout. The short-term sentiment remains positive, with support levels at 23,400/23,300.
Experts recommend a thematic approach to investing, focusing on sectors like logistics, green energy, advanced technology, defense, metal, infrastructure, and consumables. The Nifty is expected to find support between 23,320 and 23,220, with resistance at 23,520 and 23,605 levels.
In terms of Bank Nifty, the index closed higher with the highest open interest on the call side. Analysts suggest that a move above 50,200 could confirm an upside breakout towards 51,000, while support is seen at 49,500 – 49,400 levels.
Investors are advised to consult certified experts before making any investment decisions.