Nifty 50 and Sensex – Tuesday’s opening of the Indian stock market is predicted to be flat, following mostly positive global cues.
The Indian benchmark index has had a mediocre start, according to Gift Nifty’s trends. Compared to the Nifty futures’ previous close of 19,234, the Gift Nifty was trading at about 19,220.
The benchmark indices ended the day half a percent higher on Monday, as the equity market continued its upward trend, driven by a rally in a few heavyweight stocks.
The NSE Nifty 50 gained 93.65 points to 19,140.90, while the BSE Sensex finished 329.85 points higher at 64,112.65.
On the daily chart, the Nifty 50 created a respectable positive candle with a long lower shadow.
From a technical perspective, this pattern suggests that the market will continue to rise. According to HDFC Securities’ Technical Research Analyst Nagaraj Shetti, “the recent swing low of 18,837 on October 26 could now be considered as a short-term bottom reversal for the market.”
Shetti claims that the daily chart still shows a larger degree of negative pattern, such as lower tops and bottoms, and that the current upward bounce may be consistent with the formation of a new lower top in the sequence. At the highs, there is still no proof of a lower top reversal pattern.
He thinks the Nifty’s short-term trend is still positive with range-bound action, and the current upward bounce is likely to last for the near future.
What Nifty 50 and Bank Nifty can expect today is as follows:
Nifty Fifty
Ultimately closing at its highest point on October 30, the Nifty 50 index mounted a robust comeback, with the bulls successfully defending the low of the previous day.
“There’s a chance for a reversal, which could push the index back to 19,300, even though the broad negative outlook stems from the current downtrend.
Nifty Bank
For the second straight day, the Bank Nifty index increased as well, finishing Monday at 43,039, 257 points higher.
There could be more gains in the 43,500–43,800 range if Bank Nifty can hold levels above 43,000. This rebound indicates a favorable trend for the trading session, according to Shah.
He thinks that Bank Nifty has 42,800 as its immediate support and 43,500 as potential resistance.
