Tracking a mix of global cues, the Indian stock market indices, Sensex and Nifty 50, are likely to hold onto their gains and open higher.
The Indian benchmark index is off to a good start, according to Gift Nifty’s trends. Compared to the Nifty futures’ previous close of 19,723, the Gift Nifty was trading at about 19,750.
On Wednesday, the domestic benchmark equity indices saw a sharp increase in closing prices, driven by widespread buying in response to encouraging global cues.
The Nifty 50 closed 1.19% higher at 19,675.45, while the Sensex surged 742.06 points to finish at 65,675.93.
On the daily chart, the Nifty 50 created a tiny positive candle with a gap-up opening.
Technically, this pattern suggests an attempt at an upward breakout of the downsloping trend line, or the critical overhead resistance, which is located around the 19,550–19,600 levels.
He thinks the Nifty 50 is still trending positively in the short term.
Shortly, Nifty may move up to the next set of obstacles, which are around 19,850 and the next 20,050 levels, having moved above the important resistance level of roughly 19,600, according to Shetti.
What can we anticipate from Bank Nifty and Nifty 50 today?
50 Nifty
Strong sentiment in the global equity market has driven a robust upward movement in the Nifty 50.
“The index has demonstrated strong upward momentum on the daily chart following a period of consolidation, suggesting a rise in optimism. With the index continuously maintaining levels above the critical moving average, the overall trend seems to be positive. Looking ahead, as long as the index stays above 19,500, bullish sentiment should continue “said Rupak De, Senior Technical analyst at LKP Securities.
He thinks resistance is expected on the upper side in the range of 19,700 to 19,850.
Bank Nifty Index
On November 15, the Bank Nifty moved primarily sideways and concluded 310 points higher at 44,201.
However, on the daily chart, the index has continuously held its position above the significant moving average, suggesting a positive trend. The critical support level is at 44,000, and as long as it stays above this level, the outlook is predicted to remain positive. There may be a move higher, possibly to 44,750, according to De.
