Indian stock indices are expected to open higher on Wednesday, following a sharp rally in Asian and US markets amid positive global cues. – Nifty 50 and Sensex
Gift Nifty trends also point to a gap-up start for the Indian benchmark index. The Gift Nifty was trading around the 19,743 level, compared to the previous close of the Nifty futures at 19,488.
On Monday, the domestic benchmark equity indices finished half a percent lower as global cues were mixed. On November 14, Indian markets were closed for a holiday.
On November 13, the Sensex fell 325.58 points to 64,933.87, while the Nifty 50 fell 82.00 points to 19,443.55.
On Sunday’s special session, Nifty 50 filled the opening upside gap by forming a small negative candle on the daily chart.
Technical Research Analyst at HDFC Securities Nagaraj Shetti stated, “Nifty is currently placed at the hurdle of the downtrend line at 19,550 levels and is consolidating around the resistance.”
He thinks the Nifty 50 is still on the right track in the short term.
Before displaying a clear upward breakout of the resistance, there may be some short-term consolidation or slight weakness after the marketplace at the critical overhead resistance around the 19550–19600 levels, Shetti continued.
What can we anticipate from Bank Nifty and Nifty 50 today?
Accessible Interest Information
Mandar Bhojane, Research Analyst at Choice Broking, stated that after analyzing Open Interest data, the call side showed the highest OI at 19,500, followed by the 19,800 strike prices.
On the other hand, the 19,400 strike price showed the highest OI on the put side. According to this data, Nifty might move sideways, he continued.
50 Nifty
With selling pressure pushing the index back towards 19,400, Nifty found it difficult to hold onto levels above 19,500.
It faced resistance near a significant Fibonacci Retracement level of the previous decline from 19,850 to 18,837, which pointed to the possibility of short-term bearish movement, as it moved toward the upper limit. Resistance is seen at 19,550, and support is located at 19,300 at the lower end, according to Rupak De, Senior Technical Analyst at LKP Securities.
Nifty Bank
Due to its inability to stay above the psychological 44,000 mark, Bank Nifty closed Monday’s trading session 0.24% lower at 43,891.
The index did, however, close above the significant moving average. In addition, there is a bullish crossover in the Relative Strength Index (RSI). It is expected that the index will move sideways shortly. Resistance is seen at 44,200 on the higher end, and support is located at 43,500 on the lower end, according to De.
