Today’s Nifty 50 and Sensex:Amid conflicting global market indications, Monday’s opening of the Indian stock markets, the Sensex and Nifty 50, is anticipated to be higher.The Indian benchmark index is off to a good start, according to Gift Nifty’s tendencies. The Gift Nifty was trading at about 21,649, compared to the previous closing of 21,510 for the Nifty futures.
During the previous week, which was cut short by holidays, both of the domestic benchmark indices had a 1.3% decline.On January 25, the Nifty 50 finished 101.35 points, or 0.47%, lower at 21,352.60, while the Sensex dropped 359.64 points, or 0.51%, to 70,700.67.
On the daily chart, Nifty 50 created a tiny negative candle with a slight lower shadow.The volatile market presents a sell-on-rise opportunity based on the current chart pattern. The market’s recent upswing may be consistent with the construction of another lower top, and negative chart patterns such as lower tops and bottoms remain intact. However, Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities, stated that the lower top reversal must be verified at the highs.In the upcoming sessions, he thinks the Nifty’s short-term trend may face significant resistance in the 21,500–21,600 levels, where it is still erratic and has a weak tilt.Today’s Nifty 50 and Sensex.
What can we anticipate from Bank Nifty and Nifty 50 today?
A Smart Forecast
The Nifty 50 remained extremely volatile on Thursday, as a fierce battle played out in the market.Call writers held significant bets in the Nifty, and since it struggled to break above 21,500, the attitude may continue to shift towards the bears. Future direction of the trend is probably going to be horizontal, ranging between 21,300 and 21,500 “said Rupak De, Senior Technical Analyst at LKP Securities.In the immediate term, he thinks the index might move towards 21,700 or 22,000 if there is a clear breakout over 21,500.
Forecast for the Bank Nifty
On Thursday, the Bank Nifty index closed 216 points down at 44,866, marking the end of off-lows.The bulls established the important 44,500 support level as a critical line of defense by effectively defending it. According to Kunal Shah, Senior Technical & Derivative Analyst at LKP Securities, “a possible pullback rally towards the resistance levels of 45,500 / 46,000 is anticipated in the near term if the index sustains above this support.”
Shah does, however, believe that a closing-day breach below this support might result in additional downward pressure, with the index aiming for levels between 44,000 and 43,500.
