Stay ahead in the Indian stock market with our latest update: Positive global cues and domestic optimism set to drive Sensex and Nifty 50 to new highs. Explore key levels, technical insights, and potential breakout points for Nifty 50 and Bank Nifty. Seize opportunities in this bullish market trend.
The Indian stock market is poised for a higher opening on Wednesday, buoyed by positive global trends and optimistic domestic sentiments. Both the Sensex and Nifty 50 indices are expected to build on their recent record highs, with the Nifty 50 eyeing the crucial 21,000 mark.
Gift Nifty’s trends further support* the positive outlook, trading around 21,037 compared to the Nifty futures’ previous close of 20,953.
On Tuesday, the Sensex gained 431.02 points to close at 69,296.14, while the Nifty 50 settled 168.30 points higher at 20,855.10. The Nifty 50 displayed a positive candle on the daily chart with a long lower shadow, indicating a strong upward trend.
According to Nagaraj Shetti, a Technical Research Analyst at HDFC Securities, the market shows signs of a sharp uptrend with opportunities for buying on intraday dips. The presence of opening upside gaps on Monday and Tuesday suggests a bullish runaway gap, reinforcing the ongoing upward momentum. Shetti emphasizes that the underlying trend for Nifty 50 is sharply positive.
Trade live markets at http://moneycontrol.com
Nifty 50
Rupak De, Senior Technical Analyst at LKP Securities, notes that the Nifty 50’s positive trend is supported by critical moving averages. The bullish crossover in the RSI indicates positive momentum. While facing resistance at 21,000, the Nifty has significant support* at 20,700.
Bank Nifty
The Bank Nifty index closed above 47,000 for the first time on December 5, rallying 581 points to end at 47,012. Kunal Shah, Senior Technical & Derivative Analyst at LKP Securities, observes a doji candle on the daily chart, signaling a potential pause in the uptrend. A decisive breakout above 47,100 could propel the index towards 47,500 levels, indicating further upward momentum. Shah identifies lower-end support at 46,400.
With the Indian stock market poised for a positive opening, investors are closely watching key levels, such as 21,000 for Nifty 50 and 47,100 for Bank Nifty. The technical analysis* suggests a strong and sustained uptrend, providing opportunities for traders in the current market scenario.
Learn full technical analysis* at https://financetalks.co.in/
FAQs
Q: What is driving the positive sentiment in the Indian stock market?
A: Positive global cues and domestic optimism are fueling the upward trend, leading to record highs in the Sensex and Nifty 50 indices.
Q: Why is the Nifty 50 eyeing the 21,000 mark?
A: Technical analysis reveals a sharp uptrend with ongoing buying opportunities, supported by bullish indicators and recent opening upside gaps, indicating a strong positive trend.
Q: What are the key levels to watch for in Nifty 50 and Bank Nifty?
A: Nifty 50 faces resistance at 21,000, with significant call writers, and has support at 20,700. Bank Nifty closed above 47,000, and a breakout above 47,100 could lead to further upward momentum, while 46,400 serves as crucial support.