Stay ahead in the Indian stock market today with insights on potential openings. Nifty 50 suggests a gap-up start, and experts anticipate a bullish trend. Learn about key indices, breakout patterns, and expert predictions for Nifty 50 and Bank Nifty.
Get ready for a positive opening in the Indian stock market as global cues set the stage for a promising Wednesday. The Gift Nifty indicates a potential gap-up start, trading around 20,031 compared to Nifty futures’ last close at 19,953.
After a two-day dip, domestic benchmark indices rebounded on Tuesday, with the Sensex closing at 66,174.20, up 204.16 points, and the Nifty 50 rising 95.00 points to finish at 19,889.70. The Nifty 50 broke through its resistance level of 19,875 after seven days of consolidation, signaling a short-covering rally.
Sheersham Gupta, Director and Senior Technical Analyst at Rupeezy, sees the potential for Nifty to reach levels beyond 20,000. Technical Research Analyst Nagaraj Shetti from HDFC Securities anticipates a sustained move above 19,900 could lead to new all-time highs.
Nifty 50
Examining Nifty’s Open Interest (OI) data, Mandar Bhojane, Equity Research Analyst at Choice Broking, notes the highest OI on the call side at 20,000 and 20,100, with 19,800 on the put side. The Nifty 50’s breakout from consolidation suggests increased optimism among traders, according to Rupak De, Senior Technical Analyst at LKP Securities.
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Bank Nifty
For Bank Nifty, Kunal Shah, Senior Technical & Derivative Analyst at LKP Securities, sees a positive trend with potential short-covering rallies towards 44,300 and 44,500. The critical resistance level at 44,000 could trigger significant movements.
Stay informed about the Indian stock market’s potential as it gears up for a positive opening. With insights from experts, understand the breakout patterns, key support levels, and the factors influencing Nifty 50 and Bank Nifty today.
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