Anticipating Market Trends: Predicting Today’s Trade for Nifty 50 (NSEI) and Sensex (BSESN) in the Cryptocurrency World

• The Indian stock market benchmark equity indices, Sensex and Nifty 50, are projected to open higher on Monday, influenced by positive global market cues.
• Gift Nifty trends suggest a gap-up start for the Indian benchmark index, trading around 22,685 level, a premium of nearly 110 points from the Nifty futures’ previous close.
• On Friday, the benchmark equity indices closed around a percent lower due to profit booking across sectors.

This article provides an in-depth analysis of the current trends in the Indian stock market, including predictions for Sensex, Nifty 50, and Bank Nifty.

Friday’s Market Close

The Sensex dropped 732.96 points, or 0.98%, to close at 73,878.15, while the Nifty 50 settled 172.35 points, or 0.76%, lower at 22,475.85. Nifty 50 formed a long bear candle on the daily chart, which has engulfed the small range candle of the last few sessions. This pattern could be considered as a bearish engulfing pattern, suggesting potential weakness ahead.

Nifty 50 Prediction

The Nifty 50 index witnessed a sharp decline from the all-time highs on May 3 and closed the day lower by 172 points. The Nifty index is showing signs of near-term bearishness as it forms a double top pattern on the daily chart, coupled with a bearish engulfing candle. This suggests a sell-on-rise approach in the market. Immediate resistance is noted at the 22,600 – 22,700 zone, where aggressive call writing has been observed in the options market. On the downside, the index has immediate support at 22,300, and a breach below this level could accelerate the downside momentum.

Bank Nifty Prediction

The Bank Nifty index declined 308 points to close at 48,924 on Friday, forming a bearish candlestick pattern on the daily charts. The Bank Nifty index faced selling pressure from higher levels but maintained its uptrend, closing near the immediate support of 49,000. Immediate resistance is at 49,200, and a break above could trigger short-covering moves towards 49,500 levels. Conversely, immediate support lies at 48,800 – 48,700, and a breach might lead to further downside towards the 48,400 mark, where the 20 DMA is situated.

Conclusion

Despite the bearish trends observed on Friday, the Indian stock market benchmark equity indices are projected to open higher on Monday. However, investors should remain cautious as the market shows signs of near-term bearishness. The predictions for Nifty 50 and Bank Nifty suggest a potential for downside momentum, and investors are advised to check with certified experts before making any investment decisions.