- The Indian stock market indices, Sensex and Nifty 50, are projected to open higher on Tuesday, following gains in global markets.
- The Gift Nifty trends also suggest a positive start for the Indian benchmark index, trading around the 22,585 level.
- On Monday, the domestic equity benchmark indices ended a volatile session mixed, with the Sensex gaining 17.39 points and the Nifty 50 settling 33.15 points lower.
Indian stock market indices Sensex and Nifty 50 are expected to open higher, tracking global market gains. The Gift Nifty also indicates a positive start for the Indian benchmark index.
Market Performance on Monday
The domestic equity benchmark indices had a mixed performance in a volatile session on Monday. The Sensex gained 17.39 points to close at 73,895.54, while the Nifty 50 settled 33.15 points, or 0.15%, lower at 22,442.70. Nifty 50 formed a small negative candle on the daily chart beside the long bear candle of the previous session.
Technical Analysis and Predictions
Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities, believes the short-term trend of Nifty remains negative. As long as the support of 22,300 holds, there is a possibility of an upside bounce in the market. A move below the support could open more weakness in the short term.
Nifty Open Interest Data
On the call side, the highest Open Interest (OI) was observed at 22,500 followed by 22,700 strike prices while on the put side, the highest OI was at 22,500 strike price, according to Deven Mehata, Research Analyst at Choice Broking.
Nifty 50 Prediction
The Nifty 50 index shifted into a narrow range movement with a weak bias on May 6 and closed the day lower by 33 points. Rupak De, Senior Technical Analyst at LKP Securities, believes there is a possibility of the index sliding towards 22,300 in the near term.
Bank Nifty Prediction
The Bank Nifty index closed 28 points lower at 48,895 amid a rangebound trade on Monday. Kunal Shah, Senior Technical & Derivative Analyst at LKP Securities, believes a significant breach of the 48,900 mark may induce further selling pressure towards 48,400, where the 20-DMA is positioned.
Conclusion
Despite the mixed performance on Monday, the Indian stock market indices are expected to open higher on Tuesday, tracking global market gains. However, technical analysis suggests a cautious approach, with the possibility of further downside if key support levels are breached.
