Anticipating Market Movements: Predictions for Nifty 50 (NSEI) and Sensex (BSESN) Trading Today

• The Indian stock market indices, Sensex and Nifty 50, are expected to open higher on Friday, rebounding from the previous session’s steep fall, amid positive global market cues.
• The Gift Nifty was trading around 22,145 level, a premium of nearly 70 points from the Nifty futures’ previous close, indicating a gap-up start for the Indian benchmark index.
• On Thursday, the domestic equity indices ended lower for the fifth straight session, with the Nifty 50 slipping below the 22,000 level.

Indian stock market indices, Sensex and Nifty 50, are set to rebound from previous losses, as positive global market cues suggest a higher opening. This article provides an in-depth analysis of the current market trends and predictions.

Market Performance Overview

On Thursday, the Sensex tanked 1,062.22 points, or 1.45%, to end at 72,404.17, while the Nifty 50 settled 345.00 points, or 1.55%, lower at 21,957.50. Nifty 50 formed a long negative candle on the daily chart, reflecting a sharp downside momentum in the market.

Market Predictions and Expectations

Senior Technical Research Analyst, Nagaraj Shetti of HDFC Securities, predicts a further slide in the short term for Nifty, having broken decisively below the immediate support of 22,300 levels. However, he also anticipates a minor upside bounce from the lower support in the coming sessions.

Nifty Open Interest Data Analysis

Analysis of Nifty put options reveals a concentration of Open Interest (OI) at the 21,500 level, indicating potential support. On the Call side, significant OI concentrations are observed at the 22,200 and 22,300 levels, nearing all-time highs, according to Mandar Bhojane, Research Analyst at Choice Broking.

Nifty 50 Prediction

Rupak De, Senior Technical Analyst at LKP Securities, believes the trend for Nifty 50 looks extremely weak with a possibility of a further fall in the near term. He suggests the market might remain a sell on rise until it stays below 22,200.

Bank Nifty Prediction

The Bank Nifty index plunged 533 points, or 1.11%, to close at 47,488 on Thursday. Kunal Shah, Senior Technical & Derivative Analyst at LKP Securities, predicts that a breach below the next immediate support at 47,400 could intensify selling pressure towards the 47,050 mark, corresponding to the 100-day EMA.

Conclusion

While the Indian stock market indices are expected to open higher, the overall trend suggests a weak market with a possibility of further decline. Investors are advised to exercise caution and consult with certified experts before making any investment decisions.