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.

Don't forget to enable notifications for our Twitter account and Telegram channel to stay informed about the latest cryptocurrency news.
spot_imgspot_imgspot_imgspot_img

Latest News

BDSwiss (BDS) Enhances Crypto Trading Experience with Cutting-Edge Tools

Cryptocurrency markets continue to evolve rapidly, presenting...

Bitcoin (BTC) Partnership Announced by Cathie Wood and Nayib Bukele: A Game-Changer for Crypto

El Salvador President Nayib Bukele and renowned...

Pepe (PEPE) Coin Surges to New All-Time High, Dominates Crypto Market Trends!

Pepe (PEPE), a frog-inspired memecoin, has reached...
spot_imgspot_imgspot_imgspot_img

PRO Analysis

Dogecoin (DOGE) Technical Analysis for May 28, 2024: Key Insights and Future Predictions

Dogecoin's recent price movements have captured the...

Massive GCR Hack: Meme Coin Plunge by 80% – GCR Price Analysis and Impact

The cryptocurrency market has been abuzz with...

Why Is Bitcoin (BTC) Dropping? Latest Analysis and Market Insights

<ul> <li>Bitcoin's recent decline is being...
Gideon Wolf
Gideon Wolfhttps://en.coinotag.com/
GideonWolff is a 27-year-old technical analyst and journalist with extensive experience in the cryptocurrency industry. With a focus on technical analysis and news reporting, GideonWolff provides valuable insights on market trends and potential opportunities for both investors and those interested in the world of cryptocurrency.
spot_imgspot_imgspot_imgspot_img

Nifty 50 (NSE) Live Price Update: Nifty 50 Index Opens at ₹22,762.75 Amid Market Volatility

Nifty 50 Share Price Live Updates: Nifty 50 opened at ₹22762.75. Investors are closely monitoring market movements amid global economic uncertainties. ...

9 Crucial Market Insights Before 9 AM on May 29, 2024: Key Updates on Bitcoin (BTC) and Ethereum (ETH)

Indian markets are set to open on a lower note on Wednesday following a rise in bond yields and a...

Paytm (PAYTM) Stock Surges 5% as Company Denies Vijay Shekhar Sharma’s Stake Sale to Adani

Shares of One 97 Communications, parent of Paytm, surged 5% to ₹359.55 in morning deals on Wednesday. ...