- The Indian stock market indices, Sensex and Nifty 50, are expected to open lower on Monday due to weak global market cues.
- The Gift Nifty trends suggest a tepid start for the Indian benchmark index, trading at a discount from the Nifty futures’ previous close.
- On Friday, the domestic equity benchmark indices ended higher, with the Nifty 50 holding above 22,000 level.
Indian stock market indices Sensex and Nifty 50 are predicted to open lower on Monday, influenced by weak global market cues. The article provides an in-depth analysis of the market trends and predictions.
Market Performance on Friday
The Sensex gained 260.30 points to close at 72,664.47, while the Nifty 50 settled 97.70 points, or 0.44%, higher at 22,055.20. Nifty 50 formed a small positive candle on the daily chart with minor upper and lower shadow. This pattern indicates a temporary pause in the market after a sharp decline, according to Nagaraj Shetti, Senior Technical Research Analyst, HDFC Securities.
Market Predictions
Shetti believes the short-term trend of Nifty continues to be negative, but there is a possibility of a minor upside bounce in the short term. He predicts that the market could eventually break down the present support of 21,900 – 21,850 levels and could slide down to 22,700 – 22,600 in the near term.
Nifty 50 Prediction
The Nifty 50 index shifted into a minor upside bounce on May 10 and closed the day higher by 97 points. Rupak De, Senior Technical Analyst, LKP Securities, suggests that as long as the Nifty remains below the resistance level of 22,200, a strategy of selling on rallies may be favorable for traders.
Bank Nifty Prediction
The Bank Nifty index ended 67 points lower at 47,421 on Friday, registering its eighth straight session of losses. Kunal Shah, Senior Technical & Derivative Analyst at LKP Securities, suggests that immediate resistance for the Bank Nifty stands at 48,000. A breakthrough above this level could trigger fresh short-covering moves.
Conclusion
Given the current market trends and expert predictions, traders may need to adopt a cautious approach. While there is a possibility of a minor upside bounce in the short term, the overall market sentiment remains weak. The article provides a comprehensive analysis of the market trends and expert predictions to help traders navigate the market volatility.
