- The Indian stock market indices are expected to open flat with a negative bias on Thursday amid mixed global market cues.
- The Gift Nifty is trading at around 22,388 level, a discount of 4 points from the Nifty futures’ previous close.
- On Wednesday, the domestic equity indices ended flat with the Nifty 50 holding above the 22,300 level.
Indian stock market indices are expected to open flat with a negative bias. This article provides an in-depth analysis of the current market trends and predictions for Nifty 50 and Bank Nifty.
Market Overview
Amid mixed global market cues, the Indian stock market indices are expected to open flat with a negative bias. The Gift Nifty is trading at a discount of 4 points from the Nifty futures’ previous close, indicating a tepid start for the Indian benchmark index. On Wednesday, the domestic equity indices ended flat with the Nifty 50 holding above the 22,300 level.
Nifty 50 Analysis
The Nifty 50 index shifted into an upside bounce from the lower levels on Wednesday and closed the day on a flat note. However, the short-term trend appeared weak as the index remained below the critical moving average, 21-EMA (Exponential Moving Average), on the daily timeframe. According to Senior Technical Analyst, Rupak De, the sentiment may continue to weaken as long as it stays below 22,400. The index might decline towards 22,150 on the downside.
Bank Nifty Analysis
The Bank Nifty index ended lower for the sixth straight session, falling 264 points to close at 48,021, forming a small bearish candlestick pattern on the daily charts. The next significant support level for the index is positioned at 47,770, coinciding with the 50 EMA. On the upside, immediate resistance lies at 48,250. A decisive breach above this level could propel the index towards 48,400 – 48,500.
Conclusion
The Indian stock market indices are expected to open flat with a negative bias. The Nifty 50 and Bank Nifty indices show signs of weakness in the short-term trend. However, there is potential for an upside bounce in the market. Investors are advised to check with certified experts before making any investment decisions.
