Market Outlook for May 24: Nifty 50 and Sensex (SENSEX) Trading Predictions and Key Insights

  <li>The Indian stock market indices, Sensex and Nifty 50, are likely to open lower on Friday tracking weak global cues.</li>
  <li>The trends on Gift Nifty also indicate a negative start for the Indian benchmark index. The Gift Nifty was trading around 22,950 level, a discount of nearly 50 points from the Nifty futures’ previous close.</li>
  <li>On Thursday, the domestic equity indices closed at record high, with the Nifty 50 ending above 22,900 level.</li>
<p><strong>Stay updated with the latest trends and predictions for the Indian stock market as Sensex and Nifty 50 navigate through volatile global cues.</strong></p>
<h2><strong>Nifty OI Data</strong></h2>
<p>An analysis of Nifty put options reveals a concentration of Open Interest (OI) at the 22,700 level, implying potential support at this level. On the Call side, significant OI concentrations are observed at the 23,500 and 24,000 levels, said Mandar Bhojane, Research Analyst, Choice Broking.</p>
<h3><strong>Nifty 50 Prediction</strong></h3>
<p>The Nifty 50 index rallied 1.64% on May 23 to end at record closing high just below the 23,000 mark.</p>
<p>“Nifty witnessed a clean breakout above its prolonged consolidation on the daily timeframe, suggesting a sudden surge of renewed optimism. The index has moved smartly towards 23,000, falling short by just 7 points. The trend looks very strong following the formation of a large green candle on the daily chart," said Rupak De, Senior Technical Analyst, LKP Securities.</p>
<p>On the higher end, above 23,000, the index might move towards 23,500 in the short term. On the lower end, support is placed at 22,800; the strength could remain intact as long as it remains above 22,800, he added.</p>
<h3><strong>Bank Nifty Prediction</strong></h3>
<p>The Bank Nifty index jumped 987 points, 2.06% to close at 48,769 on Thursday.</p>
<p>“After several days of staying in a small range, Bank Nifty bulls were finally able to take the index to another level. The renewed optimism lifted the index above 48,500. Further rally from the current level looks likely, as the index might move towards 49.500 in the short term, provided the support at 48,500 remains intact," De said.</p>
<p>According to him, immediate resistance for Bank Nifty is placed at 49,000.</p>
<p>As the Indian stock market navigates through global uncertainties, investors should remain vigilant and consider hedging their positions. The Nifty 50 and Bank Nifty indices show promising trends, with potential upsides in the short term. Staying informed and diversified will be key strategies for capitalizing on market movements.</p>
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Gideon Wolf
Gideon Wolf
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.

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