The Indian stock market indices, Sensex and Nifty 50, are likely to open in the green on Wednesday, influenced by positive global market trends. The Gift Nifty is trading around 22,375.50, indicating a premium of nearly 65 points from the previous close of Nifty futures.
On Tuesday, the stock markets continued their winning streak for the third consecutive day. The Sensex rose by 328 points to close at 73,104.61, and the Nifty 50 climbed 113.80 points to finish at 22,217.85. This upward momentum was driven by gains in Reliance Industries and favorable inflation data.
Rupak De, Senior Technical Analyst at LKP Securities, noted that the market closed just below the ascending channel’s lower band, with the Nifty 50 ending above the crucial 22,200 mark. To sustain this momentum, the index needs to re-enter the channel in the coming days.
What to Expect from Nifty 50 and Bank Nifty Today
Nifty Open Interest (OI) Data: Mandar Bhojane, a Research Analyst at Choice Broking, highlighted that the 22,000 level shows significant Open Interest in Nifty put options, suggesting strong support at this level. On the call side, heavy Open Interest at 22,500 and 22,600 indicates potential resistance near all-time highs.
Nifty 50 Prediction: Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities, observed that the market has recovered well after a recent false breakout around the 22,000 level. With a positive trading session on Tuesday, the Nifty 50 closed near its highs, despite minor intraday drops. Shetti noted a bullish pattern with higher tops and bottoms, predicting further upside in the near term. Key resistance levels to watch are 22,300 and 22,590, while support is expected around 22,080.
Bank Nifty Prediction: According to Kunal Shah, Senior Technical & Derivative Analyst at LKP Securities, the Bank Nifty experienced a steady rise but couldn’t close above the 48,000 mark. To continue the upward trend, the index needs to break this barrier, aiming for 48,500. If there is a dip, the 47,500–47,400 range offers strong support and could be a good entry point for long positions.
Overall, market analysts are optimistic about a positive start for Indian stocks today, with key levels to watch for potential support and resistance.