Indian Stock Market Likely to Open Flat on Thursday Amid Weak Global Cues
The Indian stock market benchmark indices, Sensex and Nifty 50, are expected to open flat on Thursday as global market cues remain weak. The Gift Nifty is indicating a mildly positive start, trading around 24,665 level, with a premium of nearly 25 points from the Nifty futures’ Tuesday close.
On Tuesday, the domestic equity market indices closed marginally higher, with the Nifty 50 surpassing the 24,600 level. The Sensex rose 51.69 points to close at 80,716.55, while the Nifty 50 settled 26.30 points higher at 24,613.00.
The market remained closed on Wednesday due to Muharram 2024, but analysts are closely monitoring the trends. Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities, noted a doji type pattern forming at the highs, which could indicate a possible reversal pattern.
Despite the consolidation at higher levels, Shetti believes the near-term uptrend of Nifty remains intact. He predicts a further upmove towards 24,900 levels in the next week. Analysts are also keeping an eye on Nifty OI data and sectoral rotation for market trends.
Osho Krishan, Senior Analyst at Angel One Ltd., highlighted the support zone for Nifty at 24,500 – 24,400, with the next key level around 24,700 – 24,750. Market participants are advised to monitor sectoral movements until key indices show a resurgence in momentum.
V.L.A. Ambala, Co-founder of Stock Market Today (SMT), emphasized caution in the market, particularly for short-term investors exploring index ETFs. She predicts support for Nifty between 24,550 and 24,470, with resistance at 24,680 and 24,740.
In the banking sector, Bank Nifty ended lower on Tuesday, with resistance near the 52,700 zone. Vaishali Parekh, Vice President of Technical Research at Prabhudas Lilladher Pvt. Ltd., suggests a decisive breach above this zone for the uptrend to continue towards targets of 53,500 and 55,100 levels.
Investors are advised to consult certified experts before making any investment decisions, as the views and recommendations mentioned are those of individual analysts or broking companies.
