Indian stock market indices, Sensex and Nifty 50, are set to open higher on Thursday, driven by positive global market trends. The Gift Nifty is trading at a premium, indicating a positive start for the benchmark index. Despite a flat close on Wednesday, experts believe that the near-term uptrend of the Nifty remains intact. Technical analysis suggests that any weakness in the market could present a buying opportunity.
Analysts predict that a decisive move above 22,550 could push the Nifty towards the next hurdle at 22,800 levels. The Nifty Open Interest data shows the highest OI on the call side at the 22,700 strike price, while the put side has the highest OI at the 22,000 strike price.
In terms of predictions, Nifty 50 is expected to consolidate within a range with support at 22,350 and a potential trend towards 22,650 in the short term. The Bank Nifty index ended with a bullish candlestick pattern on Wednesday, with immediate resistance at 48,000. Analysts anticipate the index to consolidate within the range of 47,400 – 48,000 leading up to the RBI policy announcement.
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