Indian stock market benchmark indices, Sensex and Nifty 50, are expected to open lower today following weak global cues. The Gift Nifty is trading at a discount of nearly 100 points from the Nifty futures’ previous close, indicating a negative start for the Indian benchmark index.
On Friday, the Sensex closed 269.03 points lower at 77,209.90, while the Nifty 50 settled 65.90 points lower at 23,501.10 due to profit booking. Nifty 50 formed a reasonable negative candle on the daily chart, indicating a bearish engulfing pattern.
According to Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities, the short-term trend of Nifty remains range-bound with a weak bias. A move below the immediate support levels could signal the beginning of a short-term downward correction in the market.
Looking ahead, Nifty 50 is expected to continue its choppy movement with high volatility. A decisive move above 23,600 could take the index towards 24,000, while failure to hold above 23,300 might trigger panic in the market, as per Rupak De, Senior Technical Analyst at LKP Securities.
On the other hand, Bank Nifty ended lower on Friday, forming a bearish candlestick pattern. The index witnessed a volatile trading session but ended on a flat note. According to Kunal Shah, Senior Technical & Derivative Analyst at LKP Securities, the immediate resistance for Bank Nifty is at 52,000, while the lower end support is at 51,000.
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