Indian Stock Market Indices Set to Open Higher on Positive Global Cues
The Indian stock market indices, Sensex and Nifty 50, are poised to open higher on Thursday following positive trends in global markets. The Gift Nifty is indicating a strong start for the Indian benchmark index, trading at around 22,650 levels with a premium of over 50 points from the Nifty futures’ previous close.
On Wednesday, the domestic equity indices staged a remarkable recovery in the final hour of trading, with the Sensex breaching the 74,000 mark for the first time. The Sensex closed at 74,085.99, up 408.86 points, while the Nifty 50 settled at 22,474.05, marking a 0.53% increase.
Nifty 50 formed a long bull candle on the daily chart, signaling a bullish rising three method pattern and indicating a potential uptrend continuation. Technical analyst Nagaraj Shetti from HDFC Securities suggests that the next upside levels to watch for are around 22,800, with immediate support at 22,300 – 22,250 levels.
In terms of Nifty Open Interest (OI) Data, the highest OI on the call side is at 22,500 strike prices, while on the put side, it is at 22,300 strike price. Analyst Rahul Ghose from Hedged.in predicts a range-bound expiry between 22,400 and 22,600 for the index, with a broader range for the March series between 22,000 and 22,800.
Looking ahead, technical analyst Rupak De from LKP Securities believes that the short-term trend for Nifty 50 remains positive, with potential for the index to reach levels between 22,600 and 22,700 on the higher end.
The Bank Nifty index also saw a significant jump on Wednesday, closing at 47,965. Analyst Kunal Shah from LKP Securities notes that the index is under the influence of a bullish trend and is expected to surpass its all-time high levels in the near term, targeting upside potential at 49,000 / 50,000.
Investors are advised to consult with certified experts before making any investment decisions, as the views and recommendations mentioned above are those of individual analysts or broking companies and not of Mint.
