Indian Stock Market Indices Expected to Open Lower on Friday
The Indian stock market indices, Sensex and Nifty 50, are anticipated to open lower on Friday following mixed cues from global peers. The Gift Nifty is trading at a discount of around 130 points from the Nifty futures’ Wednesday close, indicating a gap-down start for the Indian benchmark index.
On Wednesday, the domestic equity indices ended with strong gains, with the Nifty 50 reaching a new all-time high and closing near the highs. The Sensex surged over 350 points, while the Nifty 50 settled higher as well.
Technical analysis suggests that Nifty is currently facing resistance around the 22,800 levels, with immediate support at 22,615 levels. Analysts predict that a decisive move above 22,800 levels could lead to further upside momentum in the market.
Analyzing the Open Interest data, experts suggest that the Nifty is likely to experience a sideways movement scenario, with resistance levels at 23,000 and support levels at 22,700. The Nifty 50 index is expected to remain range-bound, with resistance at 22,700-22,750 and support at 22,600.
In terms of the Bank Nifty index, analysts predict consolidation at elevated levels, with immediate support at 48,500 and resistance at 49,000. A decisive move beyond these levels could trigger trending moves in the index.
Investors are advised to exercise caution and consult with certified experts before making any investment decisions. Stay tuned for real-time updates on the Indian stock market indices.
