Indian Stock Market Set for Positive Opening on Monday: Sensex and Nifty 50 Likely to Rise
The Indian stock market indices, Sensex and Nifty 50, are poised for a positive opening on Monday, driven by supportive global market cues. The Gift Nifty is also indicating a favorable start for the benchmark index, trading around the 22,530 level with a premium of nearly 40 points from the Nifty futures’ previous close.
After a strong performance on Thursday, where the domestic equity indices ended higher amidst positive global cues, the Sensex surged 655.04 points to close at 73,651.35, while the Nifty 50 settled 203.25 points higher at 22,326.90.
Technical analysis suggests that the Nifty 50 is showing signs of high volatility near all-time highs around the 22,500 levels. Analysts believe that the near-term uptrend of Nifty remains intact, with the next upside levels to watch for being around 22,500 – 22,600 this week.
Rupak De, Senior Technical Analyst at LKP Securities, highlighted the importance of the Nifty surpassing the 22,525 level decisively to sustain a continued rally. On the downside, short-term support is seen at 22,200.
Looking at the Bank Nifty index, which rallied 339 points to end at 47,125 on March 28, Kunal Shah, Senior Technical & Derivative Analyst at LKP Securities, emphasized the importance of breaching the resistance at 47,500 for further upside towards the 48,000 level.
Investors are advised to consult with certified experts before making any investment decisions based on the views and recommendations provided by individual analysts or broking companies. Stay tuned for a potentially positive start to the Indian stock market on Monday.
