Indian Stock Market Likely to See Muted Opening on Tuesday
The Indian stock market benchmark indices, Sensex and Nifty 50, are expected to have a quiet start on Tuesday following mixed signals from global markets. The Gift Nifty is trading at around 23,580 levels, indicating a slight premium compared to the Nifty futures’ previous close.
On Monday, the domestic equity indices closed with minor gains, with the Nifty 50 holding above the 23,500 level. The Sensex gained 131.18 points to close at 77,341.08, while the Nifty 50 settled 36.75 points higher at 23,537.85.
Nifty 50 formed a bullish candle on the daily chart, bouncing back from near the support of 23,300 levels. Analysts believe that the short-term trend of Nifty remains positive amidst range-bound movement, with a possibility of testing the upper range of 23,650 – 23,700 in the short term.
Analysts also shared their predictions for Nifty 50 and Bank Nifty for the day. Nifty OI data shows strong support at the 23,400 levels, with the index expected to trade in a range-bound manner for the June series. On the other hand, Bank Nifty is expected to face resistance at 52,000, with a potential upmove towards the 52,400 – 52,800 range once surpassing this mark.
Investors are advised to exercise caution and consider expert opinions before making any investment decisions. The views and recommendations mentioned in the article are those of individual analysts or broking companies, and not of Mint.
