Indian Stock Market Set to Open Flat as Global Markets Digest US Fed Meeting Minutes
The Indian stock market benchmark equity indices, Sensex and Nifty 50, are expected to open flat today as global markets continue to digest the hawkish comments from the US Fed meeting minutes.
The trends on Gift Nifty also indicate a flat start for the Indian benchmark index, with the Gift Nifty trading around the 22,658 level, just 8 points higher than the Nifty futures’ previous close.
In Wednesday’s trading session, the domestic equity indices closed higher, with the Sensex rising 267.75 points to end at 74,221.06, and the Nifty 50 settling 68.75 points, or 0.31%, higher at 22,597.80.
Technical analysts are optimistic about the near-term outlook for the Nifty 50, with Subash Gangadharan, Senior Technical/Derivative Analyst at HDFC Securities, stating that the index could head towards its life highs of 22,795 in the coming sessions.
An analysis of Nifty put options shows a concentration of Open Interest at the 22,500 level, indicating potential support at this level. On the call side, significant OI concentrations are observed at the 23,000 and 23,100 levels.
Rupak De, Senior Technical Analyst at LKP Securities, believes that as long as the Nifty stays above 22,500, the trend is likely to remain strong, with a potential move towards 22,800 in the short term.
V.L.A. Ambala, Co-founder of Stock Market Today (SMT), noted that the Nifty index’s RSI readings suggest a sense of calm in the market, but prices could soon reach a fresh all-time high after taking support at Nifty’s 50-day SMA.
In the Bank Nifty segment, Kunal Shah, Senior Technical & Derivative Analyst at LKP Securities, sees the index trading within a broad range between 47,500 and 48,300, with a bullish view within this range and dips seen as buying opportunities.
Investors are advised to consult with certified experts before making any investment decisions. Stay tuned for the latest updates on the Indian stock market as global market dynamics continue to influence trading patterns.
