Amidst mixed global market indications, the Indian stock market indices, Sensex and Nifty 50, are anticipated to open flat on Thursday.
The Indian benchmark index appears to have had a flat morning, according to Gift Nifty’s statistics. The Gift Nifty was trading at a premium of around 6 points from the previous closing of the Nifty futures, at 22,173 points.
The benchmark Nifty 50 closed above the mark on Wednesday, and the domestic equity market concluded with respectable gains. The Nifty 50 closed 118.95 points, or 0.54%, higher at 22,123.65, while the Sensex gained 526.01 points to close at 72,996.31.
On the daily chart, Nifty 50 created a tiny positive candle with a slight upper shadow.
Nifty 50 Forecast
On March 27, the Nifty 50 index maintained its upward trajectory with range-bound trading and ended the day up 118 points.
“Nifty remained strong following an opening with a gain. During the day, it moved up above 22,100 and closed above it as well. The short-term momentum appears positive, supported by a crossover in the RSI (14) indicator. The trend is likely to remain positive as long as it stays above 22,000.”
Rupak De, Senior Technical Analyst, LKP Securities
In the short run, he thinks the Nifty 50 might rise to 22,300 and higher on the top end.
For the coming week, Jaykrishna Gandhi, Head of Business Development, Institutional Equities, Emkay Global Financial Services, anticipates significant support for the Nifty at 21,800, with resistance above 22,350.
“The specific performance in stocks will play a crucial role in driving the market’s direction in the coming days. In a truncated week, we expect the short-term trend in Nifty to be positive. A sharp move above the hurdle of 22,200 – 22,300 levels could pull Nifty towards new all-time highs around 22,550 levels.”
Jaykrishna Gandhi, Head of Business Development, Institutional Equities, Emkay Global Financial Services
