Indian Stock Market Indices Set to Open Higher on Positive Global Cues
The Indian stock market indices, Sensex and Nifty 50, are poised to open higher on Thursday, driven by positive momentum in the global markets. The Gift Nifty is indicating a positive start for the Indian benchmark index, trading around the 22,593 level with a premium of nearly 50 points from the Nifty futures’ previous close.
Despite ending flat with a negative bias on Wednesday amid weak global cues, the Sensex closed at 73,876.82, down 27.09 points, while the Nifty 50 settled at 22,434.65, down 18.65 points or 0.08%. Nifty 50 formed a small positive candle on the daily chart, suggesting a broader range movement near all-time highs.
According to Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities, the near-term uptrend of the Nifty remains intact, with a potential move above 22,550 likely to push the index towards the next crucial hurdle of 22,800 levels.
Analysts also predict positive movements for Nifty 50 and Bank Nifty today. Mandar Bhojane, Research Analyst at Choice Broking, highlighted the highest Open Interest (OI) on the call side at the 22,700 and 22,800 strike prices, while the highest OI on the put side was observed at the 22,000 strike price.
Rupak De, Senior Technical Analyst at LKP Securities, noted that Nifty may trend towards 22,650 in the short term, with support at 22,350. Kunal Shah, Senior Technical & Derivative Analyst at LKP Securities, expects the Bank Nifty to consolidate within the range of 47,400 – 48,000 leading up to the RBI policy announcement, with potential trending moves expected thereafter.
Investors are advised to consult with certified experts before making any investment decisions. Stay tuned for more updates on the Indian stock market indices as they open higher on positive global cues.
