Indian Stock Market Indices Set to Open Higher on Monday
The Indian stock market indices, Sensex and Nifty 50, are poised to open higher on Monday following gains in Asian markets and mixed global cues. The Gift Nifty is indicating a gap-up start, trading around the 22,240 level, a premium of nearly 110 points from the Nifty futures’ previous close.
On Friday, the domestic equity indices closed significantly higher, with the Sensex rallying 599.34 points to close at 73,088.33 and the Nifty 50 settling 151.15 points higher at 22,147.00. Nifty 50 formed a long bull candle on the daily chart, signaling a potential short-term bottom reversal for the market.
According to Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities, the bullish reversal pattern suggests a short-term trend reversal for Nifty, with further upside expected towards the next resistance level of around 22,500 in the coming sessions.
Rupak De, Senior Technical Analyst at LKP Securities, noted that the Nifty 50 index witnessed a strong recovery on April 19, closing with significant gains and forming a bullish reversal pattern. He predicts a potential rally towards 22,300, with a breakthrough above that level possibly leading to sustained gains towards 22,600.
In terms of Bank Nifty, Kunal Shah, Senior Technical & Derivative Analyst at LKP Securities, highlighted the strong bullish momentum displayed by the index, forming a bullish piercing candlestick pattern from the support level of 46,500. The immediate resistance for Bank Nifty is at 48,000, with support levels between 47,200 and 47,000 seen as buying opportunities.
Investors are advised to consult with certified experts before making any investment decisions. Stay tuned for the opening bell to see how the Indian stock market indices perform today.
