Indian Stock Market Indices Expected to Open Flat-to-Higher on Wednesday
The Indian stock market indices, Sensex and Nifty 50, are anticipated to open flat-to-higher on Wednesday following gains in global peers. The trends on Gift Nifty also indicate a mildly positive start for the Indian benchmark index, with the Gift Nifty trading around 22,460 level, a premium of over 10 points from the Nifty futures’ previous close.
On Tuesday, the domestic equity benchmark indices ended the choppy session flat with a positive bias. The Sensex gained 165.32 points, or 0.22%, to close at 73,667.96, while the Nifty 50 inched 3.05 points, or 0.01%, higher to settle at 22,335.70.
Nifty 50 formed a neutral candlestick pattern on the daily chart after a bearish engulfing, signaling ongoing bearish pressure in the market. Analysts are closely watching the market dynamics, with Deepak Jasani, Head of Retail Research at HDFC Securities, stating, “Adverse breadth data is weighing on the minds of investors and traders.”
Analyzing the Open Interest (OI) data, Mandar Bhojane, Research Analyst at Choice Broking, noted that the call side displayed the highest OI at 22,500, followed by 22,600 strike prices, while the put side showed the highest OI at the 22,000 strike price.
Looking ahead, Kunal Shah, Senior Technical & Derivative Analyst at LKP Securities, highlighted the key levels for Nifty 50, with immediate resistance at 22,500 and support at 22,200 – 22,150. Rahul Ghose, CEO of Hedged.in, emphasized the importance of waiting for important levels for entry and not chasing prices in the current market scenario.
In terms of the Bank Nifty index, Shah pointed out that it fell 45 points to close at 47,282 on Tuesday, experiencing extreme volatility but managing to hold the support of the 20-DMA at the 46,800 mark. He suggested a “buy on dip” stance for the Bank Nifty index as long as the mentioned support levels are held.
Investors are advised to consult with certified experts before making any investment decisions. Stay tuned for the latest updates on the Indian stock market indices as trading unfolds on Wednesday.
