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 Tuesday following positive global cues. The Gift Nifty indicates a flat start for the benchmark index, trading around 22,370 levels.
After a strong performance on Monday, where the Nifty closed above 22,300, the Sensex surged 560.29 points to close at 73,648.62, while the Nifty 50 settled 189.40 points higher at 22,336.40. Nifty 50 formed a small candle on the daily chart, signaling a potential bullish trend.
According to Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities, Nifty may encounter resistance at 22,500 levels in the short term. However, if it sustains above this level, new all-time highs could be reached soon.
Analysts suggest that Nifty Put options show support at 22,000 levels, while significant Open Interest concentrations are seen at 22,500 and 22,600 levels. Traders are advised to consider buying opportunities during dips with a suitable stop-loss strategy.
Rupak De, Senior Technical Analyst at LKP Securities, predicts a positive trend for Nifty 50 as long as it stays above 22,150, with potential upside towards 22,600-22,700. On the other hand, a drop below 22,150 could lead to consolidation.
The Bank Nifty index also saw gains, closing 351 points higher at 47,925 on Monday. Kunal Shah, Senior Technical & Derivative Analyst at LKP Securities, expects further bullish moves if the index breaks above the crucial resistance level of 48,000. Immediate support lies at 47,600 – 47,500 levels, presenting a buying opportunity on dips.
Investors are advised to consult with certified experts before making any investment decisions. Stay tuned for more updates on the Indian stock market indices.
