The Indian stock market indices, Sensex and Nifty 50, are expected to open higher on Friday, extending the rally to a record high amid upbeat global signals.
The trends on Gift Nifty also indicate a gap for the Indian benchmark index. The Gift Nifty was trading around 21,423 level compared to the Nifty futures’ previous close of 21,353.
On Thursday, the domestic benchmark indices ended at a record closing high led by IT stocks amid optimistic investor sentiment.
The Sensex ended 929.60 points higher at 70,514.20, while the Nifty 50 rose 256.35 points, or 1.23%, to settle at 21,182.70.
The Nifty 50 index seems to have witnessed a decisive upside breakout on Thursday after the formation of a long leg doji-type candlestick pattern on Wednesday.
Read also: 7 things that changed for the Indian stock market overnight – Gift Nifty, Dow Jones record close to ECB rate break
“The significant open gap of the recent session remains intact. If Thursday’s high level gap is not filled in the next 2-3 sessions, then one can assume Nifty in the middle of a sharp uptrend. Usually such unfilled crucial high level gaps in the middle of an uptrend are considered like rising rampant spreads,” said Nagaraj Shetti, Senior Technical Research Analyst, HDFC Securities.
According to Shetti, the near-term trend of the market continues to be positive. He believes that there is a possibility of Nifty reaching the important resistance of 21,550 levels – 78.6% Fibonacci extension in the coming week.
(Exciting news! Mint is now on WhatsApp Channels Subscribe today by clicking the link and stay up to date with the latest financial information! Click here!)
Here’s what to expect from Nifty 50 and Bank Nifty today:
Nifty 50 Predictions
The Nifty 50 index witnessed a strong rally on December 14 and closed the day higher by 256 points.
“The index has broken out of consolidation, driven by an increase in long positions compared to short trades among participants. Sentiment remains robust as the index holds a position comfortably above key moving averages. Support is located at 21,000, where Put writers have significant positions,” said Rupak From, Chief Technical Analyst at LKP Securities.
Looking ahead, he believes there is potential for the index to advance to 21,400 and beyond on the higher side.
Read also: Buy or sell: Vaishali Parekh recommends three stocks to buy today — December 15
Bank Nifty Predictions
The Bank Nifty hit a record high of 47,944 on December 14. The index rose 640 points, or 1.36%, to end at 47,732.
“The Bank Nifty bulls have maintained their momentum, successfully crossing the key resistance level of 47,500 with significant trading volumes. The overall market sentiment remains bullish, and any temporary declines are considered buyable, with a strong support level identified at 47,000,” Kunal Shah said. , Senior Technical and Derivatives analyst at LKP Securities.
He expects the sustained momentum to be driven by active participation from both private and PSU banks, propelling the Bank Nifty index to the 50,000 mark.
Disclaimer: The opinions and recommendations made above are those of individual analysts or trading companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.
Unlock a world of Perks! From insightful newsletters to real-time stock tracking, breaking news and a personalized news feed – it’s all here, just a click away! Login Now!
Catch all Business News, Market News, News Events and Latest News Updates on Live Mint. Download The Mint News App to get Daily Market Updates.
More or less
Published: 15 Dec 2023, 07:48 IST