The trends on Gift Nifty indicate a gap for the Indian benchmark index. The Gift Nifty was trading around 22,650 level, a premium of about 100 points from Thursday’s close of the Nifty futures.
The Indian stock market indices ended flat with a positive bias on Thursday, with the Nifty 50 making a new high above the 22,500 zone during the day and consolidating ahead of the long weekend. The domestic stock market was closed on Friday due to a public holiday.
The Sensex gained 33.40 points to close at 74,119.39, while the Nifty 50 settled 19.50 points, or 0.09%, higher at 22,493.55.
Nifty 50 formed a small negative candle on the daily chart with a small lower shadow.
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“Technically, this pattern indicates a breather type formation after a sharp high-level breakout on Wednesday. The high-level three-way pattern is still intact, and further improvement can be expected soon,” said Nagaraj Shetti, Senior Technical Research Analyst, HDFC Securities.
He believes that the near-term uptrend of the Nifty 50 remains intact. The above targets should be viewed around 22,800 levels in the following week (1.618% Fibonacci projection of long-term up and down swings).
Here’s what to expect from Nifty 50 and Bank Nifty today:
Nifty 50 Prediction
The Nifty 50 index shifted into a narrow range on March 7 and closed the day higher by 19 points after registering a new all-time high at 22,525 levels during the day.
“The Nifty 50 remained below the psychological 22,500 mark, with call writers at the 22,500 strikes significantly increasing their positions. On the downside, support is expected to hold at 22,400. The strategy of buying on dips is likely to continue as long as it remains above 22,400,” said Rupak From, Senior Technical Analyst, LKP Securities.
According to him, on the upside, a decisive move above 22,500 could trigger buying interest in the market, possibly pushing the index to 22,700 soon.
Read also: Buy or sell: Vaishali Parekh recommends three stocks to buy today – March 11
Bank Nifty Forecast
The Bank Nifty index fell 130 points to close at 47,834 on March 7.
“Bank Nifty faced resistance at the 48,000 level, finding support at 47,750. However, the weekly close indicates robust bullish momentum, with pivotal support identified at 47,500 and resistance at 48,200,” said De.
A decisive break above the 48,200 threshold, confirmed by a closing basis, could catalyze a rise to levels of 48,500 and 48,800, he added.
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.
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Published: 11 Mar 2024, 07:30 IST