The trends on Gift Nifty also indicate a flat start for the Indian benchmark index. The Gift Nifty was trading around 22,173 level, a premium of almost 6 points from the previous close of the Nifty futures.
On Wednesday, the domestic equity market ended with decent gains, with the benchmark Nifty 50 closing above the 22,100 level.
The Sensex rallied 526.01 points to end at 72,996.31, while the Nifty 50 settled 118.95 points, or 0.54%, higher at 22,123.65.
Nifty 50 formed a small positive candle on the daily chart with a minor upper shadow.
Read also: Indian stock market: 10 key things that changed for the market overnight – Gift Nifty, S&P 500 record close to oil prices
“This market action indicates upward momentum in the market amid range-bound action. The overall chart pattern of the market remains positive with range-bound action. Nifty is currently placed at the upper range of 22,200 levels. A decisive break above this hurdle is expected to bring sharp upside momentum to new all-time highs,” said Nagaraj Shetti, Senior Technical Research Analyst, HDFC Securities.
However, according to Shetti, any weakness from here could drag the Nifty down to 21,900 levels again.
Here’s what to expect from Nifty 50 and Bank Nifty today:
Nifty OI Data
Analysis of the Open Interest (OI) data reveals the highest OI on the call side at the 22,400 strike price, followed by the 22,500 strike price. On the put side, the highest OI was observed at the 22,000 strike price, said Mandar Bhojane, Research Analyst at Choice Broking.
Read also: Buy or sell: Vaishali Parekh recommends three stocks to buy today — March 28
Nifty 50 Prediction
The Nifty 50 index continued its upward momentum with range-bound action on March 27 and closed the day higher by 118 points.
“Nifty remained strong after opening with a gain. During the day, it rose above 22,100 and closed above it as well. The short-term momentum seems positive, supported by a crossover in the RSI indicator (14). The trend is likely to remain positive as long as it remains above 22,000,” said Rupak De, Chief Technical Analyst, LKP Securities.
On the higher end, he believes, Nifty 50 could potentially move to 22,300 and beyond soon.
Jaykrishna Gandhi, Head – Business Development, Institutional Equities, Emkay Global Financial Services expects major support for the Nifty around the 21,800 level while resistance is around 22,350 for the coming week.
“The specific performance in stocks will play a crucial role in driving the direction of the market in the coming days. In a truncated week, we expect the near-term trend in Nifty to be positive. A sharp move above the hurdle of 22,200 – 22,300 levels could pull Nifty to new all-time highs around 22,550 levels,” Gandhi said.
Read also: Day trading guide for today: Seven stocks to buy or sell Thursday – March 28
Bank Nifty Forecast
The Bank Nifty index gained 186 points to close at 46,786 on Wednesday, forming a bullish candlestick on the daily charts.
“The Bank Nifty experienced a sideways trading session, marked by consolidation, but in the end, bullish momentum prevailed. Despite this consolidation, the index closed just below its 20-day moving average (20-DMA), positioned at 46,950. Decisive breakout above this level is expected to trigger sharp short moves towards the 48,000 mark,” said Kunal Shah, Chief Technical and Derivatives Analyst at LKP Securities.
However, according to Shah, the index is finding support around the 46,500 – 46,400 zone, and a break below this level could lead to increased selling pressure.
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: 28 Mar 2024, 07:30 IST