The Indian stock market will likely open higher amid gains in global equities despite concerns over the US-Iran Ceasefire agreement. GIFT Nifty also indicates a slight gap-up opening, trading at 23,919 with a 35-point premium from its previous Nifty futures close.
On Thursday, the Sensex declined 935.25 or 1.25%, closing at 76,631.35, while the Nifty 50 fell by 222.25 points, or 0.93%, to settle at 23,775.10.
However, broader markets showed mild strength with Nifty Midcap 100 rising 0.32%, while Nifty Smallcap gained 0.17%. India VIX hovered near the 20 mark; any further decline would benefit bulls.
According to exchange data, on Thursday, the foreign institutional investors (FIIs) sold shares worth Rs. 16,782.28 crore, while the domestic institutional investors (DIIs) bought equities worth Rs. 15,043.83 crore.
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Technically, the Sensex formed a bearish red candle on the daily chart. This suggests signs of consolidation after a strong rally.
Support for the index is at the 76,200-75,900 zone; a break below this band may drag the price lower toward 75,500.
On the upside, the resistance is seen near the 76,900-77,100 range. Where the upside may face selling pressure.
The Nifty 50 formed a bearish candle with shadows on both sides on the daily chart. It indicates indecision at higher levels.
Key resistance is at 24,000; a sustained break above this is crucial. This may trigger a short cover going toward the 24,500 zone.
On the downside, immediate support is seen at 23,500. Despite yesterday’s decline, the overall structure remains positive.
On Thursday, Bank Nifty fell 882.20 or 1.58% too close at 54,821.70, forming a bearish candle on the daily chart with a short lower shadow indicating selling pressure at higher levels.
“Despite the weakness, Bank Nifty continues to trade above its 20-day EMA, suggesting that the short-term structure remains intact. Going ahead, the 55,300-55,400 zone will act as an immediate resistance, while on the downside, the 54,400-54,300 range is expected to provide crucial support for the index,” said Sudeep Shah, Head - Technical and Derivatives Research at SBI Securities.
On the downside, 53,200-53,500 is the resistance zone; sustaining above this band is key for the continuation of the current rally.
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