On Tuesday, the Sensex and Nifty 50 indexes of India’s stock market are likely to start the day on a low note due to negative signals from across the world.
Trends on Gift Nifty also point to the Indian benchmark index having a quiet start. Near the 22,495 mark, the Gift Nifty was selling at a lower price.
Monday was the fourth straight session of increases for the domestic equities indices, which finished modestly higher than their previous closing highs.
The Nifty 50 ended the day 27.20 points, or 0.12%, higher at 22,405.60, while the Sensex gained 66.14 points to close at 73,872.29.
On the daily chart, Nifty 50 created a tiny candle with a slight upper and lower shadow.
The creation of a doji pattern is indicated by this pattern, technically speaking. Such formations typically indicate a consolidation or reversal following confirmation, following a reasonable upswing. According to Nagaraj Shetti, a Senior Technical Research Analyst at HDFC Securities, “a minor dip or intraday volatility can’t be ruled out in the short term” because this pattern has developed around the new highs.
If the price drops further, Shetti thinks it would be a good chance to buy near the 22,225–22,200 support levels. Keep an eye on the levels between 22,600 and 22,800 for near-term upside potential.
Today’s Nifty 50 and Bank Nifty predictions are as follows:
An analysis of the Open Interest (OI) data showed that the call side had the highest OI at 22,500, with the 22,800 strike prices following closely behind. According to Choice Broking’s Mandar Bhojane, a research analyst, the 22,200 strike price saw the highest open interest (OI) on the put side.
The Nifty 50 index hit an intraday high of 22,463.65 on Monday and finished the volatile session slightly higher, closing just above 22,400.
A Doji candle appeared on the daily chart as a consequence of the Nifty’s consolidated advance at the start of the week. Regardless, the general attitude is still positive. According to Kunal Shah, Senior Technical & Derivative Analyst at LKP Securities, “the momentum is expected to intensify, targeting 22,700 on the upside,” after a decisive break over 22,440 is achieved.
If you believe Shah, there is established downside support at 22,200, thus you may purchase on any pullbacks towards this level.
On March 4, the Nifty index witnessed substantial In-the-put writing of the 21,400 and 21,500 strikes, as pointed out by Rahul Ghose, CEO of Hedged.in, indicating that bullish sentiment is still present.
“After 21,550, the next target is 21,700,” Ghose stated regarding the Nifty’s short-term objectives.
On March 4, the Bank Nifty index gained 159 points to close the day at 47,456, marking its fourth consecutive day of gains.
Bank Nifty, according Ghose, had an identical number of puts and calls added for this week’s expiry, suggesting a range of 47,000 to 48,000.
At the same time, Shah thinks the index is still in a buy mood and might soon go beyond its all-time high levels.
Above the critical support level of 47,000, where there is a concentration of put-side open interest, the Bank Nifty index has shown fortitude by continuing to keep its strength. According to Shah, the price is expected to rocket towards new lifetime highs once it breaks above the immediate resistance level of 47,500.