The Gift Nifty indicators also point to an upbeat beginning for the Indian benchmark index. At a premium of more than 50 points over the Nifty futures’ prior closing, the Gift Nifty was trading at approximately 22,650 level.
On Thursday, following strong signals from worldwide markets, the Sensex and Nifty 50 indexes of India’s stock market are expected to open higher.
The Gift Nifty indicators also point to an upbeat beginning for the Indian benchmark index. At a premium of more than 50 points over the Nifty futures’ prior closing, the Gift Nifty was trading at approximately 22,650 level.
Wednesday saw a strong comeback by the domestic equity indices in the final hour of trading, resulting in a half-percent gain for all of them and the first time the Sensex broke the 74,000 level.
At 74,085.99, the Sensex closed up 408.86 points, and the Nifty 50 was 22,474.05. That’s an increase of 117.75 points, or 0.53%.
On the daily chart, Nifty 50 created a lengthy bullish candle with an equally lengthy lower shadow.
This pattern is a continuation of the uptrend and technically speaking it is a bullish rising three-method pattern. According to Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities, “One may expect further upside in the coming sessions.” The next upside levels to watch are around 22,800, while the levels of immediate support are between 22,300 and 22,250.
When looking at the Nifty Open Interest (OI) Data, the highest call OI was recorded at 22,500 strike prices, while the highest put OI was recorded at 22,300 strike prices.
There won’t be any major index fireworks, according to the options data for today’s expiration. The current expiration range, according to the put and call writing, is 22,400 to 22,600. According to Rahul Ghose, CEO of Hedged.in, the overarching range for the March series index is still 22,000 to 22,800. Only a decline below 21,900, in his opinion, would set off a decline.
The Nifty index saw a strong recovery from its lows on March 6 and ended the day up 117 points.
Amidst the session’s ups and downs, the index managed to close strongly. Thanks to the index closing the day above the 21-EMA (Exponential Moving Average) on the daily chart, the short-term trend seems promising. Furthermore, the relative strength index (RSI), a momentum indicator, has shown a bullish crossover, suggesting short-term positive momentum. According to Rupak De, a Senior Technical Analyst at LKP Securities, the bulls will most likely continue to exert their dominance so long as the index remains above 22,350. In his opinion, the Nifty might potentially hit values between 22,600 and 22,700 in the future.
Closed at 47,965 on Wednesday, the Bank Nifty index surged 384 points. With only a 600-point gap separating it from its all-time high, the Bank Nifty index is continuing its positive run. According to Kunal Shah, a Senior Technical & Derivative Analyst at LKP Securities, the bullish feeling is clearly continuing, and the index has a strong support zone between 47,500 and 47,400 to protect itself.
According to Shah, the Bank Nifty is targeting 49,000–50,000 as short-term upside targets, and it is expected to surpass its historical highs in the following trading sessions.