The Indian stock market is expected to open on a positive note on Friday, bolstered by favorable global market cues and trends from the Gift Nifty. As of early trading, Gift Nifty was seen trading at 23,303, indicating a premium of nearly 40 points over the Nifty futures’ previous close, suggesting a bullish sentiment in the domestic market.
On Thursday, the benchmark indices ended in the green, with the Sensex gaining 115.39 points (0.15%) to close at 76,520.38 and the Nifty 50 rising by 50 points (0.22%) to settle at 23,205.35. The Nifty 50 formed a small positive candle with a minor upper shadow on the daily chart, reflecting a continuation of upward momentum.
Nifty’s Open Interest (OI) data reveals strong resistance at the 23,300 and 23,500 levels on the call side, while key support lies at 23,000 and 22,800 on the put side. This indicates a range-bound scenario for the index in the short term.
Looking ahead, analysts predict that the Sensex may test resistance levels around 77,000-77,100 if the positive momentum continues. However, a fall below 76,200 could reverse the sentiment, leading to a retest of support levels between 76,000 and 75,700. The Bank Nifty index, which closed at 48,589, is also expected to experience range-bound movement with potential for volatility in the coming sessions.
As the market reacts to global developments, investors will closely monitor key support and resistance levels for further trading cues.
*Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Business Headline. We advise investors to check with certified experts before making any investment decisions.
