Today's Nifty 50 and Sensex: What to anticipate from the Indian stock market on May 27th
The Indian benchmark index appears to have had a flat morning, according to Gift Nifty's statistics. At the conclusion of the Gift Nifty futures, the Gift Nifty was trading at a premium of around 10 points, at 23,025 levels.
The Indian benchmark index appears to have had a flat morning, according to Gift Nifty's statistics. At the conclusion of the Nifty futures, the Gift Nifty was trading at a premium of around 10 points, at 23,025 levels.
The major domestic equity indices closed the day flat with a lean towards the downside.
The Nifty 50 closed 10.55 points, or 0.05%, lower at 22,957.10, while the Sensex fell 7.65 points, or 0.01%, to conclude at 75,410.39.
Following a large bull candle the day before, the Gift Nifty 50 produced a doji candle on the daily period.
"Nifty is holding above the 20 and 50-day SMA on the daily chart, which is a sign of strength. It is reassuring that the 14-day RSI at 67.5 is increasing and not overbought. In the days leading up to the election results, we anticipate more gains and new all-time highs, but we're still prepared for erratic swings," stated HDFC Securities Senior Technical/Derivative Analyst Subash Gangadharan.
He states that the critical supports to keep an eye out for a return of weakness are at 22,795 and 22,630.
What to anticipate from Bank Nifty and Nifty 50 today is as follows:
Nifty 50 Forecast
Indicating the purchasing pressure, the Nifty 50 index finished flat on May 24 and displayed a "Marubozu" pattern at the weekly period.
The Gift Nifty Nifty crossed above 23,000 during the day, but it stayed sideways thereafter. Over the coming days, sentiment may stay muted, with the index fluctuating between 22,950 and 23,050. Significant put and call writing activity at 23,000 points to a potential near-term range-bound trade. The index might only move towards 22,800 if there was a significant decline below 22,950, according to Rupak De, Senior Technical Analyst at LKP Securities.
However, he thinks a persistent move above 23,050 could result in a significant rally.
May 27, before you buy or sell
According to V.L.A. Ambala, co-founder of Stock Market Today (SMT), the index's RSI readings are neutral, with its daily, weekly, and monthly values pointing at 68, 67, and 70, respectively. The development of a "Marubozu" pattern at the weekly period, signals the purchasing pressure.
But we might soon see some selling pressure if the index's price breaks below the 22,900 level. Alternatively, optimistic sentiment will win out if the price stays above the 23,050 mark. In light of this, Ambala predicted that Nifty would encounter resistance between 23,050 and 23,200 and support between 22,900 and 22,800 in the upcoming session.
Gift Nifty Forecast for the Bank Nifty
On the daily period, the Bank Gift Nifty Nifty index formed a bullish candlestick pattern, rising 203 points to close at 48,972 on Friday.
Going ahead, as long as the index continues above 48,500, sentiment should stay optimistic. Any declines towards 48,500 could spark interest from buyers. At the upper end, 49,000 represents the immediate resistance; if this level is reached, the index may advance to 49,500, according to De.
He says that 48,800 is the lower bound where Bank Gift Nifty Nifty has immediate support.
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