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Business News/ Markets / Stock Markets/  Nifty 50, Sensex today: What to expect from Indian stock market in trade on March 11
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Nifty 50, Sensex today: What to expect from Indian stock market in trade on March 11

The trends on Gift Nifty indicate a gap-up start for the Indian benchmark index. The Gift Nifty was trading around 22,650 level, a premium of around 100 points from the Nifty futures’ Thursday close.

Nifty 50 formed a small negative candle on the daily chart with a minor lower shadow. (Photo: AFP)Premium
Nifty 50 formed a small negative candle on the daily chart with a minor lower shadow. (Photo: AFP)

The Indian stock market indices are expected to open higher on Monday despite mixed global cues.

The trends on Gift Nifty indicate a gap-up start for the Indian benchmark index. The Gift Nifty was trading around 22,650 level, a premium of around 100 points from the Nifty futures’ Thursday close.

The Indian stock market indices ended flat with a positive bias on Thursday, with the Nifty 50 making a new high above the 22,500 zone during the day and consolidating ahead of the long weekend. The domestic equity market was shut on Friday on account of a public holiday.

The Sensex gained 33.40 points to close at 74,119.39, while the Nifty 50 settled 19.50 points, or 0.09%, higher at 22,493.55.

Nifty 50 formed a small negative candle on the daily chart with a minor lower shadow. 

Also Read: Indian stock market: 8 key things that changed for market over weekend - Gift Nifty, Japan’s GDP to China inflation

“Technically, this pattern indicates breather type formation post sharp upside breakout of Wednesday. The bullish rising three method pattern is still intact, and one may expect further upside in the near term," said Nagaraj Shetti, Senior Technical Research Analyst, HDFC Securities.

He believes the near-term uptrend of the Nifty 50 remains intact. The upside targets to be watched around 22,800 levels in the next one week (1.618% Fibonacci projection of long-term up and down swings).

Here’s what to expect from Nifty 50 and Bank Nifty today:

Nifty 50 Prediction

The Nifty 50 index shifted into a narrow range movement on March 7 and closed the day higher by 19 points after recording a new all-time high at 22,525 levels during the day.

“The Nifty 50 stayed below the psychological 22,500 mark, with call writers at the 22,500 strikes significantly increasing their positions. On the downside, support is expected to hold at 22,400. The buy-on-dips strategy is likely to persist as long as it remains above 22,400," said Rupak De, Senior Technical Analyst, LKP Securities.

According to him, on the upside, a decisive move above 22,500 could trigger buying interest in the market, potentially pushing the index towards 22,700 in the short term.

Also Read: Buy or sell: Vaishali Parekh recommends three stocks to buy today — March 11

Bank Nifty Prediction

The Bank Nifty index declined 130 points to close at 47,834 on March 7.

“Bank Nifty faced resistance at the 48,000 level, finding support at 47,750. Nevertheless, the weekly closure indicates a resilient bullish momentum, with pivotal support identified at 47,500 and resistance at 48,200," said De.

A conclusive breach above the 48,200 threshold, confirmed by a closing basis, could catalyze a bullish upswing towards levels of 48,500 and 48,800, he added.

Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.

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Published: 11 Mar 2024, 07:30 AM IST
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