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Business News/ Markets / Stock Markets/  Nifty 50, Sensex today: What to expect from Indian stock market in trade on March 5
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Nifty 50, Sensex today: What to expect from Indian stock market in trade on March 5

The trends on Gift Nifty also indicate a muted start for the Indian benchmark index. The Gift Nifty was trading lower around the 22,495 level.

Nifty 50 formed a small candle on the daily chart with minor upper and lower shadow. (MINT_PRINT)Premium
Nifty 50 formed a small candle on the daily chart with minor upper and lower shadow. (MINT_PRINT)

The Indian stock market indices, Sensex and Nifty 50, are expected to see a tepid opening on Tuesday amid weak cues from the global market.

The trends on Gift Nifty also indicate a muted start for the Indian benchmark index. The Gift Nifty was trading lower around the 22,495 level.

The domestic equity indices gained marginally to end at their fresh closing highs on Monday, extending gains for the fourth consecutive session.

The Sensex gained 66.14 points to close at 73,872.29, while the Nifty 50 settled 27.20 points, or 0.12%, higher at 22,405.60.

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

“Technically, this pattern indicates the formation of a doji pattern. Normally, such formations after a reasonable upside call for a consolidation or a reversal after the confirmation. Having formed this pattern near the new highs, a minor dip or intraday volatility can't be ruled out in the short term," said Nagaraj Shetti, Senior Technical Research Analyst, HDFC Securities.

Shetti believes any dips from here could be a buying opportunity towards the supports of 22,225 - 22,200 levels. The near-term upside targets to be watched around 22,600 - 22,800 levels.

Also Read: Indian stock market: 6 key things that changed for market overnight - Gift Nifty, China’s GDP to rise in US bond yields

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

Nifty OI Data

Upon scrutinizing the Open Interest (OI) data, the call side revealed the highest OI at 22,500, followed by the 22,800 strike prices. On the put side, the maximum OI was observed at the 22,200 strike price, said Mandar Bhojane, Research Analyst at Choice Broking.

Nifty 50 Prediction

The Nifty 50 index ended Monday’s choppy session marginally higher above 22,400, after reaching a lifetime high of 22,463.65 intraday.

“The Nifty commenced the week with a consolidated move, resulting in the formation of a Doji candle on the daily chart. Despite this, the overall sentiment remains bullish. A decisive break above 22,440 is anticipated to intensify the momentum, targeting 22,700 on the upside," said Kunal Shah, Senior Technical & Derivative Analyst, LKP Securities.

According to Shah, support on the downside is established at 22,200, presenting buying opportunities on any pullbacks towards this level.

Rahul Ghose, CEO of Hedged.in noted that the Nifty index saw significant In-the-put writing of both the 21,400 and 21,500 strikes on March 4, signalling continued bullishness in it. 

“The first immediate target for the Nifty is 21,550, post which the next target is 21,700," said Ghose.

Also Read: Buy or sell: Vaishali Parekh recommends three stocks to buy today — March 5

Bank Nifty Prediction

The Bank Nifty index ended higher for the fourth straight day on March 4, gaining 159 points to 47,456.

According to Ghose, Bank Nifty saw an equal addition of both puts and calls for this week’s expiry, signaling the range for this weekly expiry to be between 47,000 and 48,000.

Meanwhile, Shah believes the index remains in a buy mode, with the potential to surpass its all-time high levels in the near term. 

“The Bank Nifty index demonstrated resilience by maintaining strength and holding above the crucial support level of 47,000, where substantial open interest is concentrated on the put side. Immediate resistance is positioned at 47,500, and a breakthrough above this level is anticipated to accelerate the momentum towards new lifetime highs," said Shah.

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: 05 Mar 2024, 07:27 AM IST
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