Nifty 50, Sensex today: What to expect from Indian stock market in trade on March 7

The Indian stock market indices, Sensex and Nifty 50, are likely to open higher on Thursday tracking positive cues from global markets.

The trends on Gift Nifty also indicate a positive start for the Indian benchmark index. The Gift Nifty was trading around 22,650 level, a premium of over 50 points from the Nifty futures’ previous close.

On Wednesday, the domestic equity indices made a smart recovery in the last hour of the session and closed over half a percent higher each, with the Sensex surpassing the 74,000 mark for the first time.

The Sensex rose 408.86 points to close at 74,085.99, while the Nifty 50 settled 117.75 points, or 0.53%, higher at 22,474.05.

Nifty 50 formed a long bull candle on the daily chart with a long lower shadow. 

“Technically, this pattern indicates a bullish rising three method pattern and this is an uptrend continuation pattern. One may expect further upside in the coming sessions and the next upside levels to be watched around 22,800 and immediate support is at 22,300 - 22,250 levels,” said Nagaraj Shetti, Senior Technical Research Analyst, HDFC Securities.

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

Nifty OI Data

Coming to the Nifty Open Interest (OI) Data, on the call side, the highest OI is observed at 22,500 strike prices, while on the put side, the highest OI is at 22,300 strike price. 

“The options data for today's expiry suggests no great fireworks on the index. The current put writing and call writing suggest an expiry between 22,400 and 22,600. On the broader scale, the range for the index for the March series remains between 22,000 and 22,800,” said Rahul Ghose, CEO, Hedged.in.

He believes only a break below 21,900 would trigger a down move.

Nifty 50 Prediction

On March 6, Nifty witnessed a decisive upside bounce from the lows and closed the day higher by 117 points.

“The index exhibited volatility throughout the session but ultimately closed on a strong note. The short-term trend appears positive, as the index concluded the day above the 21-EMA (Exponential Moving Average) on the daily chart. Additionally, the momentum indicator RSI shows a bullish crossover, indicating a positive momentum for the short term. The bulls are likely to maintain control as long as the index stays above 22,350,” said Rupak De, Senior Technical Analyst, LKP Securities.

Looking ahead, he believes there is potential for the Nifty to reach levels between 22,600 and 22,700 on the higher end.

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Bank Nifty Prediction

The Bank Nifty index jumped 384 points to close at 47,965 on Wednesday.

“The Bank Nifty index remains under the influence of a bullish trend, approaching its all-time high levels with a marginal gap of 600 points. The ongoing bullish sentiment is evident, backed by a robust support zone established at 47,500 - 47,400, serving as a defensive line for the index,” said Kunal Shah, Senior Technical & Derivative Analyst at LKP Securities.

Anticipated to surpass its historical highs in the next few trading sessions, the Bank Nifty sets its sights on upside potential targets at 49,000 / 50,000 in the near term, Shah 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.