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Business News/ Markets / Stock Markets/  Nifty 50, Sensex today: What to expect from Indian stock market in trade on May 27
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Nifty 50, Sensex today: What to expect from Indian stock market in trade on May 27

The trends on Gift Nifty also indicate a flat start for the Indian benchmark index. The Gift Nifty was trading around 23,025 level, a premium of nearly 10 points from the Nifty futures’ previous close.

Nifty 50 formed a doji candle on the daily timeframe after a big bull candle on the previous day.Premium
Nifty 50 formed a doji candle on the daily timeframe after a big bull candle on the previous day.

The Indian stock market indices are likely to see a muted opening on Monday amid positive global cues.

The trends on Gift Nifty also indicate a flat start for the Indian benchmark index. The Gift Nifty was trading around 23,025 level, a premium of nearly 10 points from the Nifty futures’ previous close.

On Friday, the domestic equity benchmark indices ended flat with a negative bias.

The Sensex eased 7.65 points, or 0.01%, to close at 75,410.39, while the Nifty 50 settled 10.55 points, or 0.05%, lower at 22,957.10.

Nifty 50 formed a doji candle on the daily timeframe after a big bull candle on the previous day.

“On the Daily chart, Nifty continues to hold above the 20 and 50-day SMA, which is a positive signal. The 14-day RSI at 67.5 is rising and not overbought, which is encouraging. While we expect further upsides and new life highs in the coming sessions in the run-up to the election results, we remain open to volatile movements in the coming week," said Subash Gangadharan, Senior Technical/Derivative Analyst at HDFC Securities.

Also Read: Indian stock market: 7 key things that changed for market over weekend - Gift Nifty, Nasdaq at record high to oil prices

According to him, crucial supports to watch for resumption of weakness are at 22,795 - 22,630.

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

Nifty 50 Prediction

The Nifty 50 index ended flat on May 24 and a ‘Marubozu’ pattern at the weekly timeframe, reflecting the buying pressure.

“The Nifty remained sideways during the day after crossing above 23,000. Sentiment might remain subdued in the next few days, with the index ranging between 22,950 and 23,050. Heavy call and put writing activity at 23,000 suggests a possible range-bound trade in the near term. Only a decisive fall below 22,950 might take the index towards 22,800," said Rupak De, Senior Technical Analyst, LKP Securities.

On the other hand, he believes a sustained movement above 23,050 might lead to a meaningful rally.

Also Read: Buy or sell: Vaishali Parekh recommends three stocks to buy today — May 27

V.L.A. Ambala, Co-founder - Stock Market Today (SMT) noted that the formation of 'Marubozu' pattern at the weekly timeframe, reflects the buying pressure, while the index’s RSI readings are neutral, with its daily, weekly, and monthly levels pointing at 68, 67, and 70, respectively.

“However, if the index’s price breaks below the 22,900 range we may soon notice some selling pressure. Alternatively, if the price continues to trade above the 23,050 level, bullish tendencies will prevail. Considering these, in the next session, Nifty may find support around 22,900 and 22,800, and notice resistance between 23,050 and 23,200," Ambala said.

Also Read: Stock market today: Nine stocks on F&O ban list on May 27

Bank Nifty Prediction

The Bank Nifty index rallied 203 points to close at 48,972 on Friday, forming a bullish candlestick pattern on the daily timeframe.

“Going forward, sentiment is likely to remain positive as long as the index stays above 48,500. Any dips towards 48,500 might attract buying interest. On the higher end, immediate resistance is placed at 49,000, above which the index might move towards 49,500," De said.

According to him, on the lower end, immediate support for Bank Nifty lies at 48,800.

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: 27 May 2024, 07:28 AM IST
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