Nifty 50, Sensex today: What to expect from Indian stock market in trade on May 9
- The trends on Gift Nifty also indicate a tepid start for the Indian benchmark index. The Gift Nifty was trading at around 22,388 level, a discount of 4 points from the Nifty futures’ previous close.
The Indian stock market indices are expected to open flat with a negative bias on Thursday amid mixed global market cues.
The trends on Gift Nifty also indicate a tepid start for the Indian benchmark index. The Gift Nifty was trading at around 22,388 level, a discount of 4 points from the Nifty futures’ previous close.
On Wednesday, the domestic equity indices ended flat with the Nifty 50 holding above the 22,300 level.
The Sensex fell 45.46 points, or 0.06%, to close at 73,466.39, while the Nifty 50 settled flat at 22,302.50.
Nifty 50 formed a small positive candle on the daily chart with minor lower and upper shadows.
“Technically, this pattern indicates a formation of high wave type candle pattern, Normally, such high wave formation after a reasonable decline indicates chances of an upside bounce. The positive chart pattern like higher tops and bottoms is intact as per daily timeframe chart and presently the market is in an attempt of new higher bottom formation. We need confirmation of upside bounce in subsequent sessions to consider this as a higher bottom reversal pattern,” said Nagaraj Shetti, Senior Technical Research Analyst, HDFC Securities.
He believes the short-term trend remains weak, but the market is showing signs of higher bottom formation around 22,200 levels. Confirmation of reversal from here could open short-term upside bounce in the market.
Here’s what to expect from Nifty 50 and Bank Nifty today:
Nifty OI Data
Commenting on the Nifty Open Interest (OI) Data, Deven Mehta, Research Analyst at Choice Broking said, on the call side, the highest OI observed at 22,500 followed by 22,700 strike prices while on the put side, the highest OI is at 22,000 strike price.
Nifty 50 Prediction
The Nifty 50 index shifted into an upside bounce from the lower levels on Wednesday and closed the day on a flat note.
“Nifty remained volatile throughout the day. However, the short-term trend appeared weak as the index remained below the critical moving average, 21-EMA (Exponential Moving Average), on the daily timeframe. In the near term, the sentiment may continue to weaken as long as it stays below 22,400,” said Rupak De, Senior Technical Analyst, LKP Securities.
According to him, the index might decline towards 22,150 on the downside.
Bank Nifty Prediction
The Bank Nifty index ended lower for the sixth straight session, falling 264 points to close at 48,021, forming a small bearish candlestick pattern on the daily charts.
“The Bank Nifty index encountered a volatile trading session during the expiry day, highlighting the ongoing struggle between bulls and bears. The next significant support level for the index is positioned at 47,770, coinciding with the 50 EMA. On the upside, immediate resistance lies at 48,250,” said Kunal Shah, Senior Technical & Derivative Analyst at LKP Securities.
Shah believes a decisive breach above this level could propel the index towards 48,400 - 48,500, where call writing activity is evident.
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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