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Business News/ Markets / Stock Markets/  Nifty 50, Sensex today: What to expect from stock market indices in trade on November 30
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Nifty 50, Sensex today: What to expect from stock market indices in trade on November 30

The trends on Gift Nifty also indicate a tepid start for the Indian benchmark index. The Gift Nifty was trading around 20,130 level as compared to the Nifty futures’ previous close of 20,143.

Nifty 50 formed a long bull candle on the daily chart with a gap up opening. (Image: Pixabay)Premium
Nifty 50 formed a long bull candle on the daily chart with a gap up opening. (Image: Pixabay)

The Indian stock market indices, Sensex and Nifty 50, are likely to open on a flat note on Thursday tracking weak global cues.

The trends on Gift Nifty also indicate a tepid start for the Indian benchmark index. The Gift Nifty was trading around 20,130 level as compared to the Nifty futures’ previous close of 20,143.

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The domestic indices ended with strong gains on Wednesday led by gains in IT, banks and auto stocks.

The Sensex rallied 727.71 points to 66,901.91, while the Nifty 50 closed at 20,096.60 level, up 206.90 points or 1.04%.

Nifty 50 formed a long bull candle on the daily chart with a gap up opening. 

“This market action indicates a decisive upside breakout of strong overhead resistance and also range bound movement in Nifty around 19,900 levels. This is a positive indication," said Nagaraj Shetti, Technical Research Analyst, HDFC Securities.

He believes the short-term trend of Nifty 50 continues to be positive. 

Also Read: 6 things that changed for the stock market overnight - Gift Nifty to US GDP data

“Having witnessed a decisive upside breakout of 19,900 levels, there is a possibility of continuation of sharp upside momentum for Nifty in the coming sessions. One may expect formation of new all-time highs above 20,250-20,350 levels in the next few sessions," Shetti added.

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

Nifty 50

Nifty 50 witnessed strong gains on November 29 and closed above 20,000 for the first time after September 20, 2023.

“Nifty moved up smartly as the bulls remained at the helm following a consolidation breakout on the daily chart. Besides, the index is sitting comfortably above the crucial short-term moving average. The overall trend looks positive with broader market participation and a smart recovery in the Bank Nifty," said Rupak De, Senior Technical analyst at LKP Securities.

Over the short term, he believes Nifty 50 might move towards 20,450-20,500 unless it falls below 19,850.

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Bank Nifty

The Bank Nifty index rallied 686 points to close at 44,566 on November 29, near its seven-week high.

“The Bank Nifty witnessed a robust comeback by the bulls, driving the index up by over 700 points. Currently in a strong buy mode, the index has established a solid support base within the 44,300-44,200 zone, providing a cushion for bullish sentiment," said Kunal Shah, Senior Technical & Derivative analyst at LKP Securities.

He believes the next significant hurdle for the index is at 44,700, and its ability to decisively surpass this level will determine whether a period of consolidation is in store for the near term.

Read Tata Technologies Share Price Live Updates here

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 taking any investment decisions.

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Published: 30 Nov 2023, 07:38 AM IST
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