The Indian stock market indices, Sensex and Nifty 50, are expected to open higher on Thursday led by positive momentum in the global markets.

The trends on Gift Nifty also indicate a positive start for the Indian benchmark index. The Gift Nifty was trading around the 22,593 level, a premium of nearly 50 points from the Nifty futures’ previous close.

On Wednesday, the domestic equity benchmark indices ended flat with a negative bias amid weak global cues.

The Sensex fell 27.09 points to close at 73,876.82, while the Nifty 50 settled 18.65 points, or 0.08%, lower at 22,434.65.

Nifty 50 formed a small positive candle on the daily chart with a gap-down opening and an upper shadow.

“Technically this pattern indicates broader range movement in the market near all-time highs. The smaller degree positive pattern like higher tops and bottoms is intact as per the daily chart and the present weakness could be in line with the new higher bottom of the sequence. Hence, any weakness from here could be a buy on dips opportunity,” said Nagaraj Shetti, Senior Technical Research Analyst, HDFC Securities.

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Shetii believes that the near-term uptrend of the Nifty remains intact and a decisive move above 22,550 is likely to pull the Nifty towards the next crucial hurdle of 22,800 levels in a quick period of time.

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

Nifty OI Data

Analysis of the Nifty Open Interest (OI) data reveals the highest OI on the call side at the 22,700 strike price, followed by the 22,800 strike price. On the put side, the highest OI was observed at the 22,000 strike price, said Mandar Bhojane, Research Analyst at Choice Broking.

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Nifty 50 Prediction

Nifty continued to consolidate within a range on April 3 but ended the day on a flat note.

“Nifty remained volatile throughout the day after an initial weak start attributed to negative global cues. Despite this, the overall sentiment remains robust as the index sustains itself above key moving averages. The Relative Strength Index (RSI) indicates bullish momentum in the short term,” said Rupak De, Senior Technical Analyst, LKP Securities.

Over the short term, he believes that the index may trend towards 22,650, while support is positioned at 22,350 on the lower end.

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Bank Nifty Prediction

The Bank Nifty index gained 79 points to end at 47,624 on Wednesday, forming a bullish candlestick pattern on the daily charts.

“The Bank Nifty index experienced buying pressure from lower levels and managed to sustain above the support zone of 47,500 – 47,400. However, it faces immediate resistance at 48,000, and a decisive breakthrough could trigger further short-covering rallies towards the 49,000 mark,” said Kunal Shah, Senior Technical & Derivative Analyst at LKP Securities.

According to Shah, the index is anticipated to consolidate within the range of 47,400 – 48,000 leading up to the RBI policy announcement, with potential trending moves expected thereafter.

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.