The Indian stock market indices, Sensex and Nifty 50, are likely to open on a positive note amid mixed global cues.
The trends on Gift Nifty indicate a gap-up start for the Indian benchmark index. The Gift Nifty was trading around 20,332 level as compared to the Nifty futures’ previous close of 20,269.
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The Sensex rose 86.53 points to close at 66,988.44, while the Nifty 50 settled 36.55 points, or 0.18%, higher at 20,133.15.
Nifty 50 formed a small positive candle on the daily chart with a long lower shadow.
The domestic benchmark indices on Thursday ended with minor gains.
Also Read: 7 things that changed for the stock market overnight – Gift Nifty, Dow Jones’ rally, OPEC output cut to India GDP growth
“Technically, this pattern indicates buy on dips opportunity. Nifty is currently, in an attempt of moving above the immediate resistance of 20,115 levels, which is a opening downside gap of September month. This is a positive indication, and one may expect further upside in the near term,” said Nagaraj Shetti, Technical Research Analyst, HDFC Securities.
He believes the short-term trend of Nifty 50 continues to be positive.
“Having moved above the crucial hurdles recently, the market is expected to zoom into new all-time highs in the near term,” Shetti added.
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Here’s what to expect from Nifty and Bank Nifty today:
Nifty OI Data
Coming to the Nifty Open Interest (OI) data, the highest OI on the call side was observed at 20,400 followed by 20,300 strike prices, while on the put side, the highest OI was at 20,000 strike price.
Nifty 50
Nifty ended close to the day’s high on a choppy expiry day on November 30.
“The sentiment remains strong as long as it stays above 20,000 since the Put writers at the 20,000 strike will defend this level moving forward. The sentiment might weaken only if there’s a drop below 20,000; until then, the buy-on-dips strategy is likely to stay prevalent,” said Rupak De, Senior Technical analyst at LKP Securities.
On the higher side, he believes, 20,200-20,230 acts as a resistance zone. If breached, the index could potentially move towards 20,450-20,500.
Also Read: Buy or sell: Vaishali Parekh recommends three stocks to buy today — 1st December
Bank Nifty
“The Bank Nifty index experienced heightened volatility on the last day of the monthly expiry, navigating a broad trading range. Facing immediate resistance at 44,700, a level associated with a previous correction, a breakout above this point is anticipated to trigger additional short-covering moves towards 45,000,” said Kunal Shah, Senior Technical & Derivative analyst at LKP Securities.
According to Shah, the lower end support is situated at the 44,300-44,200 zone, acting as a supportive cushion for the bulls.
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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