Nifty 50, Sensex Today: What to expect from Indian Stock Market in Trade on July 23 after Nikkei, Hang Seng Rally

The Indian Stock Market Benchmark Indices, Sensex and Nifty 50, Are Likely to Open Higher on Wednsday, Tracking a Rally in Global Markets.

The trends on gift nifty also indicate a positive start for the Indian Benchmark Index. The gift nifty was trading Around 25,158 Level, a Premium of Nearly 65 Points from the Nifty Futures’ Previous Close.

On tuesday, the domestic equity market ended flat with negative bias amid high valati, with the benchmark nifty 50 holding Above 25,000 Level.

The sensex eased 13.53 points, or 0.02%, to close at 82,186.81, while the nifty 50 settled 29.80 points, or 0.12%, lower at 25,060.90.

Here’s what to expect from senses, nifty 50 and bank nifty today:

Sensex prediction

Sensex is still holding a lower top formation on daily charts and has also formed a bearish candle, which indicates temporary weight.

“We believe that the current market texture is non-directional; Hence, Level-Based Trading Would be the ideal strategy for day for day traders. For traders, the 82,200 mark or the 50- dey sma Average) Would be the key support zone. Resistance area for the bulls, “said shrikant chouhan, head equity research, kotak securities.

On the flip side, a breach of 82,200 un0000 could push senses 81,900, and further downside may also continue, which could drag the index down to 81,500.

Nifty oi data

On the derivatives front, the highest call open interest (OI) for nifty is seen at the 25,100 strike, followed by 25,200, indicating potential resistance at these Levels. On the put side, the highest oi is placed at 25,000, followed by 24,900, highlighting strong support zones.

This oi setup indicates that the 25,000-25,200 range will be crucial for nifty’s Near-term Directional Move, with traders closely watching for a breakdown from this zone, Said Haradik Matalia, Derivative Analyst – Research at Choice Equity Broking.

Nifty 50 prediction

Nifty 50 formed a bearish candle on the daily chart, with a large body and minor wicks on the higher and lower sides, reflecting a Lack of Follow-Through Strench.

“A Reasonable Negative Candle was formed on the daily chart at the highs which indicates lacked in the market to sustain the highs. Smaller degree bearish pattern like lower highs and lows continued on the daily chart and the nifty 50 seems to have reversed down after a small lower aT 25,182 on tuesday, ” Senior Technical Research Analyst at HDFC Securities.

According to Him, The Underling Trend of Nifty 50 Continues to Be Weak Amidst Choppy Movement.

“Having rejected the Hurdle of 25,200, The Chances of Nifty 50 Sliding Below 24,900 is likely in the coming session. Resistance is Placed at 25,200, ”said Shetti.

Sudeep Shah, Head – Technical and derivatives Research, SBI Securities Noted that In the Last Six Trading Sessions, The Nifty 50 has failed to Sustain Above Its 20 -DAY EMA on Four Occices Strong overhead supply at Crucial Moving Average.

“For any meaningful upside to unfold, a decisive and sustained move Above the 20-day ema will be crucial. The Momentum indicators and oscilators are suggesting SUGGETIS SUGGESTIN SUGGESTIN SOGEGEST SIDEWAYS Action. 25,170 – 25,200 will act as an immediane for the index. 24,950 will act as crucial support for the index, ”Shah said.

Vla Ambala, Co-Founder of Stock Market Today that Nifty 50 Index Formed A Bearish Marubozu Candlestick Pattern on the Daily Time Frame, SUGGEing Stroling Selling Prescele Trend.

“We can expect nifty 50 to find support between 24,950 and 24,800, and Meet Resistance Near 25,150 and 25,270 in Today’s Trading Session,” Ambala Said.

Bank nifty prediction

Bank nifty index declined 196.75 points, or 0.35%, to close at 56,756.00 on tuesday, Forming a Dark Cloud Cover Pattern on the Daily Chart.

“Bank Nifty Index Closed Below The 20-Day EMA, Signalling Short-Term Weakness, Howe Still Holding Above The 50-DAY SMA, Which offers Interim Support Near 56,200. Started to Diverge Negatively from Recent Highs, Indicating that Strength is fading. Any Breakdown Below This Zone Cold Add Further Weakness to the Ongoing Consolidation, “Said Om Mehra, Technical Research Analyst, Samco Securities.

According to Him, Until Bank Nifty Reclaims 57,300 on a Closing Basis, UPSIDE MOVES MOVES MOY REMAIN LIMITED. The Bulish Momentum seems to be waning; A cautious stance would be preferred in the short term.

Going Ahead, Sudeep Shah Believes The Zone of 57,200 – 57,300 will act as an important hurdle for the bank nifty index, while on the down the downside, the zone of 56,400 – 56,300 – 56,300 Support.

Disclaimer: The views and recommendations made about individual analysts or broking companies, and not of Mint. We Advise Investors to Check With Certified Experts Before Making Any Investments Decisions.