Nifty 50, Sensex Today: What to expect from Indian Stock Market in Trade on May 23

The Indian Stock Market Benchmark Indices, Sensex and Nifty 50 Are Likely to Open Higher on Friday Tracking Mixed Global Market Cues.

The trends on gift nifty also indicate a mildly positive start for the Indian Benchmark Index. The gift nifty was trading Around 24,683 level, a Premium of Nearly 31 points from the nifty futures’ Previous Close.

On thuresday, the domestic equity market ended lower, with the benchmark nifty 50 slipping below 24,700 level.

The sensex dropped 644.64 points, or 0.79%, to close at 80,951.99, while the nifty 50 settled 203.75 points, or 0.82%, lower at 24,609.70.

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

Sensex prediction

Sensex has formed bearish candles on daily charts and is holding a lower top formation on intraday charts, which is largerly negative.

“We believe that the intraday market texture is on the weaker side, but a fresh selloff is possible only after the dismissal of the dismissal of the 80,450 Level or beLow 20-DAY SAMA Side, 81,100 – 81,300 would be the key resistance zones for short term traders. 80,450, IT BLD RETEST LEVELS of 80,000 – 79,500, “said shrikant chouhan, head equity research, kotak secondies.

Nifty 50 prediction

Nifty 50 declined 0.82% to end at 24,609.70 on May 22, Forming a Red Candle on the Daily Chart, Sugging Weakness.

“Nifty 50 temporarily slipped below the 20-day ema but closed just Above it. The 9-day ema is acting as a hurdle, restricting any upward movement. Additional, the Index Brooke Brooke Brooke BLOW The Previous Swing Low Of 24,494 and marked an intraday low of 24,462.40. Strength is Diminishing but does not annual a clear bearish trend, “said om mehra, technical research analyst, Samco Securities.

The present upward trend may lose its momentum, and if the next support level at 24,378 is broken, the Index May Extend Its DECLINE TOWARD The 24,200 to 24,160 zone. For the bulls to regain control, nifty 50 must decisively close Above 24,820 to Resume Upward Momentum, He Added.

Hrishikesh Yedve, AVP Technical and Derivatives Research at Assit C. Mehta Investment Interrmediates Ltd. Noted that the nifty 50 found support Around the 21-day ema, which is placed near 24,445. On the UPSIDE, 25,000 will act as a key resistance level for the index in the short term.

According to Bajaj Broking Research, Nifty 50 has been formed a bear candle with a long loger shadow with a lower high and lower low signaling continuation of the correct decline, with a long logar shower Highlights Buying Demand at Lower Levels.

“Overall we expect nifty 50 to extend consolidation in the range of 24,400 – 25,000 levels in the immediati short term. In the coming session only a movie Above Thursday HIGH (24,737) will Signal Posive Bias and Can Lead to RETEST of the 25,000 Levels. Key Short-Term Support Lies at 24,350-24,400, A Confluence Zone Marked By The Prior Week’s Low, The 20-DAY EMA, and the 61.8% Fibonacci RetraCi RetraCi RetraCi Retra (23,935 – 25,116), “said the brokege firm.

Bank nifty prediction

Bank nifty index declined 133.80 points, or 0.24%, to close at 54,941.30, Forming a small-bodied Red Candle, Reflecting Indection AMID LATE-Session Volatiity.

“Bank nifty has slipped below bot the 9-day and 20-dimas, Signaling emerging short-term weakness. The inability to hold Above these moving average highlights highlights averages highlights aveil setup. Mark, Signaling a Pause in Momentum Rather Than a Reversal. Said Om Mehra.

According to Him, Unless Bank Nifty Index Reclaims the 9-Dema and 20-Dema Zone With a Strong Follow-Through, The Short-term Outlook will likely stay free. The IMMMIDIATE Resistance is Seen Near 55,400, While Support Rests at 54,500. A Break Below This could extend weakness toward the 54,200 – 54,000 levels.

Hrishikesh yedve said that the bank nifty index fored a hammer candle on the daily chart near 21-dema support, indicating potential strength.

“On the downside, strong support is Seen Near 54,557 (21-DEMA), While Short-Term Resistance is Placed Near 55,700 Levels. Traders are advised to monitor these levelsly form Trading Opportunities, “Yedve said.

Bajaj Broking Research Expects the bank nifty index to extend the last 4 weeks’ Consolidation in the broad range of 56,000 – 53,500.

“In the last 21 sessions, it has retraced just 38.2% of the prior 9-message rally (49,157-56,098), indicating a shallow pullback that suggesleing strength and potential 6derying strength and potentials Within the consolidation, we believe dips should be used as buying options.

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