Indian stock market benchmark indices, Sensex and Nifty 50, are likely to open lower on Friday, following mixed signals from global peers.

Gift Nifty trends also indicate a gap-down start for the Indian benchmark index. Gift Nifty was trading around the 24,190 level, about 92 points off Nifty futures’ previous close.

On Thursday, domestic equity markets ended with strong gains, with both benchmark indices jumping nearly 2% each.

gave Sensex The Nifty 50 jumped 1,436.30 points or 1.83% to close at 79,943.71, while the Nifty 50 gained 445.75 points or 1.88% to close at 24,188.65.

The Nifty 50 formed a long bull candle on the daily chart that crossed the cluster barriers like 10/20 day EMA (Exponential Moving Average) and also crossed the opening downside gap of December 19 at 24,150. Gone, according to Nagaraj Shetty, senior technical research analyst at HDFC Securities.

“This is a positive signal and signals a major reversal for the market. The recent swing low of 23,460 on December 31 can now be considered a major higher bottom formation. The short-term trend of the Nifty remains strong to the upside. And one might expect. Nifty 50 Heading towards the next hurdle at the 24,400 level. Any decline from here could find support around 23,900,” Shetty said.

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

Nifty 50 Forecast

The Nifty 50 saw an excellent rally on January 2 and closed the day with a massive gain of 445 points.

Nifty has moved above 200 DMA after several failed attempts in recent sessions. Furthermore, the index has crossed above the 21 EMA on the daily time frame, confirming the bullish trend. RSI is also in a bullish crossover. After a strong close, the index appears to be a ‘buy-on-dips’ candidate. Support is placed at 24,000, while at higher levels, it could move towards 24,500, said Ropak D, senior technical analyst at LKP Securities.

According to VLA Ambala, co-founder of Stock Market Today, the combination of 200- and 50-day EMAs provides a good buying opportunity for medium-term investors in ETFs and those making investment decisions based on index trends. .

“This market movement still offers an excellent opportunity to pick up value stocks in companies with solid order books for the next few quarters. The Nifty 50 is expected to find support between 24,200 and 24,340 and meet resistance around 24,000 and 23,940.” Expected,” Ambala said.

Bank Nifty Forecast

The Bank Nifty index closed up 544.95 points, or 1.07%, at 51,605.55 on Thursday, forming a long green candle on the daily time frame.

“Bank Nifty The index has indicated a bullish stance, supported by continued buying near its base at the 51,000 level. Dips have acted as buying opportunities, suggesting a gradual but steady shift in sentiment to the positive side. 51,000 – 52,000 range, which has significant open interest on both sides, highlights the ongoing tussle between buyers and sellers,” said Dhupesh Dhamija, Derivatives Analyst, SIMCO Securities.

According to him, the Bank Nifty index has established a reliable base near the 200-DEMA within the 51,000 – 50,900 zone, which acts as a strong support region. On the upside, the 51,700 – 52,000 range, coupled with the 20-DEMA and heavy call writing, is a key barrier for further upside.

“If the index breaks above the 52,000 resistance, it could trigger an aggressive short-covering rally, possibly pushing it towards the 52,700 mark. Unless such a breakout materializes, Dhamija said. However, adopting a ‘buy on dips’ strategy is the most sensible approach for traders.

Disclaimer: The views and recommendations given above are those of individual analysts or broking companies, and not of Mint. We advise investors to consult certified experts before making any investment decision.