Today’s Nifty 50 and Sensex movements suggest that the Indian benchmark index is off to a good start. The Gift Nifty was trading at a premium of almost ninety points over the previous closing of the Nifty futures, at 24,888.
The key Indian stock market indices, the Nifty 50 and the Sensex, are probably going to open higher as they follow gains in international markets.
The Indian benchmark index is off to a good start, according to Gift Nifty’s tendencies. The Gift Nifty was trading at a premium of almost ninety points over the previous closing of the Nifty futures, at 24,888.
The Nifty 50 increased for the sixth straight session on Wednesday, as the local equities market indices concluded the day higher.
The Nifty 50 closed 0.29% higher at 24,770.20, while the Sensex gained 102.44 points, or 0.13%, to close at 80,905.30.
On the daily chart, the Nifty 50 produced a respectable bullish candle that overcame the last down gap hurdle set on August 5th, at 24,700 levels.
The 10- and 20-day daily EMA (Exponential Moving Average) has also cleared a further obstacle. Nifty’s short-term trend is still bullish despite range-bound behavior. The market is now poised to test another opening down gap barrier on August 2nd, at about 24,960, according to HDFC Securities Senior Technical Research Analyst Nagaraj Shetti.
He continued, “Therefore, one may anticipate that the Nifty will move towards 24,960 and 25,100 levels in the coming one week.”
