The Indian stock market is likely to open flat today, following poor global cues and subdued trends in Gift Nifty, which was trading at around 22,595—17 points lower than Nifty futures' last close.
Market Recap:
On Monday, the Sensex fell 856.65 points (1.14%) to close
at 74,454.41, while the Nifty 50 fell 242.55 points (1.06%) to settle at
22,553.35, below the critical 22,600 level.
Sensex & Nifty 50 Outlook:
The Sensex is under pressure, with 74,900 being a
critical trend determinant. A decline below this level may take it lower to
74,000–73,800, while a bounce above 74,900 may set off a rally to 75,500.
For Nifty 50, bearishness is dominant as it went below
the support of 22,700. Further downside is expected by analysts to
22,350–22,300, with resistance at 22,630–22,800. Derivatives data shows stiff
resistance at 23,000, while heavy put writing at 22,500 provides near-term
support.
Bank Nifty Update:
Bank Nifty settled lower at 48,651.95, showing further weakness. Support is at 47,844, and resistance at 49,150. A clear break above 49,600 will be required to bring back bullishness.
Analysts' View:
Markets are still fragile with a bearish inclination.
Short-term setbacks are likely, but traders are recommended to sell on rallies
and steer clear of aggressive bottom fishing.
Disclaimer: The opinions are those of market analysts and not investment advice. Investors must consult qualified financial advisors prior to making any investments.
