Home / Business and Economy / Indian Markets Brace for Gap-Down Open
Indian Markets Brace for Gap-Down Open
19 Jun
Summary
- Indian stock indices are expected to open lower on Friday.
- Gift Nifty indicates a potential gap-down start for Nifty 50.
- Experts provide support and resistance levels for Sensex and Nifty.
Indian benchmark indices, Sensex and Nifty 50, are poised for a lower opening on Friday, influenced by mixed global market sentiment. The Gift Nifty's trading trend, showing a discount of nearly 192 points from Nifty futures' previous close, strongly indicates a gap-down start for the Indian market.
On Thursday, both Sensex and Nifty 50 closed higher, extending their rallies for a fifth consecutive session. The Sensex gained 254.36 points to end at 77,409.98, while the Nifty 50 rose 82.30 points to settle at 24,168.00.
Market analysts have identified key levels for traders. Shrikant Chouhan suggests 77,200 and 77,000 as crucial support for the Sensex, advising caution if it falls below 77,000. Riyank Arora noted a strong breakout above 77,300, targeting 77,800-78,000, with immediate support at 77,000.
For the Nifty 50, option data suggests a trading range between 23,700 and 24,600. Analysts see immediate support at 24,000, with a decisive breakout above 24,150 potentially driving the index towards 24,400-24,500. Strengthening bullish momentum is indicated by favorable momentum indicators and easing volatility.
The Bank Nifty index is also showing a positive trend, trading above key moving averages. Experts predict a potential move towards 58,500 and 59,100, with support identified around 57,500-57,400. A breakout from a flag formation near 57,600 suggests further upside potential.
