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Indian Markets Brace for Mixed Global Cues
22 Jun
Summary
- Indian stock indices Sensex and Nifty 50 are expected to open higher on Monday.
- Gift Nifty shows a positive start, trading at a premium of 93 points.
- Analysts suggest a buy-on-dips strategy for traders amidst market volatility.
Indian benchmark indices, Sensex and Nifty 50, are poised for a higher opening on Monday, with Gift Nifty showing a premium of 93 points. This follows a mixed performance in global markets and ongoing attention to US-Iran peace talks. Last Friday, both indices closed lower, snapping a winning streak, with Sensex dropping 607.08 points and Nifty 50 falling 154.90 points.
Market analysts suggest a positive short-term outlook, advocating for a buy-on-dips strategy. Key support for Sensex is identified around 76,200 and 75,900 levels, with resistance expected between 77,300-77,900. Options data points to a trading range for Nifty 50 between 23,500 and 24,500.
The Nifty 50 index remains above its 21-day and 55-day Exponential Moving Averages (EMAs), indicating strengthening bullish momentum. Immediate support is seen at 23,800, with resistance at 24,200, suggesting a potential rally towards 24,500 if the breakout occurs.
The Bank Nifty index exhibits strength, trading above key moving averages, with momentum indicators supporting a bullish setup. Immediate hurdles are seen at 58,000-58,200, with a potential rally towards 59,000. Support is noted at 57,100-57,000.
