Following conflicting global indications, the Indian stock market indices, the Sensex and Nifty 50, are probably going to open modestly on Monday.

The Indian benchmark index has had a mediocre start, according to Gift Nifty’s trends. Compared to the Nifty futures’ previous closing of 21,785, the Gift Nifty was trading at about 21,765.

The national benchmark equity indices finished Friday’s trading session higher for the second straight day, with the Nifty 50 remaining above the 21,700 mark.

The Nifty 50 closed at 21,710.80, up 52.20 points, or 0.24%, while the Sensex closed 178.58 points higher at 72,026.15. With an upper margin of five points, the Nifty created an identical open and close pattern on Friday, indicating a non-classical doji pattern at the highs.

Generally, longs should exercise caution when seeing doji patterns at the highs. However, since this pattern formed during range travel, the severe negative implications were not to be expected. Although the market is expected to encounter resistance in the upcoming sessions, the Nifty’s short-term uptrend status remains intact, according to Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities.

He thinks the next upside goal of 22,200 levels may only be reached with a strong move over the 21,850–21,900 levels.

Nifty 50 Predictions

The Nifty 50 is anticipated to continue to fluctuate before consolidating. Bullish activity has returned to the market after it quickly recovered from its positional support at 21,500, with buying demand showing up amid dips. Although most people are in a positive mood, Nifty faces selling pressure and first resistance at 21,750. The 21600 mark serves as immediate support, according to Kunal Shah, Senior Technical & Derivative Analyst at LKP Securities.

Shah believes a strong closing over 21,750 levels might push the Nifty 50 closer to 22,000, indicating more positive movement.

Bank Nifty Predictions

January 5 saw the Bank Nifty index close 37 points lower at 48,159 after a wild session. “Bank Nifty demonstrates strong bullish activity, bouncing back from the 14-day moving average support at 47,800. It has recovered from the 47,500 support level. According to Shah, the index may move towards the 48,500 and 48,800 levels with closing above 48,200.

According to him, the immediate support for the Bank Nifty is at 47,800, which is a crucial level to keep an eye on given the state of the market.

SOURCE: https://www.livemint.com/market/stock-market-news/nifty-50-sensex-today-what-to-expect-from-indian-stock-market-in-trade-on-january-8-11704679558339.html