April 13, 2024
Stock Market

Nifty 50, Sensex today: What to expect from Indian stock market in trade on March 2

The Indian stock market indices, Sensex and Nifty 50, are expected to open higher on Saturday tracking positive global market cues from Wall Street.

The Indian equity market will remain open on Saturday, March 2, as the stock exchanges will conduct a special live trading session in the equity and derivatives segments through their disaster recovery site.

The trends on Gift Nifty also indicate a positive start for the Indian benchmark index. The Gift Nifty was trading around 22,511 level.

On Friday, the domestic equity indices ended sharply higher with the benchmark Nifty 50 closing above 22,300 level for the first time ever.

The Sensex jumped 1,245.05 points to close at 73,745.35, while the Nifty 50 settled 355.95 points, or 1.62%, higher at 22,338.75.

Nifty 50 formed a long bull candle on the daily chart at the new highs. This market action is indicating that the market is ready to zoom above the hurdle of 22,200 – 22,300 levels decisively.

“The positive chart pattern like higher tops and bottoms is intact. Having formed a new higher bottom on Thursday at 21,860 levels, the present up move Nifty is in line with another higher top formation at the new highs. The short-term trend of Nifty remains positive and the sharp upside breakout of Friday is expected to continue in the coming sessions,” said Nagaraj Shetti, Senior Technical Research Analyst, HDFC Securities.

According to Shetti, the next upside targets to be watched are around 22,500 – 22,600 levels.

Here’s what to expect from Nifty 50 and Bank Nifty today:

Nifty 50 Prediction

The Nifty 50 index witnessed a decisive upside breakout on Friday and closed the day with hefty gains of 355 points.

“Nifty remained above 22,000 in the early hours, propelling the market upward throughout the day. The index’s consolidation breakout, coupled with sustained movement above the moving average, fueled a robust rally. Notably, the Relative Strength Index (RSI) confirmed a bullish crossover, indicating positive momentum in the market,” said Rupak De, Senior Technical Analyst, LKP Securities.

He believes the sentiment is optimistic for potential upward movements, with expectations of buying into dips. On the upper scale, resistance is apparent at 22,400 / 22,600, while support is placed at 22,200.

Bank Nifty Prediction

The Bank Nifty index surged 1,166 points, or 2.5%, to end at 47,287 on March 1.

“The Bank Nifty bulls maintained their dominance, leading the index to overcome significant hurdles with notable volumes. The current support for the index is established in the range of 47,000 – 46,900, and any pullback towards this support zone is seen as a favorable buying opportunity,” said Kunal Shah, Senior Technical & Derivative Analyst at LKP Securities.

Shah believes there is a strong indication that the index is poised to surpass its all-time high levels, situated at the 48,500 mark, in the near term.

Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before taking any investment decisions.

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