Nifty 50, Sensex today: What to expect from Indian stock market in trade on March 7 | Stock Market News

The Indian stock market benchmark indices, Sensex and Nifty 50, are likely to open lower on Friday, tracking weak global market cues.

The trends on Gift Nifty also indicate a negative start for the Indian benchmark index. The Gift Nifty was trading around 22,555 level, a discount of nearly 65 points from the Nifty futures’ previous close.

On Thursday, the domestic equity market extended its rally, with the benchmark Nifty 50 closing above 22,500 level.

The Sensex jumped 609.86 points, or 0.83%, to close at 74,340.09, while the Nifty 50 settled 207.40 points, or 0.93%, higher at 22,544.70.

Nifty 50 formed a small bull candle on the daily chart with a long lower shadow.

“Technically, this market action signals formation of a negative hanging man type candle pattern after a small rise, but it is not a classical one. The initial hurdle of 22,500 levels (opening downside gap of 28th February) has been surpassed and Nifty 50 closed above it. This is a positive indication,” said Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities.

He noted that in the downtrend of the last 15-16 sessions the market was not able to break above the initial hurdles, instead breaking important supports at the lows.

“Hence, this market action signals increasing strength of upside momentum in the market. The next upside resistance to be watched is around 22,750 – 22,800. Immediate support is placed at 22,250 levels,” Shetti said.

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

Nifty OI Data

In the derivatives market, Nifty open interest (OI) data showed the highest call OI at the 22,600 strike, while the highest put OI was at 22,500. This positioning suggests that Nifty may encounter resistance near 22,600, with traders anticipating further gains if this level is breached, said Mandar Bhojane, Research Analyst at Choice Broking.

According to him, a sustained move above these key resistance levels will be crucial in determining the market’s next directional trend.

Nifty 50 Prediction

Nifty 50 continued with decent follow-through upmove on March 6 amidst recovery from the intraday lows and closed the day higher by 207 points.

“Nifty 50 continues to rise, filling the recent gap on the daily chart. The RSI is recovering from a historical low and is currently in a bullish crossover. In the short term, the sentiment appears to favor the bulls. On the higher end, the index may move towards 23,750 – 23,800. The sentiment is likely to remain strong unless the Nifty 50 falls below 22,300,” said Rupak De, Senior Technical Analyst at LKP Securities.

Om Mehra, Technical Analyst, SAMCO Securities, highlighted that the Nifty 50 index displayed resilience by holding above the 23.6% Fibonacci retracement level and surpassing the previous resistance of 22,500, signalling short-term strength.

“Nifty 50 reclaimed the 9 EMA (Exponential Moving Average), while the daily RSI holds above the critical 40 level, suggesting stability in momentum. However, this recovery appears to be a relief rally rather than a definitive trend reversal. The resistance is at the daily super trend level of 22,750, while immediate support is at 22,300. In the short term, a pullback toward 22,430 could be a cushion before the next directional move unfolds. However, the intraday movements could remain range-bound as well,” Mehra said.

According to VLA Ambala, Co-Founder of Stock Market Today, Nifty 50 index formed a bullish pin bar candlestick pattern on the daily timeframe, indicating a potential upward momentum.

“Notably, Nifty 50 is currently trading in an oversold zone. Judging by its momentum, we could expect to see a rebound soon. Meanwhile, the lower PE multiples offer Nifty a reason for bouncing from its key support levels. Due to these factors, I anticipate an upward movement of nearly 3% to 5% in the upcoming market sessions,” said Ambala.

She expects Nifty 50 to gather support between 22,540 and 22,430 and notice resistance near 22,890 and 23,100 in today’s session.

Bank Nifty Prediction

Bank Nifty gained 137.75 points, or 0.28%, to close at 48,627.70 on Thursday, demonstrating sustained strength, and indicating a potential market turnaround.

“Bank Nifty index broke out of the falling trendline (connecting previous highs) indicating a potential shift in momentum. The hourly chart shows positive traction, which affirms the index’s restoration of the 9 EMA. The resistance is positioned at 49,940, corresponding to the 38.2% Fibonacci retracement level, while the 50% retracement stands at 49,250,” said Om Mehra.

The daily MACD is showing a positive crossover on the daily timeframe. The support remains firm at 48,200, which could act as a cushion for any pullback, he added.

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 making any investment decisions.