Nifty Eyes 21,500 Levels Amid Positive Market Indicators and Stock-Specific Opportunities

The GIFT Nifty index suggests a bullish sentiment in the Indian stock market, particularly for the BSE Sensex and NSE Nifty 50, with an anticipated positive opening on Friday due to a rise by 108 points or 0.51% at 21,425. This follows Thursday's gains where NSE Nifty 50 closed at 21,255.05, up by 104.90 points or 0.50%, and the BSE Sensex ended at 70,865.10, higher by 358.79 points or 0.51%.

Glimpse of the Market's Pulse

According to Ajit Mishra, SVP – Technical Research at Religare Broking Ltd, the markets saw a rebound supported by sectors such as energy, metal and banking. He also noted the possibility of market consolidation while suggesting opportunities for stock-specific trading. With an eye on both domestic and global factors, particularly the performance of U.S. markets, investors are advised to focus on sectors showing relative strength.

Before The Opening Bell

Wall Street advanced with positive economic data prompting anticipation of deeper interest rate cuts. The Nasdaq, S&P 500, and Dow Jones witnessed hikes. Meanwhile, the US Dollar Index saw a marginal decrease. In the commodities segment, crude oil prices were trading slightly higher in the early hours.

Asian markets presented an upbeat scenario with the majority of the indices trading in the green. Back home, FII data revealed selling, whereas DII data portrayed buying. Notably, the NSE has specified stocks under the F&O ban for the day.

Analyzing Nifty's technical position, Kunal Shah from LKP Securities sees a bullish trend, with Nifty having maintained its level above the 10-day moving average, signaling a positive momentum. For Bank Nifty, a similar resilient trend is observed, setting immediate supports and resistances for traders to watch.

Investors and traders keeping tabs on Nifty 50 and BSE Sensex's progress can gear up for a day influenced by key market signals and stock-specific movements. Adequate strategies and staying informed are key to capitalizing on the trading opportunities that lie ahead.

Nifty, Sensex, Markets