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Nifty 50, Sensex today: What to expect from Indian stock market in trade on January 5
The trends on Gift Nifty also indicate a tepid start for the Indian benchmark index. The Gift Nifty was trading around 21,777 level as compared to the Nifty futures’ previous close of 21,809. The Indian stock market indices Nifty 50 and Sensex today are expected to open on a cautious note tracking mixed cues from global markets. The trends on Gift Nifty also indicate a tepid start for the Indian benchmark index. The Gift Nifty was trading around 21,777 level as compared to the Nifty futures’ previous close of 21,809. The domestic equity benchmark indices resumed their upward march on Thursday, snapping their two-day losing run, amid across-the-board buying despite mixed global cues. The Sensex rallied 490.97 points to end at 71,847.57, while the Nifty 50 closed 141.25 points, or 0.66%, higher at 21,658.60. Nifty 50 formed a small positive candle on the daily chart, which is placed within a high low range of Wednesday’s bear candle. “Technically, this could be considered as a bullish inside day type candle pattern. Hence, more upside in the next session is likely to confirm this bullish pattern. The positive chart pattern like higher tops and bottoms is intact on the daily chart and the swing low of last session is expected to be a higher bottom of the sequence," said Nagaraj Shetti, Senior Technical Research Analyst, HDFC Securities. According to Shetti, the short-term trend of Nifty 50 seems to have reversed on the upside after two sessions of minor weakness and the Nifty 50 sustaining above 21,550-21,600 levels could possibly open the next upside towards 21,850-21,900 levels and higher in the near term. Source - Mint
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