The Gift Nifty is trading green with sizeable gains against the previous session's close, signaling a potential gap-up opening for Monday's trading session. According to reports from Live Mint, the Gift Nifty opened upside at 24,251 and touched an intraday high of 24,293 within minutes of the Opening Bell. By 7:10 AM, the index was trading around 100 points higher at 24,250, indicating strong positive momentum ahead of the market opening.
The Indian stock market witnessed sharp selling on Thursday following adverse global market sentiments. As reported by Live Mint, the Nifty 50 index crashed 180 points and closed at 23,997, while the BSE Sensex nosedived 582 points and closed at 76,913. The Bank Nifty index finished 540 points lower at 54,863, with the sell-off being broad-based across sectors led by metals, realty, and FMCG, while IT showed relative strength.
Vaishali Parekh, Vice President — Technical Research at Prabhudas Lilladher, believes the Nifty 50 index is trading in the 23,800 to 24,300 range with bullish or bearish trend assumptions on breakage of either side. According to Live Mint reports, Parekh predicted positive opening on Dalal Street as markets are estimating BJP's victory in the West Bengal Election Results and better performance in other state election results. The index ended red just near the 24,000 zone with bias and sentiment maintained with a cautious approach awaiting election results.
Regarding Bank Nifty outlook, Parekh noted the index crashed below the 55,300 zone with negative opening, hitting lows near the 54,400 level support zone. As reported by Live Mint, the index recovered to close near 54,850 zone, forming a doji pattern on the daily chart. The important support at 53,500 levels is crucial for sustenance, while the 200-period MA at 57,300 level would be the important hurdle that needs to be breached decisively.
Vaishali Parekh recommended three buy-or-sell stocks for Monday's trading session. According to Live Mint reports, the recommendations include Thirumalai Chemicals (buy at ₹200, target ₹210, stop loss ₹197), CESC (buy at ₹185, target ₹195, stop loss ₹180), and Bharat Dynamics (buy at ₹1364, target ₹1390, stop loss ₹1346). These recommendations come amid the positive Gift Nifty signals and expectations of political developments.
