The Indian stock market indices, Sensex and Nifty 50, are expected to open flat on Thursday amid mixed global market cues.

The trends on Gift Nifty also indicate a flat start for the Indian benchmark index. The Gift Nifty was trading around 22,173 level, a premium of nearly 6 points from the Nifty futures’ previous close.

On Wednesday, the domestic equity market ended with decent gains, with the benchmark Nifty 50 closing above the 22,100 level.

The Sensex rallied 526.01 points to end at 72,996.31, while the Nifty 50 settled 118.95 points, or 0.54%, higher at 22,123.65.

Nifty 50 formed a small positive candle on the daily chart with a minor upper shadow. 

“This market action indicates upside momentum in the market amidst range-bound action. The overall chart pattern of the market remains positive with range-bound action. Nifty is currently placed at the upper range of 22,200 levels. A decisive break above this hurdle is expected to bring sharp upside momentum towards new all-time highs,” said Nagaraj Shetti, Senior Technical Research Analyst, HDFC Securities.

However, according to Shetti, any weakness from here could drag the Nifty down to 21,900 levels again.

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

Nifty OI Data

Analysis of the Open Interest (OI) data reveals the highest OI on the call side at the 22,400 strike price, followed by the 22,500 strike price. On the put side, the highest OI was observed at the 22,000 strike price, said Mandar Bhojane, Research Analyst at Choice Broking.

Nifty 50 Prediction

The Nifty 50 index continued its upside momentum with range-bound action on March 27 and closed the day higher by 118 points.

“Nifty remained strong following an opening with a gain. During the day, it moved up above 22,100 and closed above it as well. The short-term momentum appears positive, supported by a crossover in the RSI (14) indicator. The trend is likely to remain positive as long as it stays above 22,000,” said Rupak De, Senior Technical Analyst, LKP Securities.

On the higher end, he believes, Nifty 50 could potentially move towards 22,300 and beyond in the short term.

Jaykrishna Gandhi, Head – Business Development, Institutional Equities, Emkay Global Financial Services expects major support for the Nifty around the 21,800 level while resistance is around 22,350 for the upcoming week. 

“The specific performance in stocks will play a crucial role in driving the market’s direction in the coming days. In a truncated week, we expect the short-term trend in Nifty to be positive. A sharp move above the hurdle of 22,200 – 22,300 levels could pull Nifty towards new all-time highs around 22,550 levels,” said Gandhi.

Bank Nifty Prediction

The Bank Nifty index gained 186 points to close at 46,786 on Wednesday, forming a bullish candlestick pattern on the daily charts.

“The Bank Nifty experienced a sideways trading session, marked by consolidation, but towards the end, bullish momentum prevailed. Despite this consolidation, the index closed just below its 20-day moving average (20-DMA), positioned at 46,950. A decisive break above this level is anticipated to trigger sharp short-covering moves towards the 48,000 mark,” said Kunal Shah, Senior Technical & Derivative Analyst at LKP Securities.

However, according to Shah, the index finds support around the 46,500 – 46,400 zone, and a breach below this level could lead to increased selling pressure.