Indian Stock Market: What to Expect Today – Sensex, Nifty 50, and Bank Nifty
Indian Stock Market Outlook: May 27
The Indian stock market benchmark indices, Sensex and Nifty 50, are poised for a potentially flat start on Tuesday, May 27, amidst mixed signals from global markets. The Gift Nifty, an indicator of future market performance, currently suggests a muted start for the benchmark index.
Sensex: Bullish Momentum Continues
On Monday, the Sensex witnessed a strong surge, closing at 82,176.45, a gain of 0.56%. Experts like Shrikant Chouhan, Head Equity Research at Kotak Securities, believe that the Sensex is likely to continue its upward trend. The key support level is seen at 81,900, while resistance levels are anticipated at 82,500 – 82,800. A dip below 81,900 could lead to a retest of the 81,600 – 81,500 levels.
Nifty 50: Breaking Out of Consolidation
The Nifty 50 also closed in the green on Monday, ending at 25,001.15, a gain of 0.60%. Analysts like Nandish Shah, Senior Derivative & Technical Research Analyst at HDFC Securities, point to a decisive breakout from the Nifty 50’s consolidation zone of 24,500 – 25,000. Immediate resistance is seen at 25,207, while immediate support is at 24,800.
Other experts, including Om Mehra, Technical Research Analyst at SAMCO Securities and Dr. Praveen Dwarakanath, Vice President of Hedged.in, highlight the Nifty 50’s positive momentum and potential for further gains, with targets around 25,700 and 25,200 respectively. VLA Ambala, Co-Founder of Stock Market Today, sees a moderate buying zone for traders and investors, with support at 24,850 and resistance between 25,180 and 25,300.
Bank Nifty: Consolidating in a Range
The Bank Nifty index also closed higher on Monday, ending at 55,572.00, a gain of 0.31%. Analysts at Bajaj Broking Research anticipate continued consolidation in the range of 56,000 – 53,500. Hrishikesh Yedve, AVP Technical and Derivatives Research at Asit C. Mehta Investment Intermediates Ltd., points to resistance near 56,000 – 56,100 and support at the 21-day EMA (around 54,720).
