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Post by : Badri Ariffin
India's stock market is poised for an upward opening on Thursday, buoyed by a robust international rally that has invigorated investor confidence. The benchmark indices, Sensex and Nifty 50, are trading close to their historic highs, thanks to persistent buying interest in large-cap and banking stocks.
GIFT Nifty Signals Positivity
The GIFT Nifty, reflecting the offshore market, trades around 26,447, presenting a premium of 66 points over the previous Nifty futures' close, indicating a promising start for domestic markets amid trader optimism.
Sensex Approaches Landmark Levels
On Wednesday, the Sensex surged 1,022.50 points (1.21%), closing at 85,609.51, underscoring strong buying activity. Analysts point out support ranges at 85,000–85,300, while resistance lies around 86,000–86,200. A sustained rally through these thresholds could unveil new record heights.
Nifty 50 Maintains Upward Trajectory
Nifty 50 exhibited similar bullish behavior, closing up 320.50 points (1.24%) at 26,205.30. Experts highlight the formation of a long bullish candle, indicating a potential continuation of the bullish phase. Key resistance lies near 26,270–26,300, with potential upward movement towards 26,500. Support zones are positioned around 26,050–26,000, making dips attractive for buyers.
Bank Nifty Approaching a Major Milestone
Bank Nifty also demonstrated strong performance, gaining 707.75 points (1.20%) to close at 59,528.05. If it maintains levels above 59,400, it may soon challenge the 60,000 mark. Traders are encouraged to adopt a buy-on-dips strategy, with support levels between 59,000 and 58,841.
Market Sentiment Overview
In summary, market sentiment remains cautiously optimistic. Continuous momentum above critical levels in Sensex and Nifty could bring about new record highs, while profit-taking at resistance points might lead to temporary slowdowns. Investors are closely monitoring global trends and domestic developments in anticipation of the market's next upward movement.
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