The Indian stock market indices, Sensex and Nifty 50, showed a negative trend at the opening of Wednesday’s trading session, reflecting the weak sentiment in the global market. The Nifty futures traded around the 22,405 level, marking a discount of nearly 30 points from the previous close. This decline comes after the domestic equity indices ended a four-day winning streak on Tuesday, with the Sensex closing at 73,677.13 and the Nifty 50 settling at 22,356.30, down by 0.22%. The technical chart for Nifty 50 revealed a small negative candle, indicating a minor downward correction with high volatility in the market.
The NSE Nifty 50 opened down by 28.80 points or 0.13% at 22,327.10, while the BSE Sensex dropped 89.43 points or 0.12% to 73,587.71 in the opening trade on Wednesday. The Bank Nifty index also saw a lower opening by 129.35 points or 0.27% at 47,451.65. Market experts analyzed the technical outlook for Nifty, noting that despite minor clashes between bulls and bears, the sentiment remained positive as the index stayed above the short-term moving average. The momentum indicator RSI also signaled a bullish crossover. Analysts suggested that to trigger a potential rally towards 22,600 and beyond, Nifty must convincingly surpass the 21,400 level, with support identified at 22,200.
The expected status of the benchmark Sensex and Nifty indices for March 6 appears flat, as trends in the GIFT Nifty indicate a muted start with a loss of 18 points. The Indian equity benchmarks had encountered a mixed global environment on March 5, leading to the end of a four-day winning streak. The volatility in the market was heightened by selling in information technology and FMCG names. It is important to consider these factors alongside global cues when assessing the market conditions and potential trends in the coming sessions.
