The Indian stock market benchmark indices, Sensex and Nifty 50, are expected to open higher on Tuesday, extending gains from previous session’s rally, led by positive global market cues.

The trends on Gift Nifty also indicate a positive start for the Indian benchmark index. The Gift Nifty was trading around 22,785 level, a premium of nearly 40 points from the Nifty futures’ previous close.

On Monday, the domestic equity indices ended sharply higher with the Nifty index closing above the 22,600 level.

The Sensex surged 941.12 points, or 1.28%, to close at 74,671.28, while the Nifty 50 settled 223.45 points, or 1%, higher at 22,643.40.

Nifty 50 formed a long bull candle on the daily chart, beside the long negative candle of Friday.

“Technically, this pattern indicates a counterattack of bulls and a negation of previous bearish pattern of dark cloud cover of Friday. This is a positive indication and is expected to open more upside in the coming sessions. The crucial hurdle of 22,500 levels (opening downside gap of 15th April) has been challenged once again on Monday and Nifty closed above the said resistance area. The larger degree bullish pattern of higher tops and bottoms is intact and the Nifty is now moving up towards the new higher top formation of the pattern (above 22,775 levels),” said Nagaraj Shetti, Senior Technical Research Analyst, HDFC Securities.

He believes the short-term uptrend of Nifty seems to have resumed after one day of weakness. The next upside levels to be watched are around 22,800 – 22,900.

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

Nifty OI Data

Analysis of Nifty Put options reveals a concentration of Open Interest (OI) at the 22,500 level, suggesting potential support during the ongoing expiry. Conversely, significant OI concentrations on the Call side are observed at the 23,000 level, said Mandar Bhojane, Research Analyst at Choice Broking.

Nifty 50 Prediction

The Nifty 50 index witnessed an excellent upside bounce on April 29 and closed the day higher by 223 points. 

“Nifty continued to remain in the uptrend as the index closed with solid gains. The index maintained its position above the critical 21-EMA (Exponential Moving Average), signaling a continuation of the bullish trend. The momentum indicator, RSI (14), shows a bullish crossover,” said Rupak De, Senior Technical Analyst, LKP Securities.

It is projected to move towards 22,800 – 22,850 in the short term, with support at 22,550, he added.

Bank Nifty Prediction

The Bank Nifty index saw the biggest single day gains since December 4, 2023, and ended at a new closing high of 49,424, up 1,223 points or 2.54%, on Monday.

“The bulls have pushed the index above the previous swing high, signaling a strengthening bullish trend. Additionally, the index has moved beyond the recent consolidation phase. The RSI (14) indicator is in a bullish crossover and is rising. Overall sentiment is expected to remain positive in the short term,” De said.

He anticipates higher gains towards 49,800 – 50,000, with support at 49,000.