Nifty 50, Sensex today: March 10th expectations for Indian stock market

The Indian stock market benchmark index (Sensex and Nifty 50) may open on Monday, tracking mixed leads to global markets.

Gift nifty trends also indicate a negative start to the Indian benchmark index. Nifty’s gift trading volume is about 22,605, and the discount is close to 45 points from the discount at Nifty Futures’ previous deal.

The domestic stock market ended on Friday, holding more than 22,550 Nifty 50.

Sensex relaxed 0.01% to close at 74,332.58, while Nifty 50 settled 7.80 points, or 0.03%, higher than 22,552.50.

Here are the expectations of Sensex, Nifty 50 and Bank Nifty:

Sensex Prediction

Sensex has formed a reversal formation on both daily and weekly charts, supporting further upward trends at the current level

“There is a long bullish candle on the weekly chart, and the continued formation of the uptrend on the intraday chart also supports the uptrend. We believe that 74,000 and 73,700 will be the key support zones for job traders. If Sensex successfully trades at these levels, it may return to a 20-day SMA or 75,200. Further upside could continue, potentially improving the index by up to 75,700.

On the other hand, he believes that if Sensex falls below 73,700, that sentiment may change, and traders may prefer to exit its long position.

Nifty OI Data

The derivatives market shows a cautious optimistic outlook that allows writers to show greater belief than call writers, which suggests growing confidence among market participants.

“At 22,800 strikes (8.488 billion orders), substantial open interest consolidates this level, which is a key resistance point. Instead, Strong’s writing on 22,300 strikes (8.498 billion contracts) has established a solid level of support. The 22,500–22,000 range witnesses strong input writing, while higher strike calls will further enhance the bullish sentiment in the building.

Although the Pall-Call ratio (PCR) has slightly dropped from 1.18 to 1.09, it still highlights the rising market outlook. He added that despite market volatility, the Bulls may continue to absorb sales pressure.

Nifty 50 Prediction

The Nifty 50 turned to the range-binding action on March 7 and put the higher day to a 7-minute end. The Nifty 50 has soared 1.93% over the past week, highlighting the bullish background.

“A small positive candle formed on the daily chart with a reasonable upper shadow. Technically, this market action marks a merger movement of elevated resistance. “On February 28, the immediate barrier to the downward distance on February 28 has been filled, and the Nifty 50 is closed.” ”

According to him, the potential short-term trend of the Nifty 50 remains positive, and a sharp movement above the 22,750-22,800 levels may allow the bulls to resume action. Any drop here can find support at 22,250 levels.

Om Mehra, a technical analyst at SAMCO Securities, noted that the daily MACD is on the cusp of an orthogonal wave, which may enhance momentum and potentially lead to filling more than 22,668 unfilled gaps.

“Any secondary pullback to the 22,430-22,450 area could lead to an attractive buying opportunity, consistent with the ongoing recovery. Currently placing 20 DMAs at 22,750 is a crucial resistance level. Meanwhile, the market breadth continues to improve, indicating that the broader trend is expected to remain neutral to positive in the near term.”

VLA Ambala, co-founder of today’s stock market, stressed that the Nifty 50 forms a high-wave candlestick pattern on the daily chart, while on the weekly chart, it forms a Bullish Belt hold Candlestick pattern with an RSI of 40.

“Currently, the Nifty index faces a key resistance of 22,720. However, if the index is closed above, 23,000 points can be tested in 1 to 2 weeks. We must think of this as a pullback movement as the overall trend remains down. However, if the price rises to 23,500, traders may consider a sell strategy. Nifty can expect to support 22,450 to 22,380, while resistance of 22,730 and 22,900 can be found in the next session,” Ambala said.

Beautiful bank predictions

Bank Nifty summed up 48,497.50 sessions, down 0.27%. However, once a week, the index managed to improve by 0.32%, indicating a merger phase in the range of 47,840 to 48,840.

“Bank Nifty received support in the 47,800 level zone, which is consistent with the 100-week EMA (Exponential Moving Average). After three consecutive weeks of negative endings and a turbulent trading week, the Bank Nifty index managed to close on positive territory. However, it remains below the 21-day and 55-day EMAS. Immediate resistance was set at 48,900, consistent with the 21-day EMA. Breakthroughs above this level could push the index to 49,500,” said Puneet Singhania, director of Master Trust Group.

The RSI is currently 42, indicating weak momentum. Violations below 47,800 could lead to further disadvantages of 47,200. Singhania added that given the current technical setup, the preferred strategy would be to rise at the level of resistance close to the level of resistance.

Om Mehra noted that on the hourly chart, the bank’s Nifty index is located near the landing trend line, which matches the trend line of the hourly supertrend indicator at 48,720.

“A decisive breakthrough above this level could trigger a new upward movement that could push the index toward the 49,000 mark. The instant support position is 48,200 and the key pad is 48,120. The broader structure suggests a comprehensive bias, and violating the critical resistance level could pave the way for new bullish momentum,” Mehra said.

Disclaimer: The views and suggestions presented above are those of individual analysts or brokerage firms, not mint. We recommend that investors contact certified experts before making any investment decisions.