Indian Stock Market Forecast: Nifty 50 and Sensex Outlook for 15 May

Indian Stock Market Set to Open Flat on Friday Amid Global Market Cues

The Indian stock market benchmark indices, Sensex and Nifty 50, are expected to open flat on Friday, tracking mixed global market cues. Investors are keeping a close eye on the meeting between US President Donald Trump and Chinese President Xi Jinping.

The trends on Gift Nifty indicate a flat start for the Indian benchmark index, trading around 23,679, a discount of nearly 21 points from the Nifty futures' previous close. On Thursday, the Indian stock market witnessed a short covering rally, with the benchmark Nifty 50 closing above 23,600 level.

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The Sensex surged 789.74 points, or 1.06%, to close at 75,398.72, while the Nifty 50 settled 277.00 points, or 1.18%, higher at 23,689.60.

Technical Analysis

According to technical analysts, the Indian stock market is expected to continue its uptrend. Shrikant Chouhan, Head Equity Research at Kotak Securities, notes that the Sensex has formed a promising reversal pattern and a bullish candle on the daily chart, indicating a further uptrend from the current levels. He expects the index to move up to the 50-day SMA (Simple Moving Average) or 76,200, and potentially lift the index to 76,500 - 76,700.

However, Chouhan believes that the uptrend would become vulnerable below 74,800, and in that case, traders may prefer to exit their long positions.

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Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities, notes that the Nifty 50 has formed a Morning Doji Star candlestick pattern on the daily timeframe, which is generally considered a bullish reversal formation. He expects the index to move above 23,800 and open more upside towards 24,500 levels in the near term.

Sachin Gupta, VP - Research at Choice Broking, notes that the daily chart pattern indicates buying interest has emerged from lower levels and suggests a possibility of further recovery if the Nifty 50 index sustains above crucial resistance levels. He expects the immediate support to be watched is around 23,500 levels.

Bank Nifty Prediction

The Bank Nifty ended 672.80 points, or 1.26%, higher at 54,128.95 on Thursday, and continues to trade below its key moving averages, while momentum indicators suggest a sideways trend in the near term. According to technical analysts, the 54,700 - 54,800 zone is expected to act as an immediate hurdle, while the 53,600 - 53,500 zone is likely to serve as a crucial support.

Om Mehra, Technical Research Analyst at SAMCO Securities, notes that the Bank Nifty index tested the lower Bollinger Band placed at 53,350 and reversed from that zone, and formed a bullish candle on the daily chart. He expects the index to move above the 54,400 - 54,300 zone, which coincides with the prior support-turned-resistance band on the daily chart, and open room for further upside extension.