Indian Stock Market Update

Market Outlook

The Indian stock market benchmark indices, Sensex and Nifty 50, are expected to open lower on Wednesday due to cautiousness over the US-Iran war, tracking mixed global cues.

Previous Day's Performance

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On Tuesday, the Indian stock market ended higher with the Nifty 50 closing above 24,200 level. The Sensex surged 639.82 points, or 0.82%, to close at 78,205.98, while the Nifty 50 settled 233.55 points, or 0.97%, higher at 24,261.60.

Technical Analysis

Sensex

• Sensex is forming a reversal pattern on intraday charts, supporting a further uptrend from current levels.
• Key support levels: 77,500 - 77,700.
• Immediate resistance zone: 78,800 - 79,000.
• Breach of 77,500 could change sentiment, increasing chances of hitting 77,300 - 77,200.

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Nifty 50

• Nifty 50 index formed a doji candle with a long lower shadow, highlighting buying demand at lower levels.
• Strong overhead resistance around 24,400 - 24,500 levels.
• Short-term trend is positive, but medium-term remains choppy with weak bias.
• Immediate support zone: 23,700 - 23,900.

Bank Nifty

• Bank Nifty index rallied 931.00 points, or 1.66%, to close at 56,950.80 on Tuesday.
• Daily RSI has witnessed a minor pullback.
• Key hurdle: 57,400 - 57,500.
• Immediate support zone: 56,600 - 56,500.