Nifty 50, Sensex Forecast: Indian Stock Market Outlook for 19 May

Indian Stock Market Expected to Open on a Muted Note

The Indian stock market benchmark indices, Sensex and Nifty 50, are likely to open on a muted note on Tuesday, tracking mixed global market cues, amid hopes of a US-Iran ceasefire deal. The trends on Gift Nifty indicate a flat start for the Indian benchmark index, trading around 23,680 levels, a premium of nearly 22 points from the Nifty futures' previous close.

On Monday, the Indian stock market saw a sharp recovery from the day's lows and ended flat with a positive bias. The Sensex closed 77.05 points, or 0.10%, higher at 75,315.04, while the Nifty 50 settled 6.45 points, or 0.03%, higher at 23,649.95.

Sensex Prediction

Read also: SpaceX Seeks Record $75 Billion IPO, Potentially Positioning Elon Musk as the World's First Trillionaire

Sensex took support near 74,200 and bounced back sharply, while surging over 1,200 points from the day's lowest point. Analysts predict that the intraday market texture is non-directional, making level-based trading the ideal strategy for day traders. The trend-decider level for Sensex is 75,000, and as long as it trades above this level, a pullback formation is likely to continue.

Nifty Options Data

In the derivatives segment, notable call writing was observed at the 23,700 and 23,800 strikes, while put writing was concentrated at the 23,500 and 23,400 levels, indicating a broader trading range with support shifting near lower levels.

Nifty 50 Prediction

Read also: Treasury Yields Experience Largest Increase in Two Weeks Following Release of Labor Market Data

Nifty 50 index formed a bullish candle on the daily chart with a lower high and a lower low and shadows in either direction. The index is currently moving within a broader high-low range of 23,800 - 23,200 levels. Analysts predict that the chances of Nifty 50 moving up further and retesting the crucial hurdle again around 23,800 - 23,850 levels in the short term.

Bank Nifty Prediction

Bank Nifty index ended 173.35 points, or 0.32%, lower at 53,537.00 on Monday, forming a bullish hammer-like candlestick pattern on the daily timeframe, indicating buying support emerging from lower levels. Analysts predict that the immediate support for the Bank Nifty index is placed in the 53,100 - 53,000 zone, and any sustainable move below this zone could result in Bank Nifty extending its weakness towards 52,700, followed by 52,400 in the short term.

Comparison of Key Indices

Key Takeaways

• The Indian stock market is expected to open on a muted note on Tuesday, tracking mixed global market cues.
• Sensex took support near 74,200 and bounced back sharply, with a trend-decider level at 75,000.
• Nifty 50 index is currently moving within a broader high-low range of 23,800 - 23,200 levels.
• Bank Nifty index ended lower on Monday, with an immediate support at 53,100 - 53,000 zone.