The Indian stock market benchmark indices, Sensex and Nifty 50, are likely to open on cautious note Thursday following weakness in global markets.
The trends on Gift Nifty indicate a mildly positive start for the Indian benchmark index. The Gift Nifty was trading around 23,560 level, a premium of nearly 25 points from the Nifty futures’ previous close.
The Indian stock market was closed on Wednesday, November 20, due to Maharashtra Election 2024.
On Tuesday, the domestic equity benchmark indices snapped a seven-day losing streak and ended higher.
The Sensex gained 239.37 points, or 0.31%, to close at 77,578.38, while the Nifty 50 settled 64.70 points, or 0.28%, higher at 23,518.50.
Nifty 50 formed a small negative candle with long upper and minor lower shadow, indicating lack of strength in the market to sustain bounce.
“Technically, there have been merely any alterations to the price action on a closing basis, but the sell-off before the mid-week holiday reiterates a cautious stance in markets. The market seems volatile, and it is advised to avoid aggressive directional trade in the key indices,” said Osho Krishnan, Sr. Analyst, Technical & Derivatives of - Angel One.
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