The Indian market indices BSE Sensex and NSE Nifty 50 could open lower on Thursday, according to GIFT Nifty. Before the market opens, make sure you know this information.

GIFT Nifty dropped 50 points, or 0.22%, to 22,370 on Thursday, signaling a poor start for the BSE Sensex and NSE Nifty 50 domestic indices. Earlier on Wednesday, the BSE gained 114.48 points, or 0.16%, to close at 73,852.94, while the NSE Nifty 50 ended up by 34.40 points, or 0.15%, to settle at 22,402.40.

Nifty Trends Today After Opening Bell

After the recent spike, the markets took a break and finished slightly higher. Following its early surge, the Nifty fluctuated within a constrained range before ultimately leveling off at 22,402. On the sectoral front, traders were kept busy by a mixed trend in which real estate, pharma, and metals all saw respectable gains but IT and auto closed lower. The benchmark was outperformed by the wider indexes, which saw gains of 0.4% to 0.8%, according to Ajit Mishra, SVP of Technical Research at Religare Broking Ltd.

Mahindra Mishra also mentioned that although there would be more Nifty consolidation in the 22,300–22,500 range, there might still be a lot of volatility because April’s monthly futures contracts are set to expire. Traders ought to keep their attention on industries or themes that are trending consistently, such as metal, auto, and military, and add to their holdings during downturns.

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The largest bond market in the world saw pressure as Wall Street prepared for yet another massive sale of Treasury bonds, which will help gauge whether a reversal of fortunes following this year’s selloff is imminent, according to Bloomberg. The tech-heavy Nasdaq Composite closed at 15,712.75, down just 16.11 points, or 0.10%. The Dow Jones Industrial Average finished lower by 42.77 points, or 0.11%, at 38,460.92, while the S&P 500 gained just 1.08 points, or 0.02%, at 5,071.63.

Technical Perspective

Observing the Nifty Technical Outlook According to Rupak De, Senior Technical Analyst at LKP Securities, the Nifty moved horizontally all day long before ending the session little higher. Given that the index ended above the crucial moving average, short-term sentiment is still favorable. The strong momentum is further supported by the positive crossover in the RSI. Immediate resistance is situated at 22,500 on the upper end. In the immediate run, the index may climb toward 22,750–22,800 if there is a strong advance over 22,500. The position of support is 22,350–22,400.

Bank Nifty Prospects

After a strong start, the Bank Nifty had a flat trading session, maintaining steady around the 48000–47800 support zone. There is immediate resistance at 48500, and more upward towards the 49500/50000 levels might be indicated by a clear breakout. Any retreats near the support zone can be seen as buying opportunities because the market is still generally bullish, according to Kunal Shah, Senior Technical & Derivative Analyst at LKP Securities.

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