Nifty 50, Sensex today: What to expect from Indian stock market in trade on March 7
Sensex rose 408.86 points to close at 74,085.99, while the Nifty 50 settled 117.75 points, or 0.53%, higher at 22,474.05. Nifty 50 formed a long bull candle on the daily chart with a long lower shadow. “Technically, this pattern indicates a bullish rising three method pattern and this is an uptrend continuation pattern.
One may expect further upside in the coming sessions and the next upside levels to be watched around 22,800 and immediate support is at 22,300 - 22,250 levels," said Nagaraj Shetti, Senior Technical Research Analyst, HDFC Securities. Also Read: Indian stock market: 8 key things that changed for market overnight - Gift Nifty, Powell speech to Nikkei's record high Here’s what to expect from Nifty 50 and Bank Nifty today: Coming to the Nifty Open Interest (OI) Data, on the call side, the highest OI is observed at 22,500 strike prices, while on the put side, the highest OI is at 22,300 strike price. “The options data for today's expiry suggests no great fireworks on the index.
The current put writing and call writing suggest an expiry between 22,400 and 22,600. On the broader scale, the range for the index for the March series remains between 22,000 and 22,800," said Rahul Ghose, CEO, Hedged.in. He believes only a break below 21,900 would trigger a down move.
On March 6, Nifty witnessed a decisive upside bounce from the lows and closed the day higher by 117 points. “The index exhibited volatility throughout the session but ultimately closed on a strong note. The short-term trend appears positive, as the index concluded the day above the 21-EMA (Exponential Moving Average) on the daily chart.
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