"Nifty 50 & Sensex Today: What to Expect from Indian Stock Market on May 27!"

Nifty 50, Sensex Today: What to Expect from the Indian Stock Market in Trade on May 27

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The trends on Gift Nifty suggest a flat start for the Indian benchmark index. The Gift Nifty was trading around the 23,025 level, nearly 10 points above the Nifty futures’ previous close.

Nifty 50 formed a doji candle on the daily timeframe after a large bull candle the previous day. The Indian stock market indices are likely to open muted on Monday amid positive global cues.

The trends on Gift Nifty suggest a flat start for the Indian benchmark index.

The Gift Nifty was trading around the 23,025 level, nearly 10 points above the Nifty futures’ previous close.

On Friday, the domestic equity benchmark indices ended flat with a slight negative bias.

The Sensex dropped 7.65 points, or 0.01%, closing at 75,410.39, while the Nifty 50 fell 10.55 points, or 0.05%, to settle at 22,957.10.

Nifty 50 formed a doji candle on the daily timeframe after a large bull candle the previous day.

“On the daily chart, Nifty stays above the 20 and 50-day SMA, a positive sign. The 14-day RSI at 67.5 is rising and not overbought, which is encouraging. We expect further upsides and new highs in the coming sessions leading up to the election results, but we remain open to volatile movements in the coming week," said Subash Gangadharan, Senior Technical/Derivative Analyst at HDFC Securities.

According to him, key supports to watch for signs of weakness are at 22,795 - 22,630.

Here’s What to Expect from Nifty 50 and Bank Nifty Today:

Nifty 50 Prediction

The Nifty 50 index ended flat on May 24 with a ‘Marubozu’ pattern on the weekly timeframe, showing buying pressure.

“The Nifty stayed sideways during the day after crossing above 23,000. Sentiment might remain subdued in the next few days, with the index ranging between 22,950 and 23,050. Heavy call and put writing at 23,000 suggests a possible range-bound trade in the near term. Only a decisive drop below 22,950 might take the index towards 22,800," said Rupak De, Senior Technical Analyst at LKP Securities.

On the other hand, he believes a sustained move above 23,050 might lead to a significant rally.

V.L.A. Ambala, Co-founder of Stock Market Today (SMT), noted that the 'Marubozu' pattern on the weekly timeframe shows buying pressure. The index’s RSI readings are neutral, with daily, weekly, and monthly levels at 68, 67, and 70, respectively.

“However, if the index price drops below 22,900, we may see some selling pressure. Alternatively, if the price stays above 23,050, bullish trends will continue. Considering these factors, in the next session, Nifty may find support around 22,900 and 22,800, and face resistance between 23,050 and 23,200," Ambala said.

Bank Nifty Prediction

he Bank Nifty index rose 203 points to close at 48,972 on Friday, forming a bullish candlestick pattern on the daily timeframe.

“Going forward, sentiment is likely to stay positive as long as the index remains above 48,500. Any dips towards 48,500 might attract buying interest. On the higher end, immediate resistance is at 49,000, above which the index might move towards 49,500," De said.

According to him, immediate support for Bank Nifty is at 48,800.