Nifty 50, Sensex today: What to expect from Indian stock market in trade on January 2

The Indian stock market indicators, Sensex and Nifty 50, are anticipated to commence tepidly on Tuesday due to mixed worldwide market hints. The Gift Nifty trends suggest a faintly optimistic beginning for the Indian principle index. The Gift Nifty was hovering around 21,861, juxtaposed to Nifty futures’ previous close of 21,830. The domestic principle index soared to a new zenith on Monday, but experienced profit booking at elevated levels, terminating neutrally with a constructive inclination. The index rose 31.68 points to conclude at 72,271.9, while the Nifty 50 finished 10.50 points, or 0.05%, higher at 21,741.90. Nifty 50 created a small positive candle structure on the daily chart with high and low shadows. This pattern might signify the creation of a high wave type candle design, hinting at high market unpredictability at the peaks. “The encouraging chart design such as uppermost tops and bottoms remains unblemished on the daily chart, and Nifty is currently forming a fresh higher top in the series. Despite this, there is no affirmation of any top inversion pattern in the soaring market," noted Nagaraj Shetti, a Senior Technical Research Analyst at HDFC Securities. He suspects that Nifty's short-term upward trend status continues. Nevertheless, the market has started showing high instability around the new tops, signifying opportunities for another downward correction from the zeniths. He added, “A crucial move past 21,850 levels might negate the current bearish influence and enhance the upside for the short term." Moving on to the open interest data, the maximum OI on the call side is observed at 22,000 followed by 21,800, while the maximum OI on the put side is observed at 21,700, said Deven Mehata, an Equity Research Analyst at Choice Broking. Predictions for the Nifty 50 suggest volatility, with a potential fall below 21,650 on the cards according to Rupak De, Senior Technical Analyst at LKP Securities. Bank Nifty predictions indicate a drop of 58 points to 48,234, indicating reduced bullishness in the short term. Stay updated with Livemint, touted as the fastest-growing news site globally. Enjoy a plethora of benefits including insightful newsletters, real-time stock tracking, breaking news, and a personalized newsfeed – all a click away.