Indian Stock Market Today: Key Trends to Watch on May 14

Indian Stock Market Today: On May 14, the Indian stock market is expected to open higher, following mixed signals from global markets. The Gift Nifty, a leading indicator for Indian markets, was trading around 24,720, indicating a positive start for the benchmark Nifty 50 index. However, the domestic market had a tough day on May 13, with both Sensex and Nifty 50 closing lower.

Indian Stock Market Today:

On May 13, the Sensex dropped by 1,281.68 points (1.55%) to close at 81,148.22, while the Nifty 50 fell by 346.35 points (1.39%) to end at 24,578.35. This decline was attributed to profit booking, which followed a strong upward trend in recent sessions.

Predictions for Sensex and Nifty 50

Experts suggest that the market’s short-term trend remains positive, despite the recent dip. The Sensex is expected to face resistance around 81,800 to 82,000 levels, while key support zones are seen at 80,800 and 81,000. If the index fails to hold above these levels, a further decline might be seen.

For Nifty 50, the immediate support is expected to be around 24,500 to 24,400 levels. The index is likely to bounce back from this range, with resistance at 24,800 and 25,000. However, the recent formation of a bearish harami pattern on the daily chart suggests a pause in the bullish trend, indicating a period of consolidation.

Bank Nifty Outlook

The Bank Nifty index ended lower on May 13, but analysts remain optimistic about its outlook. The key support for Bank Nifty is expected around 54,000 to 54,500, with resistance at 56,400. Traders are advised to use any dips as buying opportunities, as the overall market structure remains positive.

In conclusion, while the markets are experiencing short-term weakness, the broader uptrend remains intact. Traders should monitor key support and resistance levels closely for potential opportunities.