The Gift Nifty signaled a positive opening for Indian benchmark indices as it hovered near the 24,885 mark, reflecting a premium of around 57 points over the previous close of Nifty futures.
In the previous session, domestic equities ended on a slightly higher note, with Nifty 50 managing to finish above the 24,700 mark. The Sensex advanced 150.30 points or 0.19 percent to close at 80,718.01, while the Nifty 50 gained 19.25 points or 0.08 percent to settle at 24,734.30.
Sensex Outlook
Technical patterns show that the Sensex has formed a bearish candle on the daily chart, pointing towards potential weakness at current levels.
According to Shrikant Chouhan, Head of Equity Research at Kotak Securities, the near-term sentiment remains constructive, but a sustained upward rally can only be expected if the index surpasses the 81,000 mark. A breakout above this level could lead the Sensex toward 81,500, with further gains possibly extending up to 81,800.
On the downside, crucial support for intraday participants is placed around 80,500 and 80,300. A breach below 80,300 may put the current upward momentum at risk.