Indian stock market benchmark indices, Sensex and Nifty 50, are likely to open on a flat note Wednesday following mixed global market cues.
The trends on Gift Nifty also indicate a muted start for the Indian benchmark index. The Gift Nifty was trading around 23,307 level, a discount of nearly 5 points from the Nifty futures’ previous close.
On Tuesday, the Indian stock market indices ended flat amid weak global cues.
The Sensex eased 33.49 points, or 0.04%, to close at 76,456.59, while the Nifty 50 settled up 5.65 points, or 0.02%, at 23,264.85
“After a sharp upmove recently, the market showing such formations in the last two sessions indicates possibility of minor downward correction in the short term. Nifty is currently placed at the hurdle of 23,400 – 23,500 levels (1.382% Fibonacci projection), weekly hanging man and the opening downside gap of 4th June, which are weighing high for the market to sustain the new all-time highs,” said Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities.
