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Anticipating Market Trends in the Indian Stock Market

May 6, 2024

The Indian stock market indices, Sensex and Nifty 50, are expected to open higher on Monday, influenced by positive global market cues. Current trends indicate a potential gap-up start for the Indian benchmark index, with Nifty futures trading around 22,685 level, an increase of approximately 110 points from the previous close. Due to profit booking across sectors, the benchmark equity indices closed lower last Friday, with the Sensex dropping 732.96 points and the Nifty 50 settling 172.35 points lower. The Nifty 50 formed a long bear candle on the daily chart, resembling a bearish engulfing pattern that may signify weakness in the future market trends. This analysis provides insights into the current trends and predictions for Sensex, Nifty 50, and Bank Nifty.

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