Here's a news article on the Indian stock market:

Indian Stock Market: Key Weekend Developments

Indian stock market indices, Sensex and Nifty 50, are poised for a strong opening on Monday, buoyed by a surprisingly robust Q2 GDP growth and mixed global cues.

Global Market Overview

Asian markets displayed mixed trends ahead of new manufacturing data from China. Japan's Nikkei 225 index saw a decline of 1.3%, while the Topix fell by 0.72%. South Korea's Kospi index decreased by 0.66%, whereas the Kosdaq experienced a gain of 1.29%. Hong Kong's Hang Seng Index futures indicated a potentially higher opening.

On Friday, the US stock market closed higher amidst expectations of a US Federal Reserve interest rate cut.

GIFT Nifty

The Gift Nifty is currently trading around 26,510, a premium of approximately 123 points from Nifty futures' previous close, suggesting a gap-up start for Indian stock market indices. Some sources place the premium even higher, around 143 points, with the Gift Nifty trading near the 26,530 level.

India's GDP Growth

The better-than-expected Q2 GDP growth is a significant factor driving market sentiment.

Domestic Stock Market Performance

On the last trading day, Friday, the Indian stock market closed with a slight negative bias as investors awaited the release of the Q2 GDP data. The Sensex edged down by 13.71 points (0.02%) to close at 85,706.67, while the Nifty 50 settled 12.60 points (0.05%) lower at 26,202.95. Despite the flat close on Friday, the Sensex gained 0.56% for the week.

Expert Opinions

Siddhartha Khemka, Head of Research at Motilal Oswal Financial Services Ltd., anticipates a gradual upward movement in the market following recent highs, with investors keenly focused on the upcoming RBI policy meeting. Amol Athawale, VP Technical Research at Kotak Securities, suggests a positive short-term market outlook with a potential uptrend, identifying 85,300 and 85,000 as key support zones for positional traders and setting the higher side target to 86,100. Mayank Jain, Market Analyst, noted that the 86,000 – 86,100 region acts as the next major resistance for Sensex, and a breakout above this zone may open the door to fresh record highs. Support is seen near 85,100 – 85,000.

Key Factors to Watch

Market participants will be closely monitoring several factors in the coming week:

• RBI policy announcements.
• Developments in India-US trade relations.
• Russia-Ukraine peace talk updates.
• Auto sales data.
• Flow of foreign institutional funds.
• Trends in gold and silver prices.
• Key domestic and global macroeconomic data.

Technical Analysis

Sensex has formed a promising reversal pattern on both daily and intraday charts, maintaining a higher bottom formation, which is viewed as largely positive. The short-term trend for Nifty 50 remains positive, trading comfortably above all major moving averages. An ascending chart pattern is confirmed by the RSI indicator being in a bullish crossover and the higher-top, higher-bottom structure appearing intact.

Derivatives Market

Market positioning in derivatives indicates a clear bullish undertone, with Put Open Interest (OI) remaining higher than Call OI.