Aniket PujariThe Indian stock market benchmark indices, Sensex and Nifty 50, are likely to open on a flat note on Thursday, tracking weakness in global markets.
The trends on Gift Nifty also indicate a flat start for the Indian benchmark index. The Gift Nifty was trading around 25,858 level, a premium of nearly 10 points from the Nifty futures’ previous close.
On Wednesday, the Indian stock market ended marginally higher, with the benchmark Nifty 50 closing above 25,700.
The Sensex rose 78.56 points, or 0.09%, to close at 83,817.69, while the Nifty 50 settled 48.45 points, or 0.19%, higher at 25,776.00.
Here’s what to expect from Sensex, Nifty 50, and Bank Nifty today:
Sensex Prediction
Sensex hovered between the 83,100 and 83,900 price range throughout the day, and intraday charts indicate non-directional activity, reflecting indecisiveness between bulls and bears.
“We are of the view that, on the higher side, 83,900 or the 50-day SMA (Simple Moving Average) would act as crucial resistance zones. If Sensex manages to trade above these levels, it could move up to 84,200 – 84,500. Conversely, below 83,100, the index could slip to 82,800 – 82,500. The current market texture is non-directional; hence, level-based trading would be the ideal strategy for day traders,” said Shrikant Chouhan, Head Equity Research, Kotak Securities.
Mayank Jain, Market Analyst, Share.Market noted that immediate support for Sensex is now at the 83,200 – 83,000 zone, and on the upside, reclaiming the 84,000 – 84,200 resistance zone is essential for a complete trend reversal and a move toward all-time highs.
Nifty OI Data
Nifty derivatives data shows heavy put writing at the 25,800 strike and strong call writing at the 26,000 strike, suggesting the formation of a near-term trading range.
“With the index closing marginally higher but remaining range-bound, the near-term outlook stays cautiously positive. A selective buy-on-dips approach is preferred, provided the key support zone holds firm, suggesting limited downside and scope for a gradual upside move,” said Hitesh Tailor, Research Analyst – Research at Choice Equity Broking.
Nifty 50 Prediction
Nifty 50 formed a bullish candle and held above key support levels, indicating that the index is settling down at lower levels however higher zones remained challenging.
“A small bullish candle has been formed on the daily chart with minor upper and lower shadow. The said market action indicates a breather type pattern in the market after a massive upmove of Tuesday. The huge opening upside gap of Tuesday remains intact with partially filled,” said Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities.
According to him, the underlying short-term trend of the Nifty 50 continues to be positive, and the next upside hurdles to be watched are around 26,000 and next 26,350 levels in the nearterm. Immediate support is placed at 25,600.
Ponmudi R, CEO of Enrich Money believes that a sustained breakout above 25,800 – 25,850 resistance could lead Nifty 50 to further upside towards 26,000+.
“Overall, the market lacked a strong directional trigger, with buying emerging on declines and selling seen on rallies. RSI near 55 reflects balanced momentum, while MACD did not sustain a strong bullish crossover after the gap-up. A clear breakout or breakdown from the current range will be key for the next directional move,” said Ponmudi R.
Mayank Jain highlighted that the immediate support for Nifty 50 is placed between 25,550 and 25,500, where the 25,500 Put strike has seen significant open interest accumulation, reinforcing it as a support.
“Conversely, immediate resistance is visible in the 25,900 – 26,000 range, with a significant hurdle at 26,000 where Call writers are most aggressive ahead of the upcoming RBI policy announcement,” said Jain.
Bank Nifty Prediction
Bank Nifty index ended 196.85 points, or 0.33%, higher at 60,238.15 on Wednesday, forming a small candlestick on the daily chart, indicating consolidation after the recent move.
“The 58,800 – 58,900 zone continues to act as a strong support area for Bank Nifty, having successfully held over the last two trading sessions. Sustaining above this zone kept the broader structure intact, even as momentum remained muted. For Bank Nifty, the immediate resistance is placed in the 60,500 – 60,600 zone, making it a crucial supply area to watch,” said Sudeep Shah, Head – Technical and Derivatives Research at SBI Securities.
He believes any sustained move above this zone could lead to Bank Nifty index continuing its up move on the upside towards 61,000, followed by 61,300 in the near term. On the downside, the zone of 59,800 – 59,700 zone is likely to act as a strong support.
Om Mehra, Technical Research Analyst, SAMCO Securities noted that the Bank Nifty index is trading above all key moving averages, confirming that the broader trend remains bullish. The index is also holding above the falling trendline.
“The RSI on the daily chart is placed near 57. The DMI setup shows the positive directional line moving back above the negative line, while the ADX remains moderate. The immediate support is placed at 59,900, followed by a stronger base near 59,750, which coincides with the 0.618 Fibonacci retracement. The immediate resistance remains at 60,450–60,500, followed by 60,650,” said Mehra.
According to him, the Bank Nifty index is currently in a consolidation phase, and the next directional move is likely to be guided by a decisive move above resistance. “A buy-on-dips approach can be considered for the next session,” he suggested.
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.
