The Indian stock market benchmark indices, Sensex and Nifty 50, are likely to open on a tepid note on Friday, tracking mixed global market cues.
The trends on Gift Nifty also indicate a weak start for the Indian benchmark index. The Gift Nifty was trading around 24,647 level, a discount of nearly 26 points from the Nifty futures’ previous close.
On Thursday, the domestic equity market indices ended marginally higher led by fag-end buying, with the Nifty 50 closing above 24,500 level.
The Sensex gained 79.27 points, or 0.10%, to close at 80,623.26, while the Nifty 50 settled 21.95 points, or 0.09%, higher at 24,596.15.
Here’s what to expect from Sensex, Nifty 50 and Bank Nifty today:
Sensex Prediction
Sensex found support near 79,800 and bounced back sharply to end higher, forming a reversal pattern on intraday charts, which is largely positive.
“We are of the view that 80,300 will act as a key support zone for day traders. As long as Sensex stays above this level, the pullback formation is likely to continue. On the higher side, the index could move up to 81,000. Further upside may also continue, potentially lifting the index up to 81,350. On the flip side, a decline below 80,300 could change the sentiment. Below this level, Sensex could retest the levels of 79,800 – 79,650,” said Shrikant Chouhan, Head Equity Research, Kotak Securities.
Given the current market volatility, he advises level-based trading would be the ideal strategy for day traders.
Nifty OI Data
In the derivatives segment, Nifty open interest (OI) data showed the highest call writing at the 24,800 strike, while the highest put OI was concentrated at the 24,500 level.
“This setup indicates that although resistance persists near 24,800, traders are anticipating potential upside, with a sustained close above this level being essential to maintain bullish momentum,” said Hardik Matalia, Derivative Analyst – Research at Choice Equity Broking.
Nifty 50 Prediction
Nifty formed a bullish candle on the daily chart with a long lower shadow, indicating buying interest at lower levels.
“A long bull candle was formed on the daily chart with lower shadow. Technically, this pattern shows an early sign of a crucial bottom reversal pattern in the Nifty 50. Further follow-through upmove above the initial hurdle of 24,750 could confirm the bottom reversal pattern. The crucial supports to be watched are around 24,350,” said Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities.
Sudeep Shah, Head – Technical and Derivatives Research, SBI Securities noted that the Nifty 50 index managed to close above its 100-day EMA, reinforcing the strength of the ongoing pullback and hinting at a potential continuation of the recovery in the near term.
“Going ahead, the support zone of 24,480 – 24,450 will be crucial for the index. As long as Nifty 50 trades above the 24,450 mark, the momentum is likely to remain positive, paving the way for a further pullback rally towards 24,700, and eventually 24,850 levels. However, a decisive break below 24,450 could shift the sentiment back to bearish, potentially triggering a fresh round of selling pressure and resumption of the downward trajectory,” said Shah.
VLA Ambala, Co-Founder of Stock Market Today said both the Nifty 50 and Bank Nifty indices closed above their 20-week EMAs, which are make-or-break levels for short-term traders.
“We can expect Nifty 50 to find support between 24,480 and 24,550, and meet resistance near 24,810 and 24,950 in today’s trading session,” Ambala said.
Bank Nifty Prediction
Bank Nifty index ended 110.00 points, or 0.20%, higher at 55,521.15 on Thursday, forming a bullish candle with a long lower shadow on the daily chart, indicating that buyers stepped in aggressively at lower levels, defending key support zones.
“Bank Nifty index remains below the 20-day and 50-day simple moving averages, and the pace of decline has moderated. The next hurdle lies at 55,900 – 56,100, a band that coincides with key hourly swing zones and overlaps with the underside of the moving average cluster on the daily chart. A decisive move above this resistance zone could trigger further upside toward 56,350, while failure to clear this zone may keep the index range-bound,” said Om Mehra, Technical Research Analyst, SAMCO Securities.
As long as 55,150 continues to hold on a closing basis, a cautious buy-on-dip approach may be considered for the near term, he added.
Hrishikesh Yedve, AVP Technical and Derivative Research, Asit C. Mehta Investment Intermediates Ltd. highlighted that the Bank Nifty managed to close above the intermediate swing support of 55,150 and formed a big bullish candle on the daily scale, indicating strength.
“On the downside, the 55,150 – 54,970 zone will act as a strong support zone, while on the upside, the 21-DEMA placed near 56,170 will serve as immediate resistance. Hence, traders are advised to buy near support and sell near resistance levels,” said Yedve.
Bajaj Broking Research said that the Bank Nifty index formed a bullish candle as buying demand emerged on expected lines from the support area of 55,000 – 54,900.
“Bank Nifty index needs to start forming higher high and higher low on a sustained basis to signal a pause in the corrective trend. The index has key support between 55,200 and 54,900 — a region that aligns with the 100-day exponential moving average (EMA) and key Fibonacci retracement levels from the prior upward move, making it a significant demand area. On the upside, resistance is seen in the 56,300–56,500 range, which corresponds to the lower boundary of the recent breakdown zone,” said Bajaj Broking Research.
A sustained move above this level would be an early indication of weakening bearish momentum or a potential pause in the current downtrend. Overall, the index is expected to trade within a defined range of 54,900 to 56,400 in the near term, with a clear directional move likely only after a decisive breakout from this range, it added.
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.