The Indian stock market benchmark indices, Sensex and Nifty 50, are likely to open on a steady note on Thursday, tracking mixed global market cues, amid cautiousness over the ongoing US-Iran war.
The trends on Gift Nifty also indicate a flat start for the Indian benchmark index. The Gift Nifty was trading around 24,080 level, a premium of nearly 12 points from the Nifty futures’ previous close.
On Wednesday, the Indian stock market ended marginally higher, with the benchmark Nifty 50 holding above 24,000 level.
The Sensex gained 130.49 points, or 0.17%, to close at 77,185.43, while the Nifty 50 settled 26.45 points, or 0.11%, higher at 24,078.50.
Here’s what to expect from Sensex, Nifty 50 and Bank Nifty today:
Sensex Prediction
Sensex formed a Doji candle on daily charts and showed non-directional activity on intraday charts, indicating indecisiveness between the bulls and the bears.
“On the positive side, 77,500 would act as a key resistance zone for traders, while 77,000 remains the crucial support zone for the bulls. Above 77,500, Sensex could move up to 77,800 – 78,000. On the flip side, dismissing the 77,000 level could accelerate selling pressure,” said Shrikant Chouhan, Head Equity Research, Kotak Securities.
Below this, he believes Sensex could retest the level of the 50-day SMA (Simple Moving Average), or around 76,300 – 76,000.
Nifty Options Data
In the derivatives segment, the Nifty PCR stood at 1.08, reflecting a mildly bullish undertone.
“Significant Nifty Call Open Interest (OI) was concentrated at the 24,100 and 24,200 strikes, while notable Put Open Interest remained at the 24,100 and 24,000 strikes, highlighting a strong support base near the 24,000 zone. Max Pain remained at 24,100 throughout the session, indicating this level continues to act as the market’s equilibrium point,” said Sachin Gupta, VP – Research, Technical Research, at Choice Broking.
Nifty 50 Prediction
Nifty 50 formed a long-legged doji candle on the daily chart with prominent wicks on both sides, reflecting intraday indecision and heightened volatility.
“A small body candle was formed on the daily chart with a long upper shadow. A similar candle pattern has been formed back-to-back for the last two sessions. This action signals a choppy movement in the market. Nifty 50 is currently hovering within a narrow range of around 24,200 – 24,000 levels and is showing a lack of strength to sustain the highs. A decisive move beyond the range could open sharp movement on either side,” said Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities.
According to him, the current sideways range movement is expected to continue for the next 1-2 sessions, while immediate support levels to be watched are at 24,000 followed by 23,800 levels.
Mayank Jain, Market Analyst, Share.Market by PhonePe noted that the technical support for Nifty 50 lies at 23,850 – 23,950 zone, which remains the definitive structural demand zone.
“The fact that the Nifty 50 index strictly held onto the 24,000 baseline during the geopolitical panic keeps the near-term trailing safety net fully intact. Resistance is placed at 24,500 – 24,600 zone where the index faces massive call writing overhead,” said Jain.
Buyers must first clear the intraday hurdle of 24,200 before building enough momentum to stage a larger breakout toward the 24,500 – 24,600, he added.
Bank Nifty Prediction
Bank Nifty index rallied 295.55 points, or 0.51%, to close at 57,757.85 on Wednesday, forming a small-bodied candle with a noticeable upper wick on the daily chart, highlighting the index’s inability to sustain at higher levels and indicating the presence of selling pressure near resistance.
“Going ahead, the immediate support for Bank Nifty is placed in the 57,300 – 57,200 zone. Any sustainable move below this zone could result in Bank Nifty extending its weakness towards 56,800, followed by 56,400 in the short term,” said Sudeep Shah, Head – Technical and Derivatives Research at SBI Securities.
On the upside, he believes the immediate resistance for the Bank Nifty index is placed in the 58,200 – 58,300 zone.
Om Mehra, Technical Research Analyst, SAMCO Securities highlighted that the Bank Nifty index continues to trade within the broader range of 56,500 – 58,250 and remains below its 20-day SMA, placed at 57,800.
“The RSI has eased to 55 from higher levels seen in the recent sessions. The MACD line remains below the signal line, with the histogram in negative territory. The 58,200 zone remains the immediate resistance. On the downside, 57,200, followed by 56,900, remains the key support zone to watch for any further decline,” said Mehra.
According to him, the Bank Nifty index currently remains non-directional and appears to be undergoing a time-wise correction.
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.
