The Indian stock market benchmark indices, Sensex and Nifty 50, are likely to open higher on Monday, tracking upbeat global market cues, amid a fall in crude oil prices.
The trends on Gift Nifty also indicate a positive start for the Indian benchmark index. The Gift Nifty was trading around 23,947 level, a premium of nearly 140.5 points from the Nifty futures’ previous close.
On Friday, the Indian stock market ended lower for the fifth consecutive session, with the benchmark Nifty 50 slipping below 23,800 level.
The Sensex dropped 331.62 points, or 0.43%, to close at 76,059.77, while the Nifty 50 settled 102.15 points, or 0.43%, lower at 23,767.45.
Here’s what to expect from Sensex, Nifty 50 and Bank Nifty today:
Sensex Prediction
According to Sachin Gupta, Vice President – Technical Research at Choice Equity Broking, the Sensex has slipped below key short-term support levels, indicating a cautious near-term outlook.
Gupta said the 75,400–75,500 zone is the immediate support for the index, and a decisive breach below this range could trigger a further decline towards 75,200–75,000. On the upside, he identified 76,700–76,800 as the immediate resistance band. A sustained move above this zone, he added, could improve market sentiment and pave the way for a recovery towards the 77,000 mark.
Nifty Derivatives Data
On the Nifty options front, maximum Call Open Interest (OI) is at 24,000 then 24,200 strike, while Maximum Put OI is at 23,000 then 23,700 strike. Call writing is seen at 23,800 then 24,000 strike, while Put writing is seen at 23,700 then 23,600 strike. Option data suggests a broader trading range between 23,300 and 24,200 zones, while an immediate range is between 23,500 and 24,000 levels.
Nifty 50 Prediction
According to Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities, the Nifty 50 index formed a strong bullish candlestick near the lows, indicating the emergence of buying interest at lower levels. He noted that the Nifty 50 is currently positioned near a crucial support zone around 23,600, which coincides with the 15 June upside gap and an ascending trendline, increasing the likelihood of a short-term pullback.
While the short-term trend has turned negative, Shetti believes the medium- to long-term uptrend remains intact. He expects the index to witness a minor bounce towards the immediate resistance at 24,200 over the coming week before the prevailing weakness potentially resumes. The 23,600 level remains the key support to watch, he added.
According to Rajesh Bhosale, Senior Technical Analyst at My Advisor Alpha, the Nifty 50 had a disappointing week, declining for five consecutive sessions and slipping below the crucial 23,800 support level, which had held firm over the past month.
Bhosale noted that although the weekly close was only marginally below this support, the next few sessions will be crucial. A sustained move below 23,800 would confirm a Head & Shoulders breakdown, increasing the likelihood of further downside in the coming week.
He added that the index witnessed strong buying interest near 23,600 on Friday, a level that also aligns with the lower trendline of an Ascending Triangle pattern that has been forming over the last three months. As a result, 23,800 and 23,600 remain the key support levels, with a breach of 23,600 likely to trigger fresh selling pressure.
On the upside, Bhosale said the decline below key short-term moving averages has weakened the technical structure. The 50-day exponential moving average (DEMA), placed near the 24,000 mark, is now the immediate resistance. Unless the Nifty reclaims this level, the broader market bias is expected to remain cautious, with selling likely to emerge on every pullback.
With the monthly derivatives expiry due next week, Bhosale expects volatility to remain elevated. While the index may trade in a range with a negative bias, he believes stock-specific opportunities are likely to continue offering trading prospects.
Bank Nifty Prediction
According to Sudeep Shah, Head of Technical and Derivatives Research at SBI Securities, the Bank Nifty recovery enabled Bank Nifty to reclaim its 200-day exponential moving average (EMA), a key long-term support level closely tracked by market participants. He added that the sustainability of this rebound will be crucial in determining whether sentiment in the banking index improves meaningfully in the near term.
From a technical perspective, Shah identified the 57,100-57,200 zone as the immediate resistance. A sustained move above this range could extend the pullback towards 57,600, followed by the 58,000 level in the short term. On the downside, the 56,300-56,200 zone is expected to act as the immediate support, he said.
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.
