The Indian stock market benchmark indices, Sensex and Nifty 50, are likely to open flat on Tuesday, 28 July, in line with weak global market cues.
The Gift Nifty trends also indicate a flat start for the Indian benchmark index. The Gift Nifty was trading around 23,986 level, a discount of 42 points from the Nifty futures’ previous close.
On Monday, the Indian stock market snapped the five-day losing streak, with the benchmark Nifty 50 closing above 23,900 level.
The Sensex jumped 776.01 points, or 1.02%, to close at 76,835.78, while the Nifty 50 settled 228.50 points, or 0.96%, higher at 23,995.95.
Here’s what to expect from Sensex, Nifty 50 and Bank Nifty today:
Sensex Prediction
The Sensex closed the session at 76,835.78, up 776.01 points (+1.02%), following a robust recovery fueled by broad-based buying.
Hitesh Tailor, Technical Research Analyst at Choice Equity Broking, said the Sensex continues to trade above its 50-day exponential moving average (EMA), indicating that medium-term support remains intact. However, the index is still below its 100-day and 200-day EMAs, suggesting the broader trend has yet to turn decisively positive.
According to Tailor, the 76,200–76,500 zone will be a crucial support area, and sustaining above this range is essential to keep the ongoing recovery intact. On the upside, 77,200–77,500 is likely to act as the immediate resistance. A decisive breakout above this zone could strengthen the recovery momentum and attract fresh buying interest, while any pullback towards the support levels may present a buying-on-dips opportunity.
Nifty 50 Prediction
Supported by firm global cues and a sharp decline in crude oil prices, domestic benchmark indices opened with strong gap-up gains and extended their rally throughout the session. Sustained buying across sectors helped the Nifty 50 climb nearly 1%, with the index ending the day just shy of the key 24,000 mark.
Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities, said the Nifty 50 staged a strong recovery on Monday after Friday’s sharp decline triggered by weak global cues, ending the session 228 points higher. He noted that the index formed a long bullish candle on the daily chart with a gap-up opening, while the opening gap remained unfilled—an encouraging technical signal.
According to Shetti, the rebound from the 23,600 support zone, which coincides with the 15 June upside gap and an ascending trendline, has placed the index on the verge of breaking above the immediate 24,000–24,100 resistance. A sustained move above 24,100 over the next few sessions could pave the way for an advance towards 24,500, while 23,800 remains the immediate support level.
Rajesh Bhosale, Senior Technical Analyst at My Advisor Alpha, said that with the F&O expiry due today, follow-through buying will be key to sustaining the momentum. He expects the 24,000–24,050 zone to act as the immediate hurdle, with a decisive breakout likely to trigger fresh short covering and push the index towards 24,150–24,200.
On the downside, Bhosale believes the bullish gap around 23,800 will serve as the first support, while 23,600 remains the key structural support. As long as the index holds above this level, he expects the broader positive trend to remain intact despite recent market volatility.
Bank Nifty Prediction
The Bank Nifty underperformed the benchmark indices on Monday, advancing 0.69% to close near the 57,100 mark. The banking index remained range-bound despite the broader market rally, signalling cautious sentiment among investors.
Sudeep Shah, Head – Technical and Derivatives Research at SBI Securities, said the Bank Nifty continues to trade within a well-defined range, reflecting the absence of strong directional momentum. He noted that the formation of a Doji candlestick near a key resistance zone underscores the ongoing tussle between bulls and bears.
According to Shah, the 57,500–57,600 zone is likely to act as the immediate resistance. A decisive breakout above 57,600 could trigger fresh buying interest and pave the way for the index to move towards the 58,200 level in the near term.
On the downside, Shah expects the 100-day exponential moving average (EMA) zone of 56,700–56,600 to provide strong support. Holding above this range would keep the broader technical structure intact, while a breach could invite renewed selling pressure.
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.
