The Indian stock market benchmark indices, Sensex and Nifty 50, are likely to open lower on Friday, tracking weakness in global markets, after the US President announced to impose reciprocal tariffs on several trading partners.
The trends on Gift Nifty also indicate a gap-down start for the Indian benchmark index. The Gift Nifty was trading around 24,729 level, a discount of nearly 143 points from the Nifty futures’ previous close.
On Thursday, the domestic equity market indices ended lower amid high volatility, with the Nifty 50 closing below the 24,800 level.
The Sensex dropped 296.28 points, or 0.36%, to close at 81,185.58, while the Nifty 50 settled 86.70 points, or 0.35%, lower at 24,768.35.
Here’s what to expect from Sensex, Nifty 50 and Bank Nifty today”
Sensex Prediction
Sensex formed a higher bottom formation on intraday charts, which is largely positive.
“For the day traders now, 80,800 and 80.600 would act as key support zones. As long as Sensex is trading above the same, the pullback formation is likely to continue. On the higher side, the index could move up to 81,900 and 82,200. On the other side, below 80,600 the sentiment could change. Below the same, traders may prefer to exit out from the trading long positions,” said Shrikant Chouhan, Head Equity Research, Kotak Securities.
Nifty OI Data
In the derivatives segment, the highest Nifty Call open interest (OI) was observed at the 25,000 strike, hinting at a potential resistance area, while the highest Put open interest stood at the 24,700 strike. This setup indicates that a firm close above 25,000 would be crucial to revive bullish momentum and improve overall market sentiment, said Hardik Matalia, Derivative Analyst – Research at Choice Equity Broking.
Nifty 50 Prediction
Nifty 50 shows a clear pattern of lower tops and lower bottoms on the daily chart, signaling a short-term downtrend. The index fell 3% for the month and formed a bearish candle on the monthly chart, indicating weakness in the broader trend.
“A small green candle was formed on the daily chart with a long upper shadow. Technically, this action indicates a roller-coaster ride in the market of up and down swings for the day. The present candle pattern signals a formation of inverted hammer type candle pattern-not a classical one. The immediate resistance of 24,900 has been violated on the upside, but the Nifty 50 was not able to sustain above it,” said Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities.
According to him, the underlying short-term trend of Nifty 50 remains positive with high volatility, and a sustainable move only above 24,950 could open further upside towards the next resistance of 25,250 levels. Immediate support is placed at 24,630.
Sudeep Shah, Head – Technical and Derivatives Research, SBI Securities, noted that the Nifty 50 index is trading below its 20-day and 50-day exponential moving averages (EMA), reinforcing the prevailing bearish sentiment.
“Additionally, momentum indicators on the daily timeframe suggest a lack of directional strength, pointing toward a possible continuation of sideways action in the near term. The trend strength indicator, ADX, is currently quoting at 20.68, indicating a lack of strong directional momentum in the market,” Shah said.
Going ahead, Shah believes the zone of 24,600 – 24,550 will act as important support for the Nifty 50 index.
“If the index slips below the 24,550 level, then the next crucial support is placed at the 24,400 level. While on the upside, 25,000 – 25,050 will act as an immediate hurdle for the index,” Shah said.
VLA Ambala, Co-Founder of Stock Market Today said that the Nifty 50 index formed a dark cloud cover candlestick pattern on the monthly timeframe.
“At this stage, traders should continue with the ‘Sell on Rise’ trading strategy. Markets may remain under pressure unless the index breaks above 25,600 on a monthly basis. Meanwhile, the 20-week EMA provides technical support,” Ambala said.
Bank Nifty Prediction
Bank Nifty ended 188.75 points, or 0.34%, lower at 55,961.95 on Thursday. The index lost 2.6% in July after posting gains for four consecutive months, and formed a bearish candle on the monthly chart, indicating a loss of momentum and a potential pause in the prevailing uptrend.
“The daily candle formed with both a higher and lower wick, indicates a tug of war between bulls and bears. The Bank Nifty index continues to trade below all key short-term moving averages: the 9-EMA, 20-EMA, and even the 50-SMA. The daily RSI stands at 42, drifting below the midline and indicating waning strength, though still above oversold territory. The MACD remains in a negative crossover, with a widening gap from the fast line,” said Om Mehra, Technical Research Analyst, SAMCO Securities.
According to him, while the near-term trend has turned cautious, a breach below 55,150 would mark a clear breakdown and shift the broader trend negative. On the flip side, if this level holds, a mean-reversion or relief rally cannot be ruled out.
Sudeep Shah highlighted that at present, the Bank Nifty index is trading below both its 20-day and 50-day EMAs, with both averages exhibiting a downward slope — a sign of prevailing weakness. Additionally, the daily Relative Strength Index (RSI) is quoting at 42 and continues to trend lower, reflecting fading momentum and increasing bearish pressure.
The daily MACD stays bearish as it is quoting below its zero line and signal line. The MACD histogram is suggesting a pickup in downside momentum.
“Going ahead, the zone of 55,500 – 55,400 will act as important support for the Bank Nifty index. If the index slips below the 55,400 level, then the next crucial support is placed at the 54,700 – 54,600 zone. On the upside, the zone of 56,500 – 56,600 will act as an immediate hurdle for the index,” Shah 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.
