The Indian stock market benchmark indices, Sensex and Nifty 50, are likely to open mildly higher on Thursday amid mixed global market cues.
The trends on Gift Nifty also indicate a muted start for the Indian benchmark index. The Gift Nifty was trading around 25,080 level, a premium of nearly 8 points from the Nifty futures’ previous close.
On Wednesday, the equity market ended higher, with the benchmark Nifty 50 closing above 24,900 level.
The Sensex gained 323.83 points, or 0.40%, to close at 81,425.15, while the Nifty 50 settled 104.50 points, or 0.42%, higher at 24,973.10.
Here’s what to expect from Sensex, Nifty 50 and Bank Nifty today:
Sensex Prediction
Sensex witnessed profit booking at levels above 81,600, and closed off-highs on September 10.
“We are of the view that the 50-day SMA or 81,200 and the 81,000 level will act as key support zones for traders. As long as Sensex trades above these levels, the bullish sentiment is likely to continue. On the higher side, the index could move up to 81,700 – 82,000. On the flip side, if Sensex falls below 81,000, traders may consider exiting their long positions,” said Shrikant Chouhan, Head Equity Research, Kotak Securities.
Mayank Jain, Market Analyst, Share.Market believes that Sensex now faces immediate resistance in the 82,000 – 82,200 range, and a sustained move above this range could pave the way for further gains.
“On the downside, key support lies at 81,000 – 80,800. A break below this zone could pull the index lower,” Jain said.
Nifty OI Data
In the derivatives segment, the highest Nifty Call Open Interest (OI) was observed at 25,200 strikes, while the highest Put Open Interest was concentrated at 25,000 and 24,900 strikes.
“This positioning suggests that while resistance remains near 25,200, traders are anticipating further upside, with a sustained close above this level needed to keep bullish momentum intact,” said Amruta Shinde, Technical & Derivative Analyst at Choice Equity Broking.
Nifty 50 Prediction
Nifty 50 formed a small-bodied Doji candle with minor upper and lower shadows on the daily chart, signalling indecision among market participants.
“A small red candle was formed on the daily chart with minor upper and lower shadows. This market action indicates lack of strength in an attempt of an upside breakout of crucial overhead resistance around the 25,000 mark. Nifty 50 has closed in the green for the sixth consecutive session and the opening upside gap of the last two sessions remains unfilled. This is a positive indication,” said Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities.
According to him, the underlying trend of Nifty 50 continues to be positive, and having failed to move decisively above 25,000 levels, there is a possibility of some more consolidation in the short term before witnessing a decisive upside breakout of the hurdle in the near term. Immediate support is at 24,800.
Nilesh Jain, Head – Technical and Derivatives Research Analyst (Equity Research), Centrum Broking Ltd. noted that the Nifty 50 formed a Doji candle on the daily chart, reflecting indecision among market participants.
“Notably, the Nifty 50 has moved above its 50 DMA and is now trading above all key short-term and long-term moving averages. Momentum indicators and oscillators have also given a bullish crossover on the daily chart, signaling positive sentiment. Going forward, the Nifty 50 could gradually move towards the 25,200 – 25,500 range, with immediate support placed around the 24,800 level,” said Jain.
Mayank Jain said that Nifty 50 may face resistance near 25,050 – 25,100, and a decisive breakout above this band may trigger a fresh run to 25,250 and beyond. The 24,750 – 24,700 zone offers immediate support to the index, and a break below this zone could push the index down to 24,500.
Bank Nifty Prediction
Bank Nifty rallied 319.90 points, or 0.59%, to close at 54,536.00 on Wednesday, forming a Doji candle with minor shadows, reflecting indecision between bulls and bears.
“On the daily chart, the index is consolidating near the middle Bollinger Band at 54,684, while the 9-SMA at 54,300 acts as a short-term cushion. The broader volatility envelope is widening, suggesting the index could move within a broad range. The RSI has risen to 45, recovering from oversold territory, though it is yet to cross the neutral 50 mark. The ADX stands at 29, reflecting that trend strength is firm and signalling that any further upside is likely to gather pace in the coming sessions,” said Om Mehra, Technical Research Analyst, SAMCO Securities.
For the sessions ahead, 54,300 – 54,050 will serve as immediate support, and holding above this zone keeps the short-term outlook positive. On the upside, resistance is seen at 54,800, followed by 55,000, he added.
“While the broader trend remains cautious, the Bank Nifty index is showing signs of base formation. As long as support at 54,300 holds, the near-term view can be considered neutral-to-slightly positive,” said Mehra.
Sudeep Shah, Head – Technical Research and Derivatives at SBI Securities said that on the derivatives side, short covering across strikes from 54,000 – 54,500 supported sentiment.
“Looking ahead, the 54,300 – 54,200 zone will act as crucial support for Bank Nifty. A sustained move below 54,200 could trigger a decline towards 53,800, followed by 53,400 in the short term. On the upside, the zone of the 54,700 – 54,800 zone will serve as key resistance,” 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.
