The Indian stock market benchmark indices, Sensex and Nifty 50, are likely to open on a tepid note on Tuesday, tracking mixed cues from global markets.
The trends on Gift Nifty also indicate a weak start for the Indian benchmark index. The Gift Nifty was trading around 25,159 level, a discount of nearly 26 points from the Nifty futures’ previous close.
On Monday, the equity market ended with strong gains, with the benchmark Nifty 50 closing above 25,000 level.
The Sensex rallied 582.95 points, or 0.72%, to close at 81,790.12, while the Nifty 50 settled 183.40 points, or 0.74%, higher at 25,077.65.
Here’s what to expect from Sensex, Nifty 50, and Bank Nifty today:
Sensex Prediction
Sensex formed a bullish candle on daily charts and an uptrend continuation formation on intraday charts, indicating a further uptrend from the current levels.
“We believe that the current market texture is bullish, but buying on intraday dips and selling on rallies would be the ideal strategy for day traders. On the downside, 81,500 – 81,300 would act as crucial support zones for Sensex, while 82,000 and 82,200 could be immediate resistance levels for the bulls. However, below 81,300, the uptrend would become vulnerable,” said Shrikant Chouhan, Head Equity Research, Kotak Securities.
Mayank Jain, Market Analyst, Share.Market (PhonePe Wealth) expects Sensex to maintain a cautious but positive tone.
“Immediate resistance lies near 82,200 to 82,400 zone with support around 81,400 to 81,200 zone. Market direction will be dictated by Q2 earnings announcements and global cues,” said Jain.
Nifty OI Data
In the derivatives segment, Nifty open interest (OI) data showed the highest call writing at the 25,100 strike, while maximum put OI was concentrated at the 25,000 level. This setup suggests strong resistance near 25,100 in the near term, said Amruta Shinde, Technical & Derivative Analyst at Choice Equity Broking Private Limited.
Nifty 50 Prediction
Nifty 50 index formed a strong bull candle with a higher high and higher low on the daily chart, signaling continuation of the pullback for the third session in a row.
“A long bull candle was formed on the daily chart that indicates sharp breakout of the immediate resistance around 24,900 levels. The formation of long bull candles back-to-back for three sessions signals the formation of a crucial turnaround in the market to upside. The bullish pattern like higher tops and bottoms is on the scene as per daily chart and the Nifty 50 has moved up after the formation of new higher bottom at 24,587 on 30th September,” said Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities.
According to him, the underlying trend of Nifty 50 remains positive and the next upside levels to be watched are around 25,300 – 25,400 in the next few sessions. Immediate support is placed at 24,900.
Nilesh Jain, Head – Technical and Derivatives Research Analyst (Equity Research), Centrum Broking Ltd said that the Nifty 50 is now trading comfortably above both its key short-term and long-term moving averages.
“The support base has shifted higher, with major support now established around the 24,800 level. The Nifty 50 has completed a 50% retracement of the recent decline from 25,448 to 24,588, with the retracement level placed at 25,020. Momentum indicators and oscillators have begun to strengthen, suggesting a continuation of the upward move,” said Jain.
He believes that if the Nifty 50 index sustains above the 25,020 mark, a further rally towards 25,500 in the October series appears likely.
Dr. Praveen Dwarakanath, Vice President of Hedged.in highlighted that the Nifty 50 has closed above the Bollinger band middle line, indicating bullishness in the index.
“Nifty 50 index has immediate resistance at the 25,330 level and support at the 24,800 level. The momentum indicators are sloping upwards and moving up from the oversold region, suggesting the momentum to continue towards the resistance. The ADX DI+ line is sloping upward with the ADX DI- line sloping downward, indicating further upside move in the index,” said Dwarakanath.
Bank Nifty Prediction
Bank Nifty index ended 515.60 points, or 0.93%, higher at 56,104.85 on Monday, forming a bullish candle with a higher high and higher low on the daily chart and a bullish gap below its base (55,616 – 55,727), signaling continuation of the positive momentum.
“Bank Nifty index is now comfortably trading above its key moving averages, reinforcing the strength of the ongoing rally. Momentum indicators are also supportive — daily RSI has climbed above the 60 mark and remains in an upward trajectory, suggesting increasing buying strength. Given this constructive chart structure, the index appears poised to continue its northward journey, with 56,600 as the immediate upside target, followed by 57,000 in the short term,” said Sudeep Shah, Head – Technical Research and Derivatives at SBI Securities.
On the downside, the support zone of 55,700 – 55,600 is expected to cushion any pullbacks, he added.
Om Mehra, Technical Research Analyst, SAMCO Securities noted that the Bank Nifty index is now holding above all key moving averages, with a significant bullish crossover of the 9-EMA over the 50-EMA, adding momentum to the upside.
“The hourly Super trend indicator remains placed around 55,700, marking an important trailing support level for the index. The RSI has surged to 63, maintaining a steady upward slope and reflecting improving strength, while the MACD has confirmed a positive crossover, signalling a pickup in momentum. The next immediate resistance is placed around 56,350 – 56,500, while support is seen near 55,700, followed by 55,600,” said Mehra.
According to Bajaj Broking Research, the immediate bias remains positive above Monday’s gap area (55,616 – 55,727), and Bank Nifty index sustaining above 56,200 will open further upside towards 56,550 levels in the coming sessions, being the price parity of the previous up move.
“Short-term support is placed at 55,000 – 54,800 levels while a move above 56,550 will extend the rally towards 57,300 levels in the coming weeks,” said Bajaj Broking Research.
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.
