The Indian stock market benchmark indices, Sensex and Nifty 50, are likely to open higher on Friday, amid mixed global cues.
The trends on Gift Nifty also indicate a positive start for the Indian benchmark index. The Gift Nifty was trading around 25,778 level, a premium of nearly 60 points from the Nifty futures’ previous close.
The Indian stock market was closed for a holiday on Thursday on account of municipal corporation elections in Maharashtra.
On Wednesday, the Indian stock market ended lower, extending losses for the second consecutive session, with the benchmark Nifty 50 slipping below 25,700 level.
The Sensex dropped 244.98 points, or 0.29%, to close at 83,382.71, while the Nifty 50 settled 66.70 points, or 0.26%, lower at 25,665.60.
Here’s what to expect from Sensex, Nifty 50, and Bank Nifty today:
Sensex Prediction
Sensex held firmly above the key support zone of 82,900 – 83,000, which offered a cushion on intraday declines ahead of the close.
“On the upside, the 83,800 – 83,900 resistance band remained a near-term hurdle for Sensex, consistently capping recovery attempts during the session. With the session ending below recent highs yet comfortably above key support levels, the short-term structure points to a cautious trading approach with selective accumulation on declines, as broader macroeconomic and geopolitical uncertainties continue to shape market sentiment,” said Hitesh Tailor, Technical Research Analyst, Choice Broking.
Nifty 50 Prediction
Nifty 50 formed a small green candle on the daily chart with a long upper shadow.
“Technically, this market action indicates a narrow range movement in the market within 25,900 – 25,600 levels with volatility. Though, Nifty 50 is finding crucial support around 25,500 – 25,600 levels, but was not able to surpass the crucial hurdle of 25,900 – 26,000 levels on the way up. This is not a good sign,” said Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities.
According to him, the underlying trend of Nifty 50 continues to be choppy with weak bias and a sustainable move only above 25,900 – 26,000 levels could open more sustainable upside in the market. Any failure to sustain could result in Nifty 50 retesting the lows of around 25,500 – 25,400 levels in the next few sessions.
Ponmudi R, CEO of Enrich Money noted that the repeated rejection near the 25,900 zone continues to cap upside for Nifty 50, with immediate resistance now placed around 25,800.
“On the downside, a decisive break below 25,600 could open the door for further weakness toward 25,500 – 25,450. Momentum indicators remain weak — RSI near 40 reflects a bearish bias without oversold conditions, while MACD stays in negative territory. Intraday structure indicates that bears continue to dominate on rallies, even as selective buying emerges at lower support levels,” said Ponmudi R.
Bank Nifty Prediction
Bank Nifty index ended flat at 59,580.15 on Wednesday.
“Looking ahead, the 60,000 – 60,100 zone will act as a crucial resistance for Bank Nifty. A decisive and sustained move above 60,100 could trigger a sharp rally towards 60,600, followed by 61,000 in the short term. On the downside, immediate support is seen in the 59,300 – 59,200 zone,” said Sudeep Shah, Head – Technical and Derivatives Research at SBI Securities.
Om Mehra, Technical Research Analyst, SAMCO Securities highlighted that the daily chart reflected consolidation near the mid Bollinger Band, with prices hovering around the 20-day EMA while staying comfortably above the 50-day EMA, indicating stability but a lack of directional strength.
“The daily RSI is placed in the 53–54 zone, reflecting neutral momentum with limited bullish strength. The MACD remains in negative territory, with the histogram showing only limited improvement. On the hourly chart, Nifty Bank continues to respect the 59,300 – 59,200 support zone, which has repeatedly acted as a base during intraday declines, keeping downside pressure contained for now,” Mehra said.
On the higher side, he believes the 59,800 – 59,900 zone continues to act as a resistance area, and unless the Bank Nifty index sustains above this zone, it is likely to remain range-bound.
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.
