The Indian stock market benchmark indices, Sensed and Nifty 50, are likely to open lower on Friday tracking mixed global market cues.
The trends on Gift Nifty also indicate a weak start for the Indian benchmark index. The Gift Nifty was trading around 25,435 level, a discount of nearly 101 points from the Nifty futures’ previous close.
On Thursday, the Indian stock market ended higher, extending its rally for the third consecutive session, with the benchmark Nifty 50 reclaiming 25,400 level.
The Sensex rallied 221.69 points, or 0.27%, to close at 82,566.37, while the Nifty 50 settled 76.15 points, or 0.30%, higher at 25,418.90.
Here’s what to expect from Sensex, Nifty 50, and Bank Nifty today:
Sensex Prediction
Sensex is holding an uptrend continuation formation on intraday charts, and on daily charts, it has formed a bullish candle, which supports further uptrend from the current levels.
“For trend-following traders, now 82,200 and 81,700 would act as key support zones. As long as Sensex is trading above these levels, the pullback formation is likely to continue. On the higher side, 82,800 would be the immediate hurdle for the bulls. A successful breakout above 82,800 could push the index up to 83,100 – 83,300. On the flip side, below 81,700, the uptrend would become vulnerable,” said Shrikant Chouhan, Head Equity Research, Kotak Securities.
Nifty OI Data
Derivatives data shows heavy call writing at the 25,500 strike and significant put writing at the 25,300 strike, establishing this band as a key near-term pivot range. Traders are advised to remain cautious near key support levels and wait for a confirmed breakout above resistance before initiating fresh directional positions, said Hitesh Tailor, Research Analyst – Research at Choice Equity Broking.
Nifty 50 Prediction
Nifty 50 formed a small bodied bullish candle with a long lower shadow on the daily chart, highlighting the presence of dip buying interest and reinforcing the importance of the 200 day EMA as a reliable support zone.
“A reasonable bull candle was formed on the daily chart with a long lower shadow. Technically, this market action signals an attempt of decisive breakout of crucial overhead resistance around 25,400 – 25,500 levels. This is a positive indication and a sustainable upside above this hurdle could confirm formation of crucial bottom reversal around 24,900 levels,” said Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities.
According to him, the underlying short-term trend of Nifty 50 continues to be positive and a sustainable move above 25,500 could possibly open the next upside target of around 25,800 – 26,000 levels in the near term. Immediate support is placed at 25,300.
Nilesh Jain, Head – Technical and Derivatives Research Analyst (Equity Research), Centrum Broking Ltd. said that the Nifty 50 the overall structure appears constructive, with potential for a follow-up move towards the 25,500 – 25,600 zone.
“The immediate resistance is placed at the 100-DMA near 25,600, and a decisive breakout above this level would confirm a short-term bottom. The RSI has reversed from oversold territory and is trending higher, indicating improving momentum. However, ahead of the Budget, markets are expected to remain volatile within a broader range of 25,100 – 25,600,” said Jain.
Bank Nifty Prediction
Bank Nifty index surged 359.05 points, or 0.60%, to close at 59,957.85 on Thursday, and formed a bullish candle, reflecting steady participation at higher levels.
“Bank Nifty index remains one of the strongest pockets in the market and is now just 0.80% away from its all-time high. The daily RSI, currently at 56, is trending higher, indicating improving momentum and room for further upside. Looking ahead, the index is expected to continue its northward trajectory, supported by strong price structure and healthy momentum signals,” said Sudeep Shah, Head – Technical and Derivatives Research at SBI Securities.
He expects Bank Nifty to move towards 60,500, followed by 61,100 in the short term, while on the downside, the 20 day EMA zone of 59,500 – 59400 will act as a crucial support area for the index.
Om Mehra, Technical Research Analyst, SAMCO Securities highlighted that the Bank Nifty index remains above all major moving averages, with the 20-day average placed near 59,420, which continues to act as a short-term cushion.
“The RSI is placed around 56, indicating improving momentum. The DMI setup shows the positive directional line above the negative line, while the ADX remains near 18, suggesting that trend strength is moderate. On the downside, 59,650 remains the first support level, followed by 59,500. On the upside, 60,250 is the immediate hurdle, followed by the all-time high of 60,437.35,” said Mehra.
He believes as long as Nifty Bank sustains above 59,400, the short-term outlook remains favourable; however, volatility may persist around resistance zones.
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.
