The Indian stock market benchmark indices, Sensex and Nifty 50, are likely to open lower on Thursday, amid concerns over the prolonged US-Iran war in the Middle East. US President Donald Trump warned that the US forces will hit Iran very hard in the next 2-3 weeks, but said they will ‘finish the job’ in Iran soon as ‘core strategic objectives are nearing completion.’
The trends on Gift Nifty also indicate a gap-down start for the Indian benchmark index. The Gift Nifty was trading around 22,356 level, a discount of nearly 444 points from the Nifty futures’ previous close.
On Wednesday, the Indian stock market rallied, with the benchmark Nifty 50 closing above 22,600 level.
The Sensex jumped 1,186.77 points, or 1.65%, to close at 73,134.32, while the Nifty 50 settled 348.00 points, or 1.56%, higher at 22,679.40.
Here’s what to expect from Sensex, Nifty 50, and Bank Nifty today:
Sensex Prediction
Sensex has shown a sharp pullback from lower levels, suggesting emergence of demand near key support zones, although the broader trend still requires confirmation through sustained upside follow-through.
“Key technical levels indicate that support for Sensex is placed in the 72,400 – 72,500 zone, which may act as a crucial demand area, while resistance is seen around 73,900 – 74,000, where any further upside could face supply and profit-booking pressure. With a strong rebound after recent weakness, the near-term outlook turns cautiously positive, though continuation of the up move will depend on sustained buying and the index’s ability to move past resistance levels,” said Hitesh Tailor, Technical Research Analyst at Choice Equity Broking.
Nifty Options Data
In the derivatives segment, significant call writing was observed at the 22,800 strike, followed by the 22,900 strike. On the put side, notable writing activity was seen at the 22,700 and 22,500 strike levels.
Nifty 50 Prediction
Nifty 50 index formed a bearish candle with a higher high and a higher low highlighting pullback from oversold territory.
“Nifty 50 is witnessing a short-term pullback within a broader corrective trend, while continuing to trade below key resistance levels. The 22,900 – 23,000 zone remains a crucial resistance area; a sustained move above this range could extend the recovery toward 23,200 – 23,500, supported by follow-through buying,” said Ponmudi R, CEO of Enrich Money.
On the downside, 22,600 – 22,500 acts as an important support zone, and a break below this level may trigger renewed selling pressure, potentially dragging the index toward 22,300, followed by 21,700, which remains a strong demand zone, he added.
According to him, the near-term bias is cautiously positive, but the broader trend remains weak, with a sell-on-rise approach preferred unless the Nifty 50 index sustains above 23,000.
Mayank Jain, Market Analyst, Share.Market noted that the Nifty 50 index is attempting a ‘relief rally’ from oversold conditions.
“The immediate support zone for Nifty 50 22,500 – 22,400 will be watched. As long as Nifty 50 stays above 22,500, the pullback move could extend further. A break below 22,300 would signal a return to the bearish trend. The resistance lies at 23,500 – 23,600. This remains a formidable ‘supply wall.’ Reclaiming the 23,600 mark on a closing basis is the key technical requirement to shift the short-term bias from bearish to neutral,” said Jain.
Bank Nifty Prediction
Bank Nifty index ended 1,173.30 points, or 2.33%, higher at 51,448.65 on Wednesday, forming a small-bodied doji candle on the daily chart with wicks on both ends, indicating intraday indecision.
“For Bank Nifty, the immediate support is placed in the 51,100 – 51,000 zone. Any sustainable move below this zone could result in Bank Nifty extending its weakness towards 50,800, followed by 50,500 in the short term. On the upside, the zone of 51,900 – 52,000 zone is likely to act as an immediate resistance,” said Sudeep Shah, Head – Technical and Derivatives Research at SBI Securities.
Om Mehra, Technical Research Analyst, SAMCO Securities highlighted that the Bank Nifty index continues to trade below its short-term moving averages but is attempting to move toward the 10 SMA. The index has rebounded from the lower Bollinger Band.
“This reflects a shift from aggressive selling toward a more balanced phase, where the Bank Nifty index is attempting to stabilise. The RSI is placed near 34, recovering from oversold levels, though it remains in the lower range. The 52,000 – 52,300 zone remains an immediate resistance area. A sustained move above this range on a closing basis may support further recovery,” said Mehra.
On the downside, 51,000 – 50,800 is likely to act as an important support zone. The broader setup remains corrective until key resistance levels are reclaimed, he added.
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.
