The Indian stock market benchmark indices, Sensex and Nifty 50, are likely to open on a muted note Tuesday, following a rally in global markets, amid uncertainty over the US-Iran peace talks.
The trends on Gift Nifty also indicate a mildly positive start for the Indian benchmark index. The Gift Nifty was trading around 23,994 level, a premium of nearly 21 points from the Nifty futures’ previous close.
On Monday, the Indian stock market ended lower, with the benchmark Nifty 50 slipping below 24,000 level.
The Sensex declined 372.10 points, or 0.48%, to close at 76,728.37, while the Nifty 50 settled 109.75 points, or 0.46%, lower at 23,946.25.
Here’s what to expect from Sensex, Nifty 50 and Bank Nifty today:
Sensex Prediction
Sensex formed a bearish candle on the daily charts, indicating further weakness from the current levels.
“We are of the view that 76,800 would act as an immediate reference point for day traders. Below this level, Sensex could retest the 50-day SMA (Simple Moving Average) or levels of 76,200 – 76,000. On the flip side, above 76,800, the rally could continue towards 77,300 – 77,500,” said Shrikant Chouhan, Head Equity Research, Kotak Securities.
He believes the intraday market texture is non-directional, and hence, advises level-based trading strategy for day traders.
Nifty Options Data
In the derivatives segment, significant call writing was observed at the 24,000 and 24,100 strikes, while put writing was concentrated at the 24,000 and 23,800 levels, suggesting immediate resistance around the 24,000 – 24,100 zone, while support remained near the lower strike.
Nifty 50 Prediction
Nifty 50 index formed a bearish candlestick pattern on the daily timeframe, reflecting sustained selling pressure throughout the latter half of the session.
“A small negative candle was formed on the daily chart with minor upper and lower shadow. Technically this market action signals a failed breakout of the hurdle and also range movement at 24,200 levels. This could signal more weakness down to the lower range of around 23,800 likely ahead,” said Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities.
According to him, the short-term trend of Nifty 50 has turned weak with range bound action, and there is a possibility of more choppy movements in the next 1-2 sessions before bouncing back again from the lows.
“The next lower supports to be watched at 23,800 levels and immediate resistance is placed at 24,250,” Shetti added.
Mayank Jain, Market Analyst, Share.Market by PhonePe said that the technical chart support for Nifty 50 lies at 23,450 – 23,550 zone, while resistance is seen at 24,250 – 24,350 levels.
“With short-term momentum leaning into the hands of the bears, the Nifty 50 index is tracing downward toward this primary support zone. The bulls will need to aggressively defend this area on a closing basis to maintain the medium-term market structure. According to chart analysis, this upper range stands as a definitive ceiling. Any immediate relief rallies will likely face heavy overhead supply near the 24,250 – 24,350 cluster,” said Jain.
Riyank Arora, Associate Vice President – HNI & Derivatives, Hedged.in noted that the Nifty 50 index is currently trading near an important support zone of 23,900 – 23,850.
“A sustained hold above these levels could trigger fresh buying interest, while a break below may lead to further weakness towards 23,750. On the upside, immediate resistance is placed at 24,050 – 24,100, followed by 24,200,” said Arora.
Bank Nifty Prediction
Bank Nifty index ended 449.70 points, or 0.77%, lower at 57,727.35 on Monday, forming a small bearish candlestick pattern with a lower high and a lower low, signaling consolidation.
“Despite the weakness, the Bank Nifty index continues to trade above its key moving averages, indicating underlying strength. Additionally, the daily RSI remains above the 60 mark, suggesting a relatively strong momentum backdrop. Going ahead, the zone of 57,300 – 57,200 is expected to act as immediate support,” said Sudeep Shah – Head of Technical and Derivatives Research at SBI Securities.
According to him, a sustained breakdown below 57,200 may trigger further downside, potentially dragging the Bank Nifty index towards the 56,600 level, while on the upside, the range of 58,200 – 58,300 is likely to act as an immediate resistance zone.
Bajaj Broking Research believes that the bias remains positive and dips towards the support area of 57,000 should be used as a buying opportunity for a gradual up move towards 59,200 levels in the coming sessions, being the 138.2% external retracement of the previous decline 57,456 – 52,783.
“The last two weeks lows are almost identical, placed around 57,000 levels. Hence, immediate bias remains positive above the same. The daily stochastic remains in uptrend and is seen rebounding thus supports the positive bias,” said the brokerage firm.
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.
