The Indian stock market benchmark indices, Sensex and Nifty 50, are likely to open higher on Friday, tracking a mixed trend in global markets.
The trends on Gift Nifty also indicate a positive start for the Indian benchmark index. The Gift Nifty was trading around 24,416 level, a premium of nearly 151 points from the Nifty futures’ previous close.
On Thursday, the Indian stock market ended higher, with the benchmark Nifty 50 closing above 24,100 level.
The Sensex surged 579.48 points, or 0.75%, to close at 77,502.12, while the Nifty 50 settled 169.85 points, or 0.71%, higher at 24,175.70.
Here’s what to expect from Sensex, Nifty 50 and Bank Nifty today:
Sensex Prediction
Sensex formed a bullish candle on daily charts, and it is maintaining an uptrend continuation pattern on intraday charts, which is largely positive.
“For day traders, 77,200 would act as key support zones. Above these levels, Sensex could continue its positive momentum towards 77,800 – 78,200. Conversely, below 77,200, sentiment could turn negative. In that case, the index could retest levels of 76,900 – 76,500,” said Shrikant Chouhan, Head Equity Research, Kotak Securities.
Nifty 50 Prediction
Nifty 50 index formed a strong bullish candlestick pattern on the daily timeframe, indicating continued buying interest and strengthening market sentiment.
“The broader high low range of 24,200 – 23,800 remains intact and the bounce back of last two sessions has pulled the Nifty 50 towards the crucial upper range of 24,200 levels. The underlying trend of Nifty 50 continues to be positive amidst range movement. A decisive breakout of 24,200 – 24,250 levels could open sharp upside towards 24,500 – 24,600 levels in a quick period of time,” said Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities.
According to him, the immediate support for Nifty 50 is placed at 24,000.
Nilesh Jain, VP- Head of Technical and Derivative research at Centrum Finverse Ltd. said that the Nifty 50 index now has a crucial psychological support at 24,000, and as long as it sustains above this level, the short-term outlook remains positive with potential upside targets of 24,300, followed by 24,500.
“The momentum indicators continue to reinforce the bullish view. The MACD remains in a buy crossover above the zero line, while the RSI is comfortably above the 50 mark, indicating sustained positive momentum. Additionally, India VIX declined 8% to close near 12, reflecting easing volatility and providing further support to the bullish sentiment,” said Jain.
Bank Nifty Prediction
Bank Nifty index ended flat at 58,031.65 on Thursday, forming a bearish candle on the daily chart with shadows on both sides, indicating indecisiveness among market participants and a lack of strong directional conviction.
“Despite the subdued performance, the broader trend remains firmly positive as the Bank Nifty index continues to trade comfortably above its key short-term and long-term moving averages. Additionally, the daily RSI remains in the super bullish zone as per the RSI range shift rules, highlighting sustained underlying strength and supporting the prevailing uptrend,” said Sudeep Shah, Head – Technical and Derivatives Research at SBI Securities.
Going ahead, he believes the 58,400 – 58,500 zone is likely to act as an immediate hurdle for the Bank Nifty index, and a decisive and sustainable move above 58,500 could trigger fresh buying momentum, paving the way for a sharp upside rally towards the 59,100 level, followed by 59,600 in the short term.
“On the downside, the 57,600 – 57,500 zone is expected to act as a crucial support area. As long as the Bank Nifty index holds above this support band, the bullish undertone is likely to remain intact,” said Shah.
Om Mehra, Technical Research Analyst, SAMCO Securities highlighted that the Bank Nifty index continues to consolidate near the upper Bollinger Band, with the band contracting over the past few sessions.
“The RSI is placed at 63, sustaining strong momentum. The MACD remains in positive territory. The 58,500 – 58,800 zone has repeatedly capped advances and remains the key level to watch in the coming sessions. Until then, 57,500, followed by 57,300, is expected to provide support on any meaningful decline,” said Mehra.
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.
