The Indian stock market benchmark indices, Sensex and Nifty 50, are likely to extend gains and open higher on Tuesday, despite mixed cues from global markets.
The trends on Gift Nifty also indicate a positive start for the Indian benchmark index. The Gift Nifty was trading around 24,584 level, a premium of nearly 102 points from the Nifty futures’ previous close.
On Monday, the Indian stock market extended its rally for the fourth consecutive session, with the benchmark Nifty 50 closing above 24,400 level.
The Sensex rallied 521.16 points, or 0.67%, to close at 78,285.07, while the Nifty 50 settled 159.50 points, or 0.66%, higher at 24,430.35.
Here’s what to expect from Sensex, Nifty 50 and Bank Nifty today:
Sensex Prediction
Sensex formed a bullish candle on daily charts, and is holding a higher high higher low series formation on intraday charts, which supports a further uptrend from the current levels.
“For day traders now, 78,000 would be a crucial level. As long as Sensex trades above this level, positive momentum is likely to continue. On the higher side, it could move up to 78,500 – 78,800. On the flip side, below 78,000, a quick intraday correction cannot be ruled out,” said Shrikant Chouhan, Head Equity Research, Kotak Securities.
If Sensex falls below this level, he expects the index to retest the levels of 77,500 – 77,300.
Nifty Options Data
On the Nifty options front, maximum Call Open Interest (OI) is at 24,500 then 24,500 strike, while maximum Put OI is at 24,400 then 24,300 strike. Call writing is seen at 24,400 then 24,450 strike, while Put writing is seen at 24,400 then 24,300 strike.
“Options data suggests a broader trading range in between 23,800 to 24,800 zones, while an immediate range between 24,000 to 24,500 levels,” said Chandan Taparia Head Derivatives & Technicals, Wealth Management, Motilal Oswal Financial Services Ltd.
Nifty 50 Prediction
Nifty 50 index formed a strong bullish candlestick pattern on the daily timeframe, reflecting sustained buying interest and strengthening market sentiment.
“A long bull candle has formed on the daily chart that closed just above the crucial hurdle of 200-day EMA around 24,421. The overall bullish chart pattern indicates that the market is now on the verge of a decisive breakout of 24,400 – 24,500 levels. Hence, further upside above this range could open a decisive cluster breakout of larger consolidation, 200-day EMA and previous swing high,” said Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities.
According to him, this is a positive indication and one may expect more upside in the short term.
“Above 24,500 levels, one may expect the next upside target of 25,150 in the near term. Immediate support is at 24,300,” added Shetti.
Mayank Jain, Market Analyst, Share.Market by PhonePe noted that the Nifty 50 index continued its strong upward move, crossing and holding above key technical levels.
“Technical support for Nifty 50 is at 23,850 – 23,950 levels. This lower area remains a solid, long-term demand floor. Resistance is seen at 24,500 – 24,600 zone. As the Nifty 50 index pushes higher, the primary upside supply zone, where selling pressure may emerge,” said Jain.
Bank Nifty Prediction
Bank Nifty index gained 353.00 points, or 0.61%, to close at 58,291.50 on Monday, forming a bullish candle with a minor upper shadow on the daily chart, indicating sustained buying interest despite some profit booking at higher levels.
“From a technical perspective, the Bank Nifty index continues to trade comfortably above its short-term as well as long-term moving averages, both of which are trending higher, reflecting a strong underlying bullish structure. Momentum indicators are also supporting the positive outlook. The daily RSI remains in the super-bullish zone and has recently rebounded after finding support near the 60 mark, highlighting the persistence of upward momentum,” said Sudeep Shah, Head – Technical and Derivatives Research at SBI Securities.
Going forward, he expects the 58,700 – 58,800 zone to act as a key resistance area, as the previous swing high is placed in this region. A decisive and sustained breakout above 58,800 could pave the way for a sharp upward move towards 59,400, followed by the psychologically important 60,000 mark in the near term.
“On the downside, immediate support is placed in the 57,800 – 57,700 zone. As long as the Bank Nifty index holds above this support band, the broader bullish trend is expected to remain intact, and any corrective decline towards these levels may offer buying opportunities,” said Shah.
Om Mehra, Technical Research Analyst, SAMCO Securities highlighted on the 75-minute chart, the Bank Nifty index is trading above a rising trendline and forming a series of higher lows, indicating a sustained uptrend.
“Nifty Private Bank is inching higher after a long consolidation. The RSI is at 65, remaining in strong momentum territory and reflecting continued positive bias in the current setup. On the upside, 58,650 remains the key level to watch for Nifty Bank, and a close above it could bring 59,000 into focus,” said Mehra.
On the downside, he said that 57,800, followed by 57,600, offers support on any decline.
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.
