The Indian stock market benchmark indices, Sensex and Nifty 50, are likely to open higher on Friday, tracking upbeat cues from global markets, as US and Iran continue technical-level talks, easing concerns over a broader escalation in the Middle East war.
The trends on Gift Nifty also indicate a positive start for the Indian benchmark index. The Gift Nifty was trading around 24,115 level, a premium of nearly 116 points from the Nifty futures’ previous close.
On Thursday, the Indian stock market ended higher, led by short-covering, with the benchmark Nifty closing above 23,900 level
The Sensex rose 238.22 points, or 0.31%, to close at 76,741.82, while the Nifty 50 settled 80.75 points, or 0.34%, higher at 23,962.80.
Here’s what to expect from Sensex, Nifty 50 and Bank Nifty today:
Sensex Prediction
Sensex formed a small bodied candle with a longer upper shadow on the daily chart, indicating selling pressure at higher levels
“Sensex continues to hold above the crucial 50-Day EMA, a level that has repeatedly acted as a reliable support zone in recent sessions, reinforcing the short-term positive structure. Momentum indicator RSI is placed at 51.02, holding above the midpoint, indicating improving momentum while leaving room for further upside,” said Hitesh Tailor, Technical Research Analyst at Choice Equity Broking.
Going ahead, he believes 76,000 – 76,200 is expected to act as an immediate support zone, while 77,000 – 77,300 remains the key resistance range for Sensex.
“The broader trend remains cautiously positive as long as Sensex sustains above the 76,000 – 76,200 support zone. A decisive move above 77,000 – 77,300 could strengthen bullish momentum and pave the way for further upside, while failure to cross this hurdle may keep Sensex range-bound with intermittent profit booking,” said Tailor.
Nifty Options Data
On the Nifty options front, maximum Call Open Interest (OI) is at 24,500 then 24,300 strike, while maximum Put OI is at 24,000 then 23,500 strike. Call writing is seen at 24,100 then 24,050 strike while Put writing is seen at 24,000 then 24,050 strike.
“Option data suggests a broader trading range in between 23,500 to 24,500 zones, while an immediate range between 24,800 to 24,300 levels,” said Chandan Taparia Head Derivatives & Technicals, Wealth Management, Motilal Oswal Financial Services Ltd.
Nifty 50 Prediction
Nifty 50 index formed a bullish candlestick with an upper shadow on the daily timeframe, indicating buying support at lower levels while also highlighting some resistance near higher levels.
“A small positive candle was formed on the daily chart with a long upper shadow. Technically, this market action indicates a formation of an ‘inverted hammer’ type candle pattern. Normally, such formation, after a decline, could be considered as a bullish reversal in nature post confirmation,” said Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities.
According to him, the underlying short-term trend of Nifty 50 remains choppy with weak bias, but there is an indication of a bounce back from near the support of 23,800 levels for the short term.
“Further sustainable upside above 24,200 – 24,300 levels is likely to bring more short covering in the market,” said Shetti.
Riyank Arora, Associate Vice President – HNI & Derivatives, Hedged.in noted that the Nifty 50 index continues to hold above the 23,900 mark, with immediate support placed around 23,850 – 23,800, followed by 23,700.
“On the upside, resistance is seen near 24,000 – 24,050. A sustained move above this zone could trigger fresh buying momentum. The market continues to display resilience despite intermittent volatility. As long as benchmark indices hold above their key support levels, the broader outlook remains constructive,” said Arora.
He advises traders to continue to adopt a buy-on-dips strategy while maintaining disciplined risk management.
Bank Nifty Prediction
Bank Nifty index jumped 509.85 points, or 0.90%, to close at 57,252.45 on Thursday, forming a small bullish candlestick pattern which remained contained inside previous session range, signaling consolidation amid stock specific action.
“Bank Nifty, outperformed the frontline indices and managed to close above its 20-day EMA, indicating relatively stronger price action compared to the Nifty 50. However, momentum oscillators continue to remain in a neutral zone, suggesting a lack of clear directional strength and pointing towards a phase of consolidation in the near term,” said Sudeep Shah, Head – Technical and Derivatives Research at SBI Securities.
Going forward, he believes the 57,700 – 57,800 zone is expected to act as a key resistance area for the Bank Nifty index, and a decisive move above 57,800 could trigger fresh buying interest, paving the way for an upmove towards 58,400, followed by 59,000 in the short term.
“On the downside, immediate support is placed in the 56,800 – 56,700 zone. As long as the Bank Nifty index holds above this support band, the broader structure is likely to remain stable. However, a breach below 56,700 may invite renewed selling pressure, which could drag the index towards its next crucial support level near 56,200,” said Shah.
Om Mehra, Technical Research Analyst, SAMCO Securities highlighted that the Bank Nifty index is now testing the 23.6% Fibonacci retracement level placed at 57,370, which will be a crucial level to watch in the coming sessions.
“Bank Nifty is currently trading above the VWAP at 57,190 and the Supertrend at 56,400, both acting as cushions in the near term. The index is also attempting to reclaim the 20-day SMA. The RSI is placed at 53, indicating a neutral stance. On the upside, 57,600, followed by 57,800, remains the key resistance for the next session,” 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.
