The Indian stock market benchmark indices, Sensex and Nifty 50, are likely to open lower on Monday, tracking mixed cues from global markets, after US and Iran rejected peace proposal which sent crude oil prices higher.
The trends on Gift Nifty also indicate a negative start for the Indian benchmark index. The Gift Nifty was trading around 24,055 level, a discount of nearly 179 points from the Nifty futures’ previous close.
On Friday, the Indian stock market extended losses for the second consecutive session and ended lower, with the Nifty 50 closing below 24,200 level.
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Sensex is expected to find support near 76,500 and resistance around 78,000. Nifty 50 has support at 24,000 and resistance at 24,500.
The Indian stock market is likely to open lower due to mixed global cues, particularly higher crude oil prices following the US and Iran rejecting a peace proposal.
On Friday, the Sensex closed 516.33 points lower at 77,328.19, and the Nifty 50 settled 150.50 points down at 24,176.15, extending losses for the second consecutive session.
Immediate support for Bank Nifty is seen in the 54,900 – 54,800 zone, with resistance around 55,800 – 55,900. A crucial support zone for the week is 54,400 – 54,500.
Geopolitical developments, specifically US-Iran tensions, are significantly influencing investor sentiment and are expected to drive market volatility in the coming week.
The Sensex slipped 516.33 points, or 0.66%, to close at 77,328.19, while the Nifty 50 settled 150.50 points, or 0.62%, lower at 24,176.15.
Here’s what to expect from Sensex, Nifty 50 and Bank Nifty today:
Sensex Prediction
Sensex experienced range-bound activity last week, and found support near 76,500, while on the upside, profit booking was seen near the 78,000 resistance mark.
“For Sensex, 76,500 would act as a crucial support zone for traders. As long as the index trades above this level, the bullish sentiment is likely to continue. On the higher side, 78,000 would be the immediate resistance zone. A successful breakout above 78,000 could push Sensex up to 78,300 – 78,900,” said Amol Athawale, VP Technical Research, Kotak Securities.
Conversely, if Sensex falls below 76,500, selling pressure is likely to accelerate, and below this level, the index could retest 75,900, with further downside potentially dragging it to 75,400 – 75,200.
Nifty 50 Prediction
Nifty 50 formed an evening star formation on the daily chart, signalling potential near-term exhaustion after the recent advance. For the week, Nifty 50 gained 0.74%, forming a small-bodied candle with wicks on both sides, reflecting a balanced but indecisive week.
“Nifty 50 index managed to hold above its 21-DMA support placed near 24,140 levels on a closing basis. Momentum indicators and oscillators are showing signs of improvement, with the RSI hovering around 46 levels,” said Nilesh Jain, VP- Head of Technical and Derivative research at Centrum Finverse Ltd.
According to him, the broader structure continues to remain sideways to positive, and a gradual recovery towards 24,300 – 24,500 levels is likely in the near term, while the crucial support of the 50-DMA is placed around 24,000 levels.
Aakash Shah, Technical Research Analyst at Choice Broking said that the price action suggests that the Nifty 50 index continues to maintain a positive undertone, although resistance near higher levels is restricting further upside momentum.
“On the upside, resistance levels are placed at 24,500 and 24,600. On the downside, support is seen at 24,000 and 23,800. A breakdown below 23,800 could result in increased selling pressure,” said Shah.
Given the current market structure, he advises traders to remain disciplined and adhere to strict stop-loss strategies amid ongoing volatility.
Bank Nifty Prediction
Bank Nifty index ended 736.85 points, or 1.31%, lower at 55,310.55 on Friday, forming a sizeable bearish candle on the daily chart and slipping below its 20-day EMA, indicating short-term weakness. For the week, the index gained 0.82%.
“Going ahead, the immediate support for Bank Nifty is placed in the 54,900 – 54,800 zone. Any sustainable move below this zone could result in Bank Nifty extending its weakness towards 54,500, followed by 54,100 in the short term. On the upside, the immediate resistance for the Index is placed in the 55,800 – 55,900 zone,” said Sudeep Shah, Head – Technical and Derivatives Research at SBI Securities.
Dr. Ravi Singh, Chief Research Officer from Master Capital Services Ltd. highlighted that the Bank Nifty index is currently hovering near its 21 day EMA and trading below its 55 day EMA.
“For this week, the 54,400 – 54,500 zone acts as the immediate crucial support zone; as long as the Bank Nifty index sustains above this, the structural recovery remains valid. On the upside, 56,000 (aligned with the 50 day EMA) remains a stiff resistance barrier,” said Singh.
According to him, a decisive breakout above 56,000 is required to trigger a fresh rally toward the 56,500 mark.
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.
