The Indian stock market benchmark indices, Sensex and Nifty 50, are likely to open higher on Wednesday, tracking 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 23,454 level, a premium of nearly 30 points from the Nifty futures’ previous close.
On Tuesday, the Indian stock market extended its sell-off for the fourth consecutive trading session, with the benchmark Nifty 50 slipping below 23,400 level.
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The Indian stock market benchmarks, Sensex and Nifty 50, are expected to open higher on May 13th, tracking mixed global cues. Gift Nifty indicates a positive start, trading at a premium. However, recent sharp declines have weakened the near-term market structure for both indices.
The recent sell-off in the Indian stock market is attributed to escalating geopolitical tensions in West Asia, particularly concerning remarks about the US-Iran ceasefire, which drove crude oil prices up. Additionally, the weakening Indian Rupee and concerns over the current account deficit have dampened investor sentiment.
For Sensex, immediate support is around 73,800 – 74,000, with resistance at 75,000 – 75,200. For Nifty 50, immediate support is seen around 23,150 – 23,100, with resistance at 23,600. A breach below 23,550 could expose Nifty 50 to the 23,200 zone.
The Bank Nifty index has shown a continued downtrend, closing below key moving averages and forming bearish candlestick patterns. Immediate resistance is in the 54,100 – 54,200 zone, and as long as it stays below 54,200, the downtrend is expected to continue, with potential declines towards 53,000 and 52,500.
The Nifty 50 index has shown a strong bearish candlestick pattern, indicating sustained selling pressure. The RSI has slipped below the 50 mark, reflecting weakening momentum, and the MACD has given a bearish crossover, further confirming the bearish bias in the near term.
The Sensex crashed 1,456.04 points, or 1.92%, to close at 74,559.24, while the Nifty 50 settled 436.30 points, or 1.83%, lower at 23,379.55.
Here’s what to expect from Sensex, Nifty 50 and Bank Nifty today:
Sensex Prediction
The sharp decline in Sensex has further weakened the near-term market structure, with the index slipping below key short-term support levels.
“Immediate support for Sensex is now placed in the 73,800 – 74,000 zone, which is likely to act as a crucial demand area in the coming sessions. On the upside, resistance is seen around 75,000 – 75,200, where recovery attempts may continue to face selling pressure and profit booking,” said Hitesh Tailor, Technical Research Analyst at Choice Equity Broking.
The near-term outlook remains bearish to cautious, as sustained selling pressure and weak sentiment continue to dominate market direction. Volatility is expected to remain elevated in the short term, and unless the index manages to reclaim resistance levels decisively, recovery attempts may remain limited and vulnerable to further profit booking, he added.
Nifty Options Data
In the derivatives segment, significant call writing was visible at the 23,500 and 23,600 strikes, while put writing was concentrated at the 23,400 and 23,300 levels, suggesting a broader bearish bias with lower support zones being positioned by traders.
Nifty 50 Prediction
Nifty 50 index formed a strong bearish candlestick pattern on the daily timeframe, reflecting sustained selling pressure throughout the session.
“A long bear candle was formed on the daily chart which indicates sharp breakdown of the recent consolidation pattern. The unfilled opening downside gap of the last three sessions signals significant reversal in the market on the downside,” said Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities.
According to him, the Nifty 50 index has now entered the huge opening upside gap area of 8 April (around 23,153 – 23,828 levels) and the lower end of this gap could offer support for falling Nifty around 23,150 – 23,100 levels in coming sessions. Immediate resistance is placed at 23,600.
Nilesh Jain, VP- Head of Technical and Derivative research at Centrum Finverse Ltd. noted that the broader structure has turned bearish, indicating further weakness in the near term, with the Nifty 50 index likely to move towards the gap area placed near 23,150 levels.
“However, after the recent sharp decline, a pullback move cannot be ruled out, though any bounce is likely to witness selling pressure at higher levels. The momentum indicator MACD has given a bearish crossover, while the RSI has slipped below the 50 mark, reflecting weakening momentum,” said Jain.
On the volatility front, India VIX surged nearly 10% to close around 18.50 levels. Any sustained move above the 20 mark could further elevate nervousness among market participants, he added.
Bank Nifty Prediction
Bank Nifty index ended 884.70 points, or 1.63%, lower at 53,555.20 on Tuesday, forming a third consecutive bearish candlestick pattern with a lower high and a lower low, signaling extension of the decline and continuation of the downtrend.
“Bank Nifty index is currently trading well below its key moving averages, indicating a weakening trend structure. Notably, the daily RSI has slipped below the 40 mark for the first time since April 02, 2026, highlighting a clear shift in momentum in favour of the bears. Going forward, the 54,100 – 54,200 zone is likely to act as a significant resistance for the index,” said Sudeep Shah, Head – Technical and Derivatives Research at SBI Securities.
As long as Bank Nifty remains below the 54,200 level, he expects the prevailing downtrend to continue, with the index likely to drift towards 53,000 in the near term, followed by a potential decline towards the 52,500 level.
Bajaj Broking Research highlighted that the Bank Nifty index breached the lower band of the last 3 weeks consolidation range 54,200 – 56,500 and closed sharply below the 54,000 levels.
“Bias continues to remain down below Tuesday’s high of 54,365 and a follow through weakness will open further downside towards 52,700 – 52,400 levels being the confluence of the lower band of the 8th April gap area and the 61.8% retracement of the previous pullback ( 49,955 – 57,456),” 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.
