The Indian stock market benchmark indices, Sensex and Nifty 50, are likely to open lower on Tuesday, tracking weak global market cues, as the ongoing US-Iran war continues to weigh on risk sentiment.
The trends on Gift Nifty also indicate a gap-down start for the Indian benchmark index. The Gift Nifty was trading around 24,044 level, a discount of nearly 199 points from the Nifty futures’ previous close.
On Monday, the Indian stock market indices ended marginally in green amid high volatility, with the benchmark Nifty 50 holding above 24,200 level.
The Sensex gained 47.01 points, or 0.06%, to close at 77,616.40, while the Nifty 50 settled 4.10 points, or 0.02%, higher at 24,211.00.
Here’s what to expect from Sensex, Nifty 50 and Bank Nifty today:
Sensex Prediction
Sensex formed a bullish candle on the daily chart and recovered most of its morning losses.
“We are of the view that the 20-day SMA (Simple Moving Average) or 77,000 would act as a key support zone for short-term traders. As long as Sensex trades above this level, the uptrend wave is likely to continue. On the higher side, 77,800 would act as an immediate resistance for day traders. If the index successfully breaks that level, the rally could continue till 78,000 – 78,500,” said Shrikant Chouhan, Head Equity Research, Kotak Securities.
On the flip side, he believes below 77,000, the uptrend would become vulnerable, and traders may prefer to exit their long positions.
Mayank Jain, Market Analyst, Share.Market by PhonePe said that the support range of 76,400 – 76,600 stands as a reliable safety net for Sensex, and its ability to remain well above this floor despite severe global headwinds confirms its strength as a solid base.
“The 78,300 – 78,500 zone represents the immediate technical resistance. Sensex requires a decisive daily close above this boundary to unlock the next leg of its upward rally,” said Jain.
Nifty Options Data
In the derivatives segment, the Nifty PCR stands at 1.10, reflecting a mildly bullish undertone.
“Significant Call Open Interest (OI) is concentrated at the 24,200 and 24,300 strikes, while notable Put Open Interest at the 24,000 and 24,100 strikes highlights a strong support base near the psychological 24,000 level,” said Hitesh Tailor, Technical Research Analyst at Choice Broking.
Nifty 50 Prediction
Nifty 50 formed a small-bodied bullish candle on the daily chart, reflecting resilience after a gap-down opening and continued buying interest at lower levels.
“A long positive candle was formed on the daily chart at the lows, which indicates a buy on dips opportunity in the market. Nifty 50 has been hovering within a high low range of 23,800 – 24,500 levels. Having bounced back from the lows, there is a higher possibility of Nifty 50 reaching towards the upper range of 24,500 levels in the short term,” said Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities.
According to him, the immediate support for Nifty 50 is placed at 24,000 levels.
Nilesh Jain, VP- Head of Technical and Derivative research at Centrum Finverse Ltd noted that the overall technical structure remains positive, and as long as the Nifty 50 index sustains above the 24,000 mark, it is likely to extend its upmove towards 24,500 in the near term.
“Momentum indicators continue to reinforce the bullish outlook, with the MACD holding a buy crossover above the zero line and the RSI comfortably above the 50 mark, indicating sustained buying interest,” said Jain.
Meanwhile, the India VIX surged 8% to close above 13; however, it remains well within a comfortable range for the bulls and does not pose any immediate concern to the prevailing uptrend, he added.
Bank Nifty Prediction
Bank Nifty ended 85.55 points, or 0.15%, higher at 58,131.45 on Monday, forming a bullish candle pattern on the daily chart, indicating buying interest at lower levels.
“From a technical standpoint, Bank Nifty continues to trade comfortably above its key short-term and long-term moving averages, with these averages maintaining an upward trajectory. This reflects the prevailing strength in the trend. Furthermore, the daily RSI is on the verge of crossing the 60 mark, suggesting improving momentum and the potential for further upside,” said Sudeep Shah, Head – Technical and Derivatives Research at SBI Securities.
Going ahead, he believes the 58,600 – 58,700 zone is expected to act as a significant resistance area, as several previous swing highs are clustered around this region, while a decisive breakout above 58,700 could trigger fresh momentum buying, leading the Bank Nifty index towards 59,400, followed by the psychologically important 60,000 mark in the short term.
“On the downside, the 57,600 – 57,500 zone remains a crucial support band. As long as Bank Nifty sustains above this level, the broader structure is likely to remain positive,” said Shah.
Om Mehra, Technical Research Analyst, SAMCO Securities highlighted that on the hourly chart, the Supertrend indicator has turned bullish and is placed at 57,400, inching higher and providing a cushion for the ongoing recovery.
“The Bank Nifty index also continues to hold comfortably above its 20-day SMA at 57,750. The RSI is placed at 58, holding steady. The 58,500 – 58,700 zone remains the immediate resistance band, and a decisive close above this range could pave the way for further upside. On the downside, 57,800, followed by 57,600, remains the key support zone,” 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.
