The Indian stock market benchmark indices, Sensex and Nifty 50, are likely to open higher on Monday, tracking mixed global market cues amid cautiousness over the escalation of the US-Iran war in the Middle East.
The trends on Gift Nifty also indicate a positive start for the Indian benchmark index. The Gift Nifty was trading around 24,476 level, a premium of nearly 108 points from the Nifty futures’ previous close.
On Friday, the Indian stock market witnessed a strong rally, with the benchmark Nifty 50 closing above 24,300 level.
The Sensex surged 504.86 points, or 0.65%, to close at 78,493.54, while the Nifty 50 settled 156.80 points, or 0.65%, higher at 24,353.55.
Here’s what to expect from Sensex, Nifty 50 and Bank Nifty today:
Sensex Prediction
Sensex formed a bullish candle on weekly charts, and on daily charts, it is holding a higher bottom formation, which is largely positive. In addition, the index is currently trading comfortably above short-term averages, which also supports a further uptrend from the current levels.
“We are of the view that the short-term market texture is bullish, but a buy on dips and sell on rallies strategy would be suitable for traders. On the downside, 77,500 and 77,000 would act as key support zones for Sensex, while 79,500 and 79,800 could be the key resistance areas for the bulls. However, below 77,000, sentiment could change, and Sensex may retest the level of 76,000 – 75,800,” said Amol Athawale, VP Technical Research, Kotak Securities.
Nifty Options Data
From a derivatives perspective, PCR stands near 1.02, reflecting a balanced to slightly positive bias, with put writing at 24,200 – 24,000 providing support, suggesting a broader range with bullish inclination.
“On the higher timeframe, Nifty 50 index has now marked two consecutive positive weekly closes, signalling improving sentiment, while India VIX cooling towards 17 indicates easing volatility, supporting the ongoing recovery. As long as the Nifty 50 index sustains above 24,100 – 24,200, a buy-on-dips strategy remains favourable for continuation of bullish momentum,” said Dhupesh Dhameja, Derivatives Research Analyst, SAMCO Securities.
Nifty 50 Prediction
Nifty 50 index formed a strong bullish candle on the weekly chart for the third consecutive week, indicating sustained buying interest and trend continuation.
“Long bull candle was formed on the daily chart that has overlapped the bear candle of the previous session. Technically, this market action indicates strong uptrend in the market with minimal downward correction in between. Nifty 50 is currently placed at the hurdle of 24,400 levels and a sustainable move above this resistance could open the next upside towards 24,800 in the near term. Immediate support is placed at 24,100,” said Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities.
Nilesh Jain, VP- Head of Technical and Derivative research at Centrum Finverse Ltd. noted that the immediate hurdle for Nifty 50 is seen at the 50-DMA, placed around 24,410, and a decisive breakout above this level could pave the way for an upside move towards 24,700.
“The overall structure remains positive, favoring a buy-on-dips approach, with the support base now shifting higher to around 24,000. Momentum indicators and oscillators continue to reflect strength, as the RSI sustains above the 55 level. Meanwhile, the volatility index has continued to soften, hovering near the 17 mark. Any further decline in volatility is likely to lend additional support to the ongoing bullish sentiment,” said Jain.
Bank Nifty Prediction
Bank Nifty index ended 479.30 points, or 0.85%, higher at 56,565.70 on Friday. For the week, the Bank Nifty index gained 1.17%, and formed a bullish candle on the weekly chart for the second consecutive week.
“For the last three sessions, Bank Nifty index has been consolidating within the 56,834 – 55,842 range. A decisive breakout on either side of this band is likely to set the tone for the next directional move. Going ahead, the immediate resistance for Bank Nifty is placed in the 56,900 – 57,000 zone,” said Sudeep Shah, Head – Technical and Derivatives Research at SBI Securities.
According to him, any sustainable move above this zone could result in Bank Nifty extending its up move towards 57,400, followed by 57,800 in the short term. On the downside, the zone of 56,100 – 56,000 zone is likely to act as an immediate support.
Dr. Ravi Singh, Chief Research Officer (Research), Master Capital Services highlighted that the Bank Nifty index has sustained well above its 21 day EMA, currently placed at 54,969, marking a significant recovery in the banking sector’s relative strength.
“For this week, as long as the Bank Nifty index holds above the 54,900 and 55,500 support levels, the ‘Buy on Dips’ strategy remains approachable. On the upside, the 57,100 – 57,300 zone (aligning with the 100 day EMA) stands as the immediate overhead hurdle; a decisive breakout above this may trigger a fresh surge toward 58,000,” said Singh.
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.
