The Indian stock market benchmark indices, Sensex and Nifty 50, are likely to open higher on Thursday, tracking mixed global market cues, and a sharp fall in crude oil prices.
The trends on Gift Nifty also indicate a positive start for the Indian benchmark index. The Gift Nifty was trading around 24,130 level, a premium of nearly 78 points from the Nifty futures’ previous close.
On Wednesday, the Indian stock market ended higher, with the benchmark Nifty 50 reclaiming the 24,000 level.
The Sensex jumped 790.54 points, or 1.04%, to close at 76,991.22, while the Nifty 50 settled 197.55 points, or 0.83%, higher at 24,021.65.
Here’s what to expect from Sensex, Nifty 50 and Bank Nifty today:
Sensex Prediction
Sensex formed a promising reversal pattern on intraday charts, and a bullish candle on daily charts.
“We are of the view that as long as Sensex is trading above 76,700, the pullback formation is likely to continue. On the higher side, the rally could extend to 77,500 – 77,700. On the flip side, below 76,700, sentiment could change. Below this level, Sensex could retest 76,400 – 76,200,” said Shrikant Chouhan, Head Equity Research, Kotak Securities.
Hitesh Tailor, Technical Research Analyst at Choice Equity Broking believes that the overall market bias has improved significantly, and as long as Sensex sustains above the 76,000 – 76,200 support zone, the positive momentum is likely to continue.
“On the upside, immediate resistance is placed around 77,500 – 77,700. A decisive move above this zone could further strengthen the bullish outlook and open the door for an extension of the ongoing uptrend,” said Tailor.
Nifty Options Data
On the Nifty options front, maximum Call Open Interest (OI) is at 24,200 then 24,000 strike, while maximum Put OI is at 24,000 then 23,900 strike. Call writing is seen at 24,050 then 24,300 strike, while Put writing is seen at 24,000 then 23,900 strike.
“Option data suggests a broader trading range in between 23,600 to 24,400 zones, while an immediate range between 23,800 to 24,200 levels,” said Chandan Taparia, Head Derivatives & Technicals, Wealth Management, Motilal Oswal Financial Services Ltd.
Nifty 50 Prediction
Nifty 50 formed a Piercing Line candlestick pattern near the 20EMA support zone on the daily timeframe, signalling the possibility of a strong rally in the short term.
“A long bull candle was formed on the daily chart on Wednesday that has overlapped the long bear candle of previous session on the upside. Technically, this market action indicates an excellent comeback of bulls after one session of correction. This is a positive indication,” said Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities.
According to him, the crucial support of previous opening upside gap of 15th June has acted as a reversal for the Nifty 50 to bounce back. From here, he believes Nifty 50 could challenge its immediate resistance of around 24,150 – 24,200 levels and is likely to advance towards 24,500 – 24,600 levels in the near-term. Immediate support is placed at 23,800.
Mayank Jain, Market Analyst, Share.Market by PhonePe said that the technical chart support for Nifty 50 lies in the 23,750 – 23,850 range, while resistance is placed at 24,250 – 24,350 levels.
“Wednesday’s low of 23,789.25 proves that this area is acting as strong immediate support. As long as Nifty 50 stays above 23,750, the short-term outlook remains positive. According to chart analysis, the main hurdle for the index lies between the 24,250 and 24,350 levels,” said Jain.
Riyank Arora, Associate Vice President – HNI & Derivatives, Hedged.in noted that the Nifty 50 index managed to move decisively above the psychological 24,000 mark, reflecting strength in the ongoing trend.
“Immediate support for Nifty 50 is now placed near 23,900 – 23,850, while a stronger support zone exists around 23,750. On the upside, resistance is seen at 24,100 – 24,150, followed by 24,250. A sustained move above these levels could accelerate bullish momentum and open the door for further gains,” said Arora.
Bank Nifty Prediction
Bank Nifty index ended 966.60 points, or 1.69%, higher at 58,150.35 on Wednesday, forming a bullish engulfing pattern on the daily chart.
“The RSI has rebounded from around the 60 mark, signalling a fresh pickup in bullish momentum. Going ahead, the immediate resistance for Bank Nifty is placed in the 58,500 – 58,600 zone. Any sustainable move above this zone could result in Bank Nifty extending its pullback towards 59,000, followed by 59,400 in the short term,” said Sudeep Shah, Head – Technical and Derivatives Research at SBI Securities.
On the downside, he sees immediate support for Bank Nifty placed in the 57,700 – 57,600 zone.
Om Mehra, Technical Research Analyst, SAMCO Securities highlighted that the Bank Nifty index continues to hold above all its key moving averages, highlighting that the broader uptrend remains firmly intact. The RSI is placed at 66, reflecting strong momentum, while the MACD remains positive and continues to hold above its signal line, indicating sustained bullish momentum.
“The 1.236 Fibonacci extension level at 58,520 has repeatedly capped advances and remains a key level to watch. A decisive breakout above this zone could pave the way for further upside in the sessions ahead. However, until then, the previous swing high at 57,450 is expected to provide immediate support on any decline,” 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.
