The Indian stock market benchmark indices, Sensex and Nifty 50, are likely to open lower on Tuesday, amid worries over the impact of the prolonged US-Iran war.
The trends on Gift Nifty also indicate a negative start for the Indian benchmark index. The Gift Nifty was trading around 22,930 level, a discount of nearly 126 points from the Nifty futures’ previous close.
On Monday, the Indian stock market ended with strong gains, with the benchmark indices rising more than 1% each.
The Sensex jumped 787.30 points, or 1.07%, to close at 74,106.85, while the Nifty 50 settled 255.15 points, or 1.12%, higher at 22,968.25.
Here’s what to expect from Sensex, Nifty 50 and Bank Nifty today:
Sensex Prediction
Sensex continues to hold its structure well above key support levels.
“Immediate support for Sensex is placed around 73,000 – 72,500, which is expected to act as a strong cushion on any downside. As long as these levels are respected, the overall outlook remains positive. On the higher side, 75,000 – 75,500 is likely to act as a key resistance zone. A breakout above this range may lead to a sharp upside move supported by continued buying interest,” said Riyank Arora, Associate Vice President – HNI & Derivatives, Hedged.in.
The broader market trend remains strongly bullish, and any dips towards support levels should be viewed as buying opportunities, as long as key levels are sustained, he added.
Nifty Options Data
In the derivatives segment, notable call writing was observed at the 23,000 strike, followed by the 23,200 strike. On the Put side, significant writing activity was seen at the 22,900 and 22,800 strike levels, indicating key support zones, said Hitesh Tailor, Research Analyst – Research at Choice Equity Broking.
Nifty 50 Prediction
Nifty 50 index formed a bullish candlestick pattern with a higher high and a higher low, signaling continuation of the pullback from the extreme oversold territory.
“A long bull candle was formed on the daily chart with lower shadow, which indicates a relief rally in the market from the lows. This market action hints at a possibility of a formation of short-term bottom reversal at the recent swing low of 22,182 levels,” said Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities.
According to him, the short-term trend of Nifty 50 is positive, and a sustainable move above the immediate resistance of 23,000 levels is likely to pull Nifty 50 towards the next hurdle of 23,500 levels in the near term. Immediate support is placed at 22,600.
Nilesh Jain, VP- Head of Technical and Derivative research at Centrum Finverse Ltd noted that the overall structure is gradually turning positive, suggesting a continuation of the upward move towards 23,200, followed by 23,400 levels.
“Support has also shifted higher to the 22,500 zone. The momentum indicator RSI has started forming a higher top and higher bottom pattern and has crossed the 40 mark, indicating improving sentiment. However, India VIX remains elevated around 25, and a cooling-off in volatility would be essential for sustained bullish momentum,” said Jain.
Bank Nifty Prediction
Bank Nifty index ended 1,060.35 points, or 2.06%, higher at 52,609.10 on Monday, forming a morning star pattern on the daily chart.
“Bank Nifty index has moved above its 10-day EMA, while the daily RSI has risen above the 40 mark and is trading above its 9-day EMA. This configuration indicates a shift in sentiment from a strong bearish phase toward a sideways to mildly positive bias. Looking ahead, the 53,000 – 53,100 zone will act as an immediate hurdle for the index,” said Sudeep Shah, Head – Technical and Derivatives Research at SBI Securities.
He believes a sustainable move above 53,100 could trigger an extension of the pullback rally toward 53,600, followed by 54,100 in the short term. On the downside, 52,100 – 52,000 is expected to provide crucial support.
Om Mehra, Technical Research Analyst, SAMCO Securities highlighted that recovery has pushed the Bank Nifty index toward the 23.6% Fibonacci retracement level near 52,720, while the broader trend remains under check. The index continues to trade below its key short-term moving averages, indicating that the recovery is still in its early phase.
“The RSI has moved higher toward 40, suggesting improving momentum, while the MACD histogram is contracting and nearing a positive crossover. On the hourly chart, a double bottom formation is visible near the 50,500 zone, indicating gradual improvement in the short term. The resistance is placed around 53,100 – 53,400, and a sustained move above this band on a closing basis would be required to extend the recovery,” said Mehra.
According to him, on the downside, 51,800 remains a key support zone; a move below this level may keep the index under pressure.
“The current setup reflects a short-term recovery within a broader corrective phase, with improvement visible, though confirmation still depends on reclaiming higher resistance levels,” Mehra added.
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.
