The Indian stock market benchmark indices, Sensex and Nifty 50, are likely to see a flat opening on Thursday, tracking mixed global market cues.
The trends on Gift Nifty also indicate a muted start for the Indian benchmark index. The Gift Nifty was trading around 25,085 level, a premium of nearly 2 points from the Nifty futures’ previous close.
On Wednesday, the equity market extended its rally for the fifth consecutive session, and the benchmark Nifty 50 closed above 25,000 level.
The Sensex rose 213.45 points, or 0.26%, to close at 81,857.84, while the Nifty 50 settled 69.90 points, or 0.28%, higher at 25,050.55.
Here’s what to expect from Sensex, Nifty 50 and Bank Nifty today:
Sensex Prediction
Sensex formed a bullish candle on daily charts and an uptrend continuation formation on intraday charts, indicating a further uptrend from the current levels.
“Technically, Sensex successfully cleared the 81,500 resistance zone, and post-breakout, it intensified its positive momentum. For day traders, the 81,500 and 81,300 levels would act as key support zones. As long as Sensex trades above these levels, the bullish sentiment is likely to continue,” said Shrikant Chouhan, Head Equity Research, Kotak Securities.
On the higher side, he believes the index could move up to 82,300 – 82,500. Conversely, below 81,300, the uptrend would become vulnerable.
Mayank Jain, Market Analyst, Share.Market said that the next resistance for Sensex lies between 82,600 and 82,800, and a strong move above this could lead to more upside. Support lies between 81,500 and 81,300, and if this breaks, some short-term volatility may follow.
Nifty OI Data
On the derivatives front, the highest Call Open Interest (OI) for Nifty stands at the 25,100 strike, followed by the 25,200 strike, indicating these levels could act as key resistance zones. On the Put side, the highest OI is placed at the 25,000 strike, followed by the 24,900 strike, highlighting strong support levels.
This OI setup suggests that the 25,000 – 25,100 range will be crucial for Nifty’s near-term movement, with a breakout on either side likely to dictate the next directional trend, said Hardik Matalia, Derivative Analyst – Research at Choice Equity Broking.
Nifty 50 Prediction
Nifty 50 index formed a strong bullish-bodied candlestick on the daily chart, indicating renewed strength in the index.
“A reasonable positive candle was formed on the daily chart that signals an uptrend continuation in the market. Nifty 50 is now placed at the hurdle of down sloping trend line at 25,080 levels and the overall chart bullish pattern indicates chances of decisive breakout of the hurdle soon,” said Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities.
According to him, the short-term trend of Nifty 50 continues to be positive, and further upside from here could pull Nifty 50 towards the next overhead resistance of 25,300 in the short term. Immediate support is placed at 24,900.
Dr. Praveen Dwarakanath, Vice President of Hedged.in said that the Nifty 50 made a bullish candle, however, with a big shadow on both sides, indicating uncertainty in the move.
“The momentum indicators are rising towards the overbought region, which can also push the index down in case of a gap-up opening. One needs to be cautious as the global cues on meetings in the US of a few world leaders can impact further moves. The meeting of Trump and Putin can play a key role in further moves in the index,” said Dwarakanath.
According to Mayank Jain, the next resistance zone for Nifty 50 is between 25,100 and 25,200, where selling has happened earlier, and support is seen around 24,850 – 24,750. If this breaks, the index may slide toward the 24,600 – 24,500 zone.
Bank Nifty Prediction
Bank Nifty index underperformed the frontline indices and ended 166.65 points, or 0.30%, lower at 55,698.50 on Wednesday, forming a small bear candle, signaling consolidation amid stock specific action.
“Buying demand in the last few sessions has emerged from the 100-day EMA. We expect the Bank Nifty index to extend consolidation in the range of 54,800 – 56,300. Only a movement beyond this range will signal the next directional move. Key support area 54,800 and 55,000 — a region that aligns with the 100-day EMA and key Fibonacci retracement levels from the prior upward move. A breach below 54,800 will open downside towards the 54,000 levels,” Bajaj Broking Research said in a note.
On the higher side, resistance is seen around the 56,000 – 56,300 range, which corresponds to the recent breakdown area and the 50% retracement of the entire decline (57,628 – 54,905), the brokerage firm added.
Sudeep Shah, Head – Technical and Derivatives Research at SBI Securities highlighted that the Bank Nifty index now trades below its key short-term moving averages of 20 & 50 DEMA.
“Key support is seen at 55,600 – 55,550 levels, a break below which could open doors to 55,400 – 55,350. Immediate resistance is at 55,950 – 56,000,” Shah said.
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.
