The Indian stock market benchmark indices, Sensex and Nifty 50, are likely to open flat on Wednesday, following gains in global markets.
The trends on Gift Nifty also indicate a muted start for the Indian benchmark index. The Gift Nifty was trading around 25,762 level, a premium of nearly 23 points from the Nifty futures’ previous close.
On Tuesday, the Indian stock market extended gains for the second consecutive session, with the benchmark Nifty 50 closing above 25,700 level.
The Sensex rallied 173.81 points, or 0.21%, to close at 83,450.96, while the Nifty 50 settled 42.65 points, or 0.17%, higher at 25,725.40.
Here’s what to expect from Sensex, Nifty 50 and Bank Nifty today:
Sensex Prediction
Sensex is holding an uptrend continuation formation on intraday charts, and also formed a bullish candle on daily charts, which is largely positive.
“We are of the view that 83,000 and 82,700 remain the crucial support zones for traders. As long as Sensex is trading above these levels, the bullish momentum is likely to continue. On the higher side, 83,700 would act as an immediate resistance zone for the bulls. A successful breakout above 83,800 could push the index towards 84,200 – 84,500,” said Shrikant Chouhan, Head Equity Research, Kotak Securities.
On the flip side, he said that below 82,700, the uptrend would become vulnerable.
Nifty 50 Prediction
Nifty 50 formed a reasonable positive candle on the daily chart with minor upper and lower shadow.
“Technically, this market action signals a breather in the market after a sharp bounce back in the previous session. The crucial hurdle of the previous opening downside gap of 13 February has been filled completely on the upside at 25,750 levels, said Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities.
According to him, the underlying short-term trend of Nifty 50 remains positive, and a decisive move above the hurdle of 25,750 – 25,800 levels is likely to bring bulls into further action towards the upside of 26,000 and next 26,350 in the near term. Immediate support is placed at 25,600 levels.
Nilesh Jain, VP- Head of Technical and Derivative Research at Centrum Finverse noted that the Nifty 50 closed above its 100-DMA near 25,700, indicating improving strength, but the index faced resistance around the 50-DMA placed at 25,750, a decisive breakout above this level could pave the way for further upside towards 26,000.
“On the downside, immediate support has shifted higher to 25,600. Meanwhile, India VIX cooled off sharply, declining by nearly 5% to slip below the 13 mark. Any further easing in volatility is likely to remain supportive of bullish sentiment. Overall, the broader structure continues to look positive, and a buy-on-dips approach should be maintained as long as the Nifty 50 holds above the 25,400 zone,” said Jain.
Riyank Arora, Associate Vice President – HNI & Derivatives, Hedged.in said that a decisive breakout above 25,750 could open the door for an upside move towards 25,800 and further to 25,900.
“On the downside, 25,600 remains an immediate support, followed by a major support near 25,500. As long as the index holds above these support levels, the broader structure remains stable, while a breakout on the upside could strengthen bullish momentum,” said Arora.
Bank Nifty Prediction
Bank Nifty index ended 224.90 points, or 0.37%, higher at 61,174.00 on Tuesday, forming a bullish candle with a minor lower shadow on the daily chart, signalling continued buying interest at lower levels.
“With Bank Nifty hovering close to its all-time high, the overall structure remains decisively positive. All major moving averages are aligned upward, and momentum indicators continue to reflect a firm bullish undertone, reinforcing confidence in the ongoing trend. From a technical perspective, the support base has now shifted higher. The immediate support zone lies in the 60,800 – 60,700 range, which is expected to act as a strong cushion during any intraday dips,” said Sudeep Shah, Head – Technical and Derivatives Research at SBI Securities.
According to him, as long as the Bank Nifty index holds above 60,700, the broader setup remains favourable for further upside, and it is likely to test 61,600, followed by 62,100 level in the short term.
Bajaj Broking expects the Bank Nifty index to trade with a positive bias as long as it sustains above the breakout zone.
“Bank Nifty index is currently trading above its key moving averages, reinforcing the strength of the prevailing momentum and suggesting that the upward trajectory may continue in the short term. Immediate resistance is placed at 61,500, followed by 61,800, where some profit booking may emerge. A decisive move above these levels could extend the ongoing uptrend,” said Bajaj Broking.
On the downside, it said support levels have shifted higher to 60,800, followed by 60,500, indicating that buyers are stepping in at elevated levels.
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.
