The Indian stock market benchmark indices, Sensex and Nifty 50, are likely to open lower on Friday, tracking weak cues from global markets.
The trends on Gift Nifty also indicate a negative start for the Indian benchmark index. The Gift Nifty was trading around 25,561 level, a discount of nearly 75 points from the Nifty futures’ previous close.
On Thursday, the Indian stock market ended mixed amid volatility, with the benchmark Nifty 50 closing near 25,500 level.
The Sensex fell 27.46 points, or 0.03%, to close at 82,248.61, while the Nifty 50 settled 14.05 points, or 0.06%, higher at 25,496.55.
Here’s what to expect from Sensex, Nifty 50 and Bank Nifty today:
Sensex Prediction
Sensex formed a bearish candle on the daily charts, indicating indecisiveness between bulls and bears.
“We are of the view that the current market texture is non-directional, and traders are likely waiting for either side to breakout. On the higher side, 82,600 would be the immediate breakout zone for traders. Above this level, Sensex could rally towards 82,900 – 83,000. On the flip side, below 82,000, selling pressure is likely to accelerate,” said Shrikant Chouhan, Head Equity Research, Kotak Securities.
If the level is breached, he believes Sensex could slip to 81,700 – 81,600.
Riyank Arora, Associate Vice President – HNI & Derivatives, Hedged.in said that 81,800 and 81,500 act as strong support levels, whereas 83,100 and 83,500 serve as major resistance zones for Sensex.
“A sustained move beyond these levels could trigger momentum on either side. Overall, the market is consolidating within a defined range. A breakout from these levels will provide clarity on the next trend direction,” said Arora.
Nifty OI Data
In the derivatives segment, heavy put writing was seen at the 25,400 strike, along with aggressive call writing at the 25,700 strike. Traders are advised to remain cautious near critical support levels and wait for a clear breakout above resistance zones before taking fresh directional positions, said Hitesh Tailor, Research Analyst – Research at Choice Equity Broking.
Nifty 50 Prediction
Nifty 50 index formed a small bear candle with a small lower shadow, signaling continuation of the consolidation amid stock specific action.
“A small negative candle was formed on the daily chart with lower shadow. Technically, this market action signals a lack of strength in the market to sustain the highs. Frequent lower highs have been formed recently and the repeated testing of the crucial lower supports was seen around 25,400 levels. This is not a good sign,” said Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities.
According to him, the underlying trend of Nifty 50 remains choppy, and crucial lower supports to be watched are around 25,400 – 25,350 levels on any weakness from here. Immediate resistance is placed at 25,600.
Riyank Arora noted that the Nifty 50 index is currently trading in a sideways range, reflecting consolidation at current levels.
“Nifty 50 index has a major support zone near 25,300, while 25,650 stands as a key resistance. A decisive breakout on either side will likely determine the next directional move. Until then, the broader trend remains range-bound with stock-specific action dominating,” said Arora.
Bank Nifty Prediction
Bank Nifty index ended 144.35 points, or 0.24%, higher at 61,187.70 on Thursday, forming a high wave candle with a small real body and shadows in either direction signaling consolidation amid stock specific action.
This pattern reinforces the emergence of a demand zone and highlights the reluctance of sellers to push the index meaningfully lower. Looking ahead, the 60,800 – 60,700 range will continue to serve as a crucial support base for the Bank Nifty index. A sustained hold above this zone will maintain the positive undertone and prevent a deeper corrective move,” said Sudeep Shah, Head – Technical and Derivatives Research at SBI Securities.
On the upside, he said that the region between 61,400 – 61,500 is expected to act as a significant resistance band, where supply pressure has previously capped upward momentum. A breakout above 61,500, especially with strong volumes and a decisive close, is likely to trigger a sharp upward acceleration.
“If the Bank Nifty index successfully surpasses this hurdle, it could pave the way for a near-term rally toward the 62,000 mark, followed by a potential extension toward 62,500 in the short term. Such a move would indicate a shift in momentum in favour of the bulls and could re-establish a stronger trending phase for the banking index,” said Shah.
Bajaj Broking Research highlighted that the bias remains positive and believes dips should be used as buying opportunity, with short term support seen at 60,500 – 60,200 levels being the confluence of the 20 days EMA and the key retracement of previous up move.
“Volatility is likely to remain elevated amid uncertain global cues. In the near-term, the Bank Nifty index is likely to trade in the range of 60,000 – 61,750. A decisive move beyond this range could trigger fresh directional momentum,” said the brokerage firm.
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.
