The Indian stock market benchmark indices, Sensex and Nifty 50, are likely to open higher on Monday, tracking upbeat global market cues.
The trends on Gift Nifty also indicate a gap-up start for the Indian benchmark index. The Gift Nifty was trading around 25,926 level, a premium of nearly 191 points from the Nifty futures’ previous close.
On Friday, the Indian stock market ended higher after the announcement of the Reserve Bank of India (RBI) policy, with the benchmark Nifty 50 closing near 25,700 level.
The Sensex rose 266.47 points, or 0.32%, to close at 83,580.40, while the Nifty 50 settled 50.90 points, or 0.20%, higher at 25,693.70.
Here’s what to expect from Sensex, Nifty 50, and Bank Nifty today:
Sensex Prediction
Sensex gained 1.59% last week, and formed a bullish candle accompanied by a noticeable upper shadow on the weekly chart, indicating intermittent profit booking at higher levels.
“Immediate support for the Sensex is now at the 82,900 – 83,100 zone. On the upside, reclaiming the 84,000 – 84,200 resistance zone is essential for a complete trend reversal. The 84,000 mark continues to host a high concentration of Call Open Interest (OI), acting as a major psychological and technical barrier for the bulls as they head into the new week,” said Mayank Jain, Market Analyst, Share.Market.
Ponmudi R, CEO – Enrich Money noted that Sensex is currently holding above the 50-day EMA at 83,576 and the 100-day EMA at 83,395.
“Immediate support is placed at 83,000 – 83,300, with a stronger support zone lying at 82,500 – 82,800. Resistance is visible near 84,000– 84,500, which represents prior highs. Large-cap heavyweights are likely to continue attracting long-term interest, and near-term momentum favours gradual upside unless global headwinds intensify significantly,” said Ponmudi R.
Nifty 50 Prediction
Nifty 50 formed a strong bullish candlestick on the weekly chart and closed decisively above the 20-week EMA, reflecting a positive shift in medium-term trend structure and strengthening bullish sentiment.
“A reasonable bull candle was formed on the daily chart with a long lower shadow. Technically, this market action indicates a formation of a bullish hammer type candle pattern (not a classical one). Technically, this market formation after a downward correction indicates possible reversal of trend on the upside,” said Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities.
According to him, the huge opening upside gap of 3rd February is still partially filled after four sessions of its formation. If this gap remains partially filled for the next couple of sessions, then that could be considered as a ‘bullish runaway gap’, which is more often formed in the middle of an uptrend.
“Hence, a sustainable move above 25,800 could pull Nifty 50 towards 26,000 and next 26,350 levels in the near term. Immediate support is placed at 25,500,” said Shetti.
Nilesh Jain, Head – Technical and Derivatives Research Analyst (Equity Research), Centrum Broking highlighted that the momentum indicators have turned supportive on the daily chart, with RSI rebounding from the oversold zone and moving above the 50 mark, indicating improving strength.
“Meanwhile, India VIX cooled off sharply by 20% during the week to close near 12, any further decline in volatility would offer additional comfort to the bulls. Overall, the structure for Nifty 50 looks positive with an upside potential towards 26,000 levels, and a buy-on-dips strategy remains advisable as long as the index sustains above 25,250,” said Jain.
According to current chart patterns, Mayank Jain of Share.Market believes that the immediate support for Nifty 50 is placed at the 25,550 – 25,600 zone, where the 25,500 Put strike has seen steady accumulation.
“A breach below this could lead to a test of the 25,400 level. Conversely, immediate resistance is visible in the 25,800 – 25,850 range, with a strong hurdle at 26,000 where Call writers remain most aggressive,” said Jain.
Bank Nifty Prediction
Bank Nifty index ended 56.90 points, or 0.09%, higher at 60,120.55 on Friday, forming a thin-bodied candle with a relatively long lower shadow on the daily chart, suggesting demand emerging at lower levels and responsive buying on dips.
“For Bank Nifty, the immediate resistance is placed in the 60,300 – 60,400 zone, making it a crucial supply area to watch. Any sustained move above this zone could lead to the index continuing its up move on the upside towards 60,800, followed by 61,200 in the near term. On the downside, the 20-day EMA zone of 59,700 – 59,600 zone is likely to act as a strong support,” said Sudeep Shah, Head – Technical and Derivatives Research at SBI Securities.
Dr. Ravi Singh, Chief Research Officer at Master Capital Services Ltd. noted that the Bank Nifty index continues to trade above its 21-day and 55-day EMAs, indicating improving momentum and strengthening trend structure.
“Immediate support is placed in the 59,650 – 59,550 zone, aligned with the 21-day EMA and a break below this could drag the index toward 59,000. On the upside, 60,400 remains a key hurdle, and sustained strength above this level may trigger a recovery toward 61,000. Overall, the setup supports a buy-on-dips approach,” said Singh.
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.
