The Indian stock market benchmark indices, Sensex and Nifty 50, are likely to remain volatile on Tuesday amid mixed global cues. Market sentiment is likely to remain cautious after US President Donald Trump announced fresh tariffs on countries doing business with Iran.
The trends on Gift Nifty also indicate a mildly positive start for the Indian benchmark index. The Gift Nifty was trading around 25,910 level, a premium of nearly 35 points from the Nifty futures’ previous close.
On Monday, the Indian stock market ended higher, snapping its five-day losing streak, with the Nifty 50 closing near 25,800 level.
The Sensex rose 301.93 points, or 0.36%, to close at 83,878.17, while the Nifty 50 settled 106.95 points, or 0.42%, higher at 25,790.25.
Here’s what to expect from Senex, Nifty 50 and Bank Nifty today:
Sensex OI Data
From an OI perspective, the 83,500 and 83,000 strikes have seen a fresh buildup of Puts, indicating that traders are shifting their base higher after yesterday’s recovery.
“Resistance for Sensex is now pegged at the 84,000 and 84,500 Call strikes. As long as the Sensex sustains above 83,500, the bias for tomorrow remains cautiously bullish,” said Mayank Jain, Market Analyst, Share.Market.
Sensex Prediction
Sensex respected key support and resistance levels, remaining above the support zone of 83,300 – 83,400, which acted as a solid cushion on early weakness.
“On the upside, resistance near 84,300 – 84,400 is expected to be the near-term hurdle, where upside efforts may face profit-booking or supply pressure. With the late-session rebound and support holding, the structure still favors a buy-on-dips approach, provided the key support zone remains intact into the next trading sessions,” said Hitesh Tailor, Research Analyst, Choice Equity Broking.
According to Mayank Jain, Sensex is now positioned to test the 84,400 – 84,500 range, which previously acted as a strong support-turned-resistance.
Nifty OI Data
Nifty derivatives data for today’s weekly expiry shows a significant shift.
“Nifty Put writing has surged at the 25,500 and 25,600 strikes, which will now act as the immediate floor. On the upside, 25,900 and 26,000 remain the primary resistance levels where heavy Call Open Interest (OI) is still parked,” said Mayank Jain.
Nifty 50 Prediction
Nifty 50 index has formed a bullish ‘hammer-like’ candle, suggesting that the five-day losing streak may have finally bottomed out.
“A long bull candle has been formed on the daily chart with a long lower shadow. Technically, this market action is indicating significant turnaround in the market for the short term. This is a positive indication one may expect further upside in the short term,” said Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities.
According to him, the underlying trend of Nifty 50 seems to have turned up post sharp weakness of last week. Having recovered from the key lower levels decisively, he believes Nifty 50 could advance towards the next hurdle of 26,000 – 26,100 levels in the next few sessions.
Sudeep Shah, Head – Technical and Derivatives Research at SBI Securities believes that the Nifty 50 faces a crucial hurdle at the 50-day EMA zone of 25,890 – 25,920.
“A sustained move above 25,920 could open the door for a sharp upside rally, with potential targets at 26,100 and beyond in the near term. On the downside, immediate support is placed around the 100-day EMA zone of 25,650 – 25,620, which will be a key level for traders to watch,” said Shah.
Bank Nifty Prediction
Bank Nifty index ended 198.95 points, or 0.34%, higher at 59,450.50 on Monday, forming a hammer candle on the daily chart, indicating a strong recovery from the lower levels.
“Sharp buying emerged in the Bank Nifty index from lower levels, helping it close above its falling trendline resistance and settle near its 20-day SMA, indicating short-term recovery. On the hourly chart, the RSI has entered a bullish crossover, suggesting improving intraday momentum. However, on the daily chart, the RSI remains weak, hovering around 51 and still in a bearish crossover,” said Vatsal Bhuva, Technical Analyst at LKP Securities.
Given this mixed setup, he advises a cautious stance, and added that the immediate support for the Bank Nifty index is placed at 58,900, while resistance is seen near the 59,500 levels.
Om Mehra, Technical Research Analyst, SAMCO Securities noted that as long as the Bank Nifty index holds above the 58,900 – 59,000 band, downside pressure remains contained.
“On the higher side, 59,700 – 59,800 continues to cap recovery attempts, and only a sustained move beyond this zone would signal a return of upward traction. Until then, Nifty Bank is likely to remain range-bound,” said Mehra.
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.
