Nifty 50, Sensex today: The domestic equity market benchmark indices, Sensex and Nifty 50, are expected to open lower on Monday, following mixed global market cues.
The trends on Gift Nifty also indicate a negative start for the Indian benchmark index. The Gift Nifty was trading around 25,173.50 level, a discount of 48.4 points from the Nifty futures’ previous close.
On Friday, the Indian stock market ended sharply lower, with the Nifty 50 closing below 25,200 level.
The Sensex dropped 689.81 points, or 0.83%, to close at 82,500.47, while the Nifty 50 settled 205.40 points, or 0.81%, lower at 25,149.85.
Here’s what to expect from Sensex, Nifty 50, and Bank Nifty today:
Sensex Prediction
Sensex formed a bearish candle on weekly charts, and on daily charts, it has formed a lower top formation.
“We believe that as long as Sensex remains below 83,000, the weak sentiment is likely to continue. Below this level, the index could slip to the 50-day SMA or around 82,100. Further downside may also continue, potentially dragging the market down to 81,500 – 81,100,” said Amol Athawale, VP- Technical Research, Kotak Securities.
On the other hand, he believes if Sensex trades above 83,000, sentiment could improve, and if the index manages to stay above this level, it could move up to 83,700 – 84,000.
Nifty 50 Prediction
Nifty 50 slipped below the 20-day SMA (Simple Moving Average) zone, and formed a bearish structure on the weekly chart, pointing to the likelihood of continued correction.
“Nifty 50 violated the crucial supports of 25,331 and 25,222 and closed below its 20-day moving average (20 DMA). The short-term trend has now turned bearish for the Nifty 50, where the next support is seen in the band of 24,900 – 25,000. On the higher side, the previous support level of 25,331 could now interchange its role as an immediate resistance,” said Nandish Shah – Deputy Vice President, HDFC Securities.
Dr. Praveen Dwarakanath, Vice President of Hedged.in, noted that the Nifty 50 broke down below the support at the 25,200 level, indicating weakness in the index.
“The momentum indicators are showing signs of weakness in the index. The weekly expiry calls are written in higher volumes, also indicating the weakness to continue. The ADX DI+ line is sloping down, with the ADX DI- line sloping up, suggesting a further fall in the index from the current levels. The index closed below its 20-day moving average, further confirming the weakness in the index,” said Dwarakanath.
VLA Ambala, Co-Founder, Stock Market Today, suggests traders to consider a sell-on-rise strategy and avoid dip buying until the Nifty 50 index reaches the 24,500 levels.
“We can expect Nifty 50 to find support between 24,950 and 24,840, and meet resistance near 25,220 and 25,300 in today’s trading session,” Ambala said.
Bank Nifty Prediction
Bank Nifty index declined 201.30 points, or 0.35%, to close at 56,754.70, on Friday, forming a bear candle with a lower high and lower low, signaling continuation of the corrective decline for the second session in a row.
“Bank Nifty index, on expected lines, in the last six sessions, is seen consolidating in the range 56,500 – 57,600. We expect the index to extend the same and only a move below 56,500 will signal extension of corrective decline towards the key support area of 56,000 – 55,500. Key short-term term support is placed at 56,000 – 55,500 region, representing a confluence of the 50-day EMA and the key retracement level,” Bajaj Broking Research said.
According to the brokerage firm, the broader trend remains positive, and any dips should be viewed as buying opportunities.
Mandar Bhojane, Senior Technical & Derivative Analyst – Research at Choice Equity Broking advises a ‘sell on rise’ strategy as long as the Bank Nifty index holds below the 57,500 mark, with downside targets placed at 56,500 and 56,000.
“For the ongoing expiry, put options show the highest concentration near the 56,500 and 56,000 strikes, marking these as key support levels. Conversely, significant open interest in call options at 57,000 and 57,500 indicates potential resistance, suggesting a likely trading range of 56,000–57,500 in the upcoming sessions. Traders are advised to remain cautious, consider a sell on rise approach, and maintain strict stop-loss levels to manage risks effectively amid ongoing market volatility and potential price fluctuations,” said Bhojane.
He believes the bias remains sideways, and the Bank Nifty index is likely to find support at 56,500 – 56,000, and face significant resistance in the 57,000 – 57,500 range.
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.
