The Indian stock market benchmark indices, Sensex and Nifty 50, are likely to open higher on Tuesday, tracking gains in global markets.
The trends on Gift Nifty also indicate a positive start for the Indian benchmark index. The Gift Nifty was trading around 25,184 level, a premium of nearly 56 points from the Nifty futures’ previous close.
On Monday, the domestic equity market indices ended with strong gains, with the benchmark Nifty 50 closing above the 25,000 level.
The Sensex rallied 442.61 points, or 0.54%, to close at 82,200.34, while the Nifty 50 settled 122.30 points, or 0.49%, higher at 25,090.70.
Here’s what to expect from Sensex, Nifty 50 and Bank Nifty today:
Sensex Prediction
Sensex formed a bullish candle near the 50-day SMA (Simple Moving Average), indicating that a pullback formation is likely to continue in the near future.
“For traders, 82,000 and 81,500 would act as key support zones. As long as Sensex is trading above 81,500, the pullback formation is likely to continue. On the higher side, the bounce back could extend up to the 20-day SMA or 82,800. Further upside may also continue, potentially lifting the index up to 83,000. On the flip side, a decline below 81,500 would make the uptrend vulnerable,” said Shrikant Chouhan, Head Equity Research, Kotak Securities.
Nifty OI Data
In the derivatives segment, Nifty open interest (OI) data showed the highest call writing at the 25,200 strike, while the highest put OI was seen at 25,000 and 25,900 levels.
“This setup suggests that while resistance remains near 25,200, overall trader sentiment remains optimistic, with a decisive close above this level being crucial for sustaining the current bullish momentum,” said Hardik Matalia, Derivative Analyst – Research at Choice Equity Broking.
Nifty 50 Prediction
Nifty 50 shifted into a sizable bounce back on July 21 and closed the day higher by 122 points.
“A reasonable positive candle was formed on the daily chart with lower shadow. Technically, this market action indicates a pullback rally in the market after the downside breakout of immediate support at 25,000 levels on Friday. The negative chart pattern like lower highs and lower lows continued on the daily chart and Monday’s swing low of 24,882 could be considered as a new lower low of the pattern. Hence, any further upside could be a sell on rise opportunity,” said Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities.
According to him, the short-term trend of Nifty 50 remains weak, but a decisive move above the key overhead resistance of 25,250 levels is likely to negate the bearish sentiment in the near term. Any weakness from the lower highs could revisit the recent swing low of 24,882 levels.
Dr. Praveen Dwarakanath, Vice President of Hedged.in suggests that the Nifty 50 index can be bought on every dip with a target of 25,500 and 25,800 levels.
“The momentum indicators are rising from the oversold region, indicating a potential bounce from the current levels. The ADX DI+ line is rising, and the ADX DI- line is dropping, showing that the momentum on the upside is picking up. The index is closing above the 50-day moving average, showing strength in the index,” said Dwarakanath.
VLA Ambala, Co-Founder, Stock Market Today expects Nifty 50 to find support between 25,000 and 24,940, and meet resistance near 25,240 and 25,350 in today’s trading session.
Bank Nifty Prediction
Bank Nifty index ended 669.75 points, or 1.19%, higher at 56,952.75 on Monday, posting its strongest single-day gain in over two weeks, and formed a bullish candle on the daily chart.
“Bank Nifty index reclaimed the 9-day EMA, indicating that the short-term sell-off may be easing, although it remains below the 20-day EMA. For the next session, 56,600 will act as immediate support, aligning with the rising trendline and recent rebound zones. On the upside, a close above 57,100, followed by a close above 57,200, could unlock further momentum toward 57,450,” said Om Mehra, Technical Research Analyst, SAMCO Securities.
For today’s trading session, he believes any intraday dips may present opportunities for re-entry.
Sudeep Shah, Head – Technical and Derivatives Research, SBI Securities, noted that the Bank Nifty index reclaimed its 20-day EMA, adding strength to the ongoing recovery.
“Going ahead, the zone of 56,600 – 56,500 will act as immediate support for the index. While on the upside, the zone of 57,100 – 57,200 will act as a crucial hurdle for the index. Any sustainable move above the level of 57,200 will lead to extension of pullback rally upto the 57,600 level,” said Shah.
According to Hrishikesh Yedve, AVP Technical and Derivative Research, Asit C. Mehta Investment Interrmediates Ltd, Bank Nifty reclaimed the 21-DEMA level placed near 56,755 and formed a bullish candle on the daily chart, indicating strength.
“The next major hurdle for Bank Nifty is placed at 57,280, while immediate support is seen at 56,755 followed by 55,460, where the 34-DEMA is placed. For a fresh bullish trigger, Bank Nifty must cross the 57,280 mark; until then, traders are advised to buy near support and sell near resistance,” said Yedve.
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.
