The Indian stock market benchmark indices, Sensex and Nifty 50, are likely to extend gains and open higher on Thursday, tracking positive global market cues.
The trends on Gift Nifty also indicate a positive start for the Indian benchmark index. The Gift Nifty was trading around 25,298 level, a premium of nearly 45 points from the Nifty futures’ previous close.
On Wednesday, the domestic equity market ended higher, with the benchmark Nifty 50 closing above 25,200 level.
The Sensex rallied 539.83 points, or 0.66%, to close at 82,726.64, while the Nifty 50 settled 159.00 points, or 0.63%, higher at 25,219.90.
Here’s what to expect from Sensex, Nifty 50 and Bank Nifty today:
Sensex Prediction
Sensex is holding an uptrend continuation formation on intraday charts, and has formed a bullish candle on daily charts, which is largely positive.
“For positional traders, the 50-day SMA (Simple Moving Average) at 82,000 and 82,200 would act as key support zones. As long as Sensex trades above these levels, the bullish sentiment is likely to continue. On the higher side, the 20-day SMA or 83,000 could serve as the immediate hurdle for the bulls. A successful breakout above these levels could push the index towards 83,300 – 83,500,” said Shrikant Chouhan, Head Equity Research, Kotak Securities.
On the flip side, he believes if Sensex falls below 82,000, the uptrend would become vulnerable, and below this level, traders may prefer to exit their long positions.
Nifty 50 Prediction
Nifty 50 ended above the 25,200 level on July 23, and formed a green candle on the daily chart.
“A reasonable positive candle was formed on the daily chart which indicates a gradual strengthening of the pull back rally in the market. Nifty 50 is currently placed at the crucial hurdle of 25,250 levels (previous lower high) and a sustainable move above this hurdle is likely to open sharp buying in the short term,” said Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities.
According to him, the underlying short-term trend of Nifty 50 seems to have turned positive amidst range-bound action, and a decisive move above 25,250 levels could open the next upside target of 25,550 in the near term. Immediate support is placed at 25,100.
Om Mehra, Technical Research Analyst, SAMCO Securities noted that the Nifty 50 index is alternating between lower and higher closes, indicating hesitation rather than a clear trend change.
“On the hourly chart, the double bottom is in place and price has moved above the neckline, confirming a short-term push on the upside. On the daily frame, Nifty is holding above the 9 EMA while still capped by the 20 EMA. The Donchian mid-line, around 25,275, is acting as an intraday pivot, with the price hovering near the middle of the band envelope. The daily RSI is at 52, neutral but edging higher, in line with the hourly recovery,” Mehra said.
Fibonacci extensions from the recent upswing highlight 25,350 (38.2%) and 25,400 (50%) as immediate hurdles. Support remains at 25,070, while resistance stands at 25,350 and 25,400, he added.
“A buy on dip approach can continue as long as Nifty 50 holds above the short-term moving averages,” Mehra said.
VLA Ambala, Co-Founder of Stock Market Today said that the Nifty 50 index has rebounded from its 50-day EMA, which will now serve as a key support level for traders and investors in both the medium and short term.
“Based on this, we can expect Nifty 50 to trade within the 25,400 to 24,740 range this week. We can expect Nifty 50 to find support between 25,170 and 25,100, and meet resistance near 25,330 and 25,400 in today’s trading session, Ambala said.
Bank Nifty Prediction
Bank Nifty surged 454.45 points, or 0.80%, to close at 57,210.45 on Wednesday, forming a bullish candle on the daily chart, which remained within the previous session’s price range, indicating a phase of consolidation.
“Bank Nifty is trading above its crucial moving averages, and these averages are in rising mode. The daily RSI has given a bullish crossover, which suggests limited downside for now. Going ahead, the zone of 57,400 – 57,500 will act as an immediate hurdle for the index, as a horizontal trendline is placed in that region. Any sustainable move above the level of 57,500 will lead to a sharp upside rally upto the level of 58,100, followed by the 58,600 level in the short term,” said Sudeep Shah, Head – Technical and Derivatives Research, SBI Securities.
While on the downside, the 20-day EMA zone of 56,850 – 56,800 will act as immediate support for the index, he added.
Hrishikesh Yedve, AVP Technical and Derivative Research, Asit C. Mehta Investment Interrmediates Ltd. highlighted that the Bank Nifty index formed an inside bar candlestick on the daily chart.
“As per this formation, if the index sustains above 57,286, then upmove could extend towards 57,500 – 57,600. The next major hurdle for Bank Nifty is placed around 57,630, which is near its all-time high. Hence, short-term traders are advised to wait for a fresh bullish trigger above 57,286,” Yedve said.
According to Bajaj Broking Research, a decisive breakout above the resistance zone of 57,350 could pave the way for an extended rally toward the 58,000 level for Bank Nifty in the coming weeks.
“A key observation on the daily chart is that Bank Nifty has retraced nearly 80% of the previous 13-session decline (from 57,628 to 56,205) in just three sessions, reflecting a strengthening positive price structure. On the downside, strong support is expected in the 56,000 – 55,700 range, which aligns with the confluence of the 50-day EMA and key Fibonacci retracement levels from the prior uptrend — marking it as a critical zone to watch,” the brokerage firm said.
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.
