The Indian stock market benchmark indices, Sensex and Nifty 50, are likely to open on a tepid note Tuesday, tracking weak global market cues.
The trends on Gift Nifty also indicate a muted start for the Indian benchmark index. The Gift Nifty was trading around 24,672 level, a discount of nearly 38 points from the Nifty futures’ previous close.
On Monday, the domestic market ended with sharp losses, with the benchmark Nifty 50 closing below 24,700 level.
The Sensex cracked 572.07 points, or 0.70%, to close at 80,891.02, while the Nifty 50 settled 156.10 points, or 0.63%, lower at 24,680.90.
Here’s what to expect from Sensex, Nifty 50 and Bank Nifty today:
Sensex Prediction
Sensex formed a bearish candle on daily charts and a lower top formation on intraday charts, indicating further weakness from the current levels.
“We are of the view that as long as Sensex is trading below 81,100, the weak sentiment is likely to continue. On the downside, the index may correct until 80,500 – 80,350. On the upside, a break above 81,100 could lead to a pullback rally extending up to 81,400. Further upside may also continue, potentially pushing Sensex up to 81,700,” said Shrikant Chouhan, Head Equity Research, Kotak Securities.
Nifty OI Data
In the derivatives segment, the highest Nifty call open interest (OI) was seen at the 24,800 strike, indicating a potential resistance zone, while the highest put open interest stood at the 24,500 level. This setup suggests that a firm close above 24,800 would be essential to revive bullish momentum and change the prevailing sentiment, said Hardik Matalia, Derivative Analyst – Research at Choice Equity Broking.
Nifty 50 Prediction
Nifty 50 index dropped 0.63% on July 28, and formed a bearish candlestick for the third consecutive session.
“A reasonable negative candle was formed on the daily chart with upper shadow. Technically, this market action indicates downside continuation pattern with sell on rise opportunity. The bearish chart pattern like lower highs and lower lows intact on the daily chart and present weakness could be in line with the new lower low formation,” said Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities.
According to him, the underlying trend of Nifty 50 remains weak and one may expect some more declines in the coming sessions. The next crucial lower supports to be watched are around 24,500, while immediate resistance is placed at 24,800.
Sudeep Shah, Head – Technical and Derivatives Research, SBI Securities noted that the short-term averages of 20-day and 50-day EMAs have now begun to turn downward, confirming a shift in momentum, and the rising slope of the longer-term 100-day and 200-day EMAs has also started to flatten, indicating a slowdown in the broader uptrend.
He also said that the daily RSI has slipped below the 40 level for the first time since April 2025, and is currently in a declining trajectory — highlighting growing bearish momentum and lack of buying strength.
“Going ahead, the 100-day EMA zone of 24,580 – 24,550 is likely to act as an immediate support area for the Nifty 50 index. A breach below the 24,550 level could open the doors for a deeper correction, with the next key support placed near 24,450. On the flip side, any recovery is likely to face strong resistance near the 24,770 – 24,800 zone, which now acts as a crucial hurdle,” Shah said.
He believes a sustained trade above this level would be required to shift the short-term sentiment back to positive. With technical indicators pointing to waning momentum and increasing downside risks, he advises traders to stay cautious and closely monitor support zones for potential reversal signals.
Dr. Praveen Dwarakanath, Vice President of Hedged.in said that the Nifty 50 index has closed below the lower Bollinger band, suggesting a further fall towards its next support at the 24,400 level.
“A breach of the support at 24,400 can quickly take the index to 24,000 levels. The options writer’s data for the present week also shows higher call writing, suggesting the weakness will continue. The ADX DI- line is sloping up and the ADX DI+ line is sloping down, indicating the momentum is on the downside. The weakness in the index can be due to the results of major stocks not aligning with the expectations,” said Dwarakanath.
Bank Nifty Prediction
Bank Nifty index ended 444.00 points, or 0.79%, lower at 56,084.90 on Monday, forming a bearish candle and closing below the 50-day EMA on the daily chart, signaling intensified selling pressure.
“Bank Nifty breached its short-term swing low of 56,200 and formed a red candle of a daily scale, indicating weakness. On the downside, 55,500 and 55,150 are likely to act as crucial support zones. Thus, traders are advised to follow a sell-on-bounce strategy in Bank Nifty,” said Hrishikesh Yedve, AVP Technical and Derivative Research, Asit C. Mehta Investment Intermediates Ltd.
Bajaj Broking Research highlighted that the Bank Nifty index formed a bear candle with a long upper shadow which maintained lower high and lower low highlighting continuation of the corrective decline for the third session in a row.
“Bank Nifty index closed below the immediate support area of 56,200 – 56,300 being the last two weeks’ almost identical lows. A follow through weakness will open further downside towards 55,500 levels in the coming sessions. The 55,500 – 55,000 area remains a key support zone, as it aligns with the 100-day EMA and important Fibonacci retracement levels. This confluence reinforces it as a significant demand cluster on the downside,” said the brokerage firm.
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.