The Indian stock market benchmark indices, Sensex and Nifty 50, are likely to open flat on Friday, tracking mixed global market cues.
The trends on Gift Nifty also indicate a flattish start for the Indian benchmark index. The Gift Nifty was trading around 25,523 level, a premium of nearly 15 points from the Nifty futures’ previous close.
On Thursday, the domestic equity market ended lower for the second consecutive session, with the benchmark Nifty 50 closing near 24,400 level.
The Sensex dropped 170.22 points, or 0.20%, to close at 83,239.47, while the Nifty 50 settled 48.10 points, or 0.19%, lower at 25,405.30.
Here’s what to expect from Sensex, Nifty 50, and Bank Nifty today:
Sensex Prediction
Sensex faced resistance near 83,800 and reversed sharply to end lower, forming a bearish candle on daily charts and a lower top formation on intraday charts, indicating further weakness from the current levels.
“The short-term market outlook remains positive. For day traders, 83,500 are key levels to watch. As long as Sensex trades below this level, weak sentiment is likely to continue. On the downside, the index could slip to 83,000 – 82,800. On the upside, above 83,500, we could see an intraday bounce up to 83,800,” said Shrikant Chouhan, Head Equity Research, Kotak Securities.
He believes a successful breakout of the 83,800 resistance zone could push Sensex towards 84,000.
Nifty 50 Prediction
Nifty 50 has formed red candles in past two sessions, suggesting mild profit booking and short-term consolidation rather than any meaningful structural weakness.
“Nifty 50 seems to be in a correction phase for the last four trading sessions. Previous swing highs of 25,317 and 25,222 could act as support in this correction phase of Nifty 50. On the higher side, a level of 25,600 could offer immediate resistance to the index,” said Nandish Shah – Deputy Vice President, HDFC Securities.
Om Mehra, Technical Research Analyst, SAMCO Securities said that the Nifty 50 index remains firmly above all of its short-term moving averages, including the 9-day and 20-day EMAs. The daily RSI has moderated to 59, maintaining a position within the neutral-to-bullish zone, while the MACD continues to hold a positive crossover.
“As long as the Nifty 50 index sustains above 25,260 on a closing basis, the outlook remains positive, and the ongoing dip can be viewed as a potential re-entry opportunity. A decisive move above 25,580 may renew the uptrend, with immediate upside levels seen at 25,740, followed by 25,850,” Mehra said.
VLA Ambala, Co-Founder of Stock Market Today noted that the Nifty 50 index formed a bearish inverted hammer candlestick pattern, indicating potential selling pressure.
“I recommend adopting a sell-on-rise strategy for both Nifty 50 and Bank Nifty indices. We can expect Nifty 50 to find support between 25,250 and 25,100, and face resistance near 25,560 and 25,630,” said Ambala.
Bank Nifty Prediction
Bank Nifty index ended 207.25 points, or 0.36%, lower at 56,791.95 on Thursday, and formed a bearish belt hold candlestick pattern, suggesting a negative outlook.
“Bank Nifty index has now slipped below its 9-day EMA, signalling short-term weakness, although it continues to hold firmly above the 20-day EMA and other key moving averages. The daily RSI has dipped below 60, hinting at a minor loss of momentum, and the upside may face resistance unless renewed strength emerges,” said Om Mehra.
The support zone to monitor lies around 56,300 – 56,400, which coincides with the 50% Fibonacci retracement. A breakdown below this zone may lead to deeper profit booking, he added.
“However, the primary trend remains positive, and any consolidation above 56,000 may serve as a base-building phase. A decisive close above 57,200 will be essential to invalidate the current hesitation and open the path toward a new high,” Mehra said.
According to VLA Ambala, Bank Nifty can find support between 56,000 and 55,700 and face resistance near 57,250 and 57,500 in today’s session.
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.
