The Indian stock market benchmark indices, Sensex and Nifty 50, are likely to open lower on Wednesday, tracking mixed cues from global markets.
The trends on Gift Nifty also indicate a negative start for the Indian benchmark index. The Gift Nifty was trading around 25,577 level, a discount of nearly 35 points from the Nifty futures’ previous close.
On Tuesday, the domestic equity market ended higher, with the benchmark Nifty 50 closing above 25,500 level.
The Sensex rose 270.01 points, or 0.32%, to end at 83,712.51, while the Nifty 50 settled 61.20 points, or 0.24%, higher at 25,522.50.
Here’s what to expect from Sensex, Nifty 50 and Bank Nifty today:
Sensex Prediction
Sensex, on the daily and intraday charts, has formed a reversal formation which supports further uptrend from the current levels.
“For the bulls, the key level to watch is 83,500, and above this level, Sensex could continue its positive momentum toward 84,000 – 84,200. On the downside, if Sensex falls below 83,300, sentiment could shift. A decline below these levels might retest 83,000. Further weakness could persist, potentially dragging the market down to 82,700 – 82,600,” said Shrikant Chouhan, Head Equity Research, Kotak Securities.
Nifty OI Data
In the derivatives segment, Nifty open interest (OI) data showed the highest Call OI at the 25,600 strike, followed by 25,700, suggesting a potential resistance zone. On the Put side, the highest OI was seen at the 25,500 strike, followed by 25,400, indicating strong support levels. This OI setup suggests that the 25,400–25,600 zone will be crucial for Nifty’s next directional move, said Hardik Matalia, Derivative Analyst at Choice Broking.
Nifty 50 Prediction
Nifty 50 shifted into a late hour surge on July 8 and closed the day higher by 61 points.
“A small positive candle was formed on the daily chart which indicates an attempt of upside breakout of the range bound action. Nifty 50 seems to have taken support of 10-day EMA and also the key support as per change in polarity around 25,400 – 25,300 levels,” said Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities.
According to him, the underlying trend of Nifty 50 remains positive, and further upside from here could push Nifty 50 towards the immediate hurdle of 25,700 levels in the short term and that could open the next overhead resistance of 26,000 – 26,200 levels in the near term. Immediate support is placed at 25,425 levels, he added.
VLA Ambala, Co-Founder of Stock Market Today recommends traders to maintain a neutral view on the index. Considering these aspects, she expects Nifty 50 to gain support between 25,350 and 25,250, and meet resistance near 25,540 and 25,660 in today’s session.
Bank Nifty Prediction
Bank Nifty index rallied 307.10 points, or 0.54%, to close at 57,256.30 on Tuesday, forming a bullish candlestick pattern with a higher high and higher low signaling consolidation with positive bias for the third session in a row.
“We expect Bank Nifty index to extend consolidation in the range 56,500 – 57,600 in the coming sessions. A move above 57,600 will open further upside towards 58,200 – 58,500 levels in the coming weeks. Key support is placed at 56,000 – 55,500 region, representing a confluence of key technical indicators — including the 50-day EMA and the 61.8% Fibonacci retracement of the recent rally (55,149 – 57,614),” said Bajaj Broking Research.
The broader trend remains positive, and any dips should be viewed as buying opportunities, the brokerage firm added.
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.
