The Indian stock market benchmark indices, Sensex and Nifty 50, are likely to open higher on Friday amid mixed cues from global markets, and as investors may opt for short-covering after a sharp slump in the previous session.
The trends on Gift Nifty also indicate a positive start for the Indian benchmark index. The Gift Nifty was trading around 23,250 level, a premium of nearly 195 points from the Nifty futures’ previous close.
On Thursday, the Indian stock market crashed, snapping its three-day streak of impressive gains, with the benchmark Nifty 50 slipping near 23,000 level.
The Sensex tanked 2,496.89 points, or 3.26%, to close at 74,207.24, while the Nifty 50 settled 775.65 points, or 3.26%, lower at 23,002.15.
Here’s what to expect from Sensex, Nifty 50, and Bank Nifty today:
Sensex Prediction
Sensex is trading near lower levels after recent weakness, indicating a cautious undertone with potential for intermittent pullbacks.
“The 73,700 – 73,800 zone stands as a crucial demand area where some stabilisation or short-covering may emerge. On the upside, the 74,700 – 74,800 range acts as the immediate resistance hurdle for Sensex, where any recovery attempt is likely to face supply pressure and profit booking,” said Hitesh Tailor, Technical Research Analyst at Choice Equity Broking.
With a decisive breakdown and close near the lower end of the range, the near-term outlook remains strongly bearish, and any pullback towards resistance levels is likely to be sold into unless sentiment improves materially, he added.
Nifty 50 Prediction
Nifty 50 formed a large bearish candle with an unfilled gap on the daily chart, reflecting a sharp rejection from higher levels.
“A reasonable bearish candle was formed on the daily chart with upper and lower shadow and the opening huge downside gap remains partially filled. The new swing low has formed near the previous opening up gap support (15th April 2025) of around 22,900 levels and that led to minor recovery,” said Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities.
According to him, the overall chart pattern of Nifty 50 remains weak and Wednesday’s high of 23862 could now be considered as a new lower top of the pattern.
“As per this bearish pattern, one may expect further weakness in Nifty 50 in the near term. A slide below 22,900 could open the next downside target of 22,500 levels in the near term. Immediate resistance is placed at 23,350 levels,” said Shetti.
Vishnu Kant Upadhyay, AVP – Research Advisory, Master Capital Services said that the outlook remains cautious in the near term, and as long as the Nifty 50 index trades below its 21-day EMA, any pullback is likely to attract selling pressure. On the downside, the index may drift towards 22,800 – 22,600.
Bank Nifty Prediction
Bank Nifty index plummeted 1,875.05 points, or 3.39%, to close at 53,451.00 on Thursday, forming a Gravestone Doji candlestick pattern on the daily chart, highlighting strong selling pressure from higher levels.
“From a technical perspective, the structure remains weak, and the recent price action indicates that bears continue to dominate. The Gravestone Doji signalling the possibility of further downside if follow-through selling persists. Looking ahead, the 53,900 – 54,000 zone is expected to act as an immediate resistance area for the Bank Nifty index,” said Sudeep Shah, Head – Technical and Derivatives Research at SBI Securities.
As long as Bank Nifty trades below the 54,000 level, the downward bias is likely to continue. In the near term, the Bank Nifty index may test the 53,400 level, and a breach below this could open the doors for a further decline towards the 52,800 mark, Shah added.
Bajaj Broking Research noted that a sustained move below Thursday’s low of 53,240 could trigger further downside in Bank Nifty, with potential targets at 52,500 and 51,800 in the coming sessions.
“These levels correspond to the 61.8% Fibonacci retracement of the rally from the January 2025 lows and coincide with the low of the breakout candle formed in April 2025. On the upside, the Thursday gap zone between 54,689 and 54,150 is expected to act as immediate resistance. The overall bias remains bearish as long as the Bank Nifty index stays below this zone,” 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.
