The Indian stock market benchmark indices, Sensex and Nifty 50, are likely to open higher on Tuesday, tracking upbeat cues from global markets amid signs of de-escalation in the US-Iran war.
The trends on Gift Nifty also indicate a gap-up start for the Indian benchmark index. The Gift Nifty was trading around 22,843 level, a premium of nearly 328 points from the Nifty futures’ previous close.
Global markets rallied on signals of de-escalation of the US-Iran war in the Middle East. US President Donald Trump extended his deadline for Iran to reopen the Strait of Hormuz, and said that the US will hold off striking Iranian power plants for five more days.
Meanwhile, Trump said US envoys have been holding talks with a “respected” Iranian leader, and Iran wants “to make a deal.” However, Iranian officials denied any such negotiations.
On Monday, the Indian stock market crashed amid worries over the escalating US-Iran war, with the benchmark Nifty 50 closing below 22,600 level.
The Sensex plummeted 1,836.57 points, or 2.46%, to close at 72,696.39, while the Nifty 50 settled 601.85 points, or 2.60%, lower at 22,512.65.
Here’s what to expect from Sensex, Nifty 50, and Bank Nifty today:
Sensex Prediction
Sensex has broken below the crucial 74,000 – 73,500 support zone, indicating a shift towards short-term bearish momentum.
“Immediate support for Sensex is now placed near the 72,000 – 72,200 zone, which may act as a demand area in the near term. On the upside, resistance is seen around the 73,000 – 73,200 range, and any pullback towards this zone may face selling pressure unless strong recovery is observed,” said Aakash Shah, technical research analyst at Choice Equity Broking.
Overall, the market sentiment has turned cautious to negative in the near term, and volatility is expected to remain elevated in upcoming sessions, he added.
Nifty Options Data
In the derivatives market, significant put writing at 22,500 and aggressive call writing at 22,600 indicate expectations of the Nifty 50 index trading within a narrow range in the near term. Given the current setup, traders are advised to remain cautious, said Hitesh Tailor, Research Analyst – Research at Choice Equity Broking.
Nifty 50 Prediction
Nifty 50 index formed a sizable bearish candle with a lower high and a lower low and a bearish gap above its head, signaling continuation of the downward bias for the fifth consecutive week.
“A long bear candle was formed on the daily chart with a gap down opening. This market action signals a decisive breakdown of immediate support around 23,000 – 22,900 levels. The bearish pattern like lower tops and bottoms continued on the daily chart and present weakness could be in line with the new lower bottom of the sequence. But, there is no confirmation of any lower bottom reversal forming at the lows yet,” said Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities.
According to him, the underlying trend of the market continues to be down, and Nifty 50 is currently placed at the edge of the support at 22,500 (previous opening upside gap of 11 April 2025).
“Hence, further weakness from here could drag Nifty 50 down to next crucial lower support of 22,000 – 21,800 levels in the near term. Immediate resistance is now placed at 22,700 – 22,800 levels,” said Shetti.
Bajaj Broking Research noted that the Nifty 50 index continues to show a bearish bias in both the short and medium term, as it is forming a pattern of lower highs and lower lows.
“Nifty 50 index breached the support area of 22,700 and dragged lower in yesterday’s session. A follow through weakness will open further downside towards 22,200 and 21,800 levels in the coming sessions. The daily and weekly oscillators have approached oversold territory. However, until and unless we see any confirmation on the price front the bias remains firmly down,” said the brokerage firm.
The Nifty 50 index has immediate resistance at Monday’s gap down area of 23,067 – 22,851, it added.
Bank Nifty Prediction
Bank Nifty index ended 1,989.30 points, or 3.72%, lower at 51,437.75 on Monday, forming a large bearish candle, indicating strong selling pressure. Bank Nifty has slumped nearly 17% from its all-time high in just 33 trading sessions.
“Technically, the set-up remains weak, with all key indicators pointing towards sustained bearish momentum. Looking ahead, the 51,900 – 52,000 zone will act as an immediate resistance. As long as the Bank Nifty index stays below 52,000, the downside risk is likely to persist, with the index expected to test 50,700, followed by the psychological 50,000 level in the short term,” said Sudeep Shah, Head – Technical and Derivatives Research at SBI Securities.
Om Mehra, Technical Research Analyst, SAMCO Securities highlighted that the Bank Nifty index has now decisively broken below the crucial 53,000 support zone and is approaching the next important support area near 51,000, which coincides with a prior base formation zone.
“Bank Nifty index remains well below its key moving averages, while the RSI stands near 24, indicating deeply oversold conditions. The visible gap zones on the chart have now become critical resistance areas. The immediate hurdle is placed around 52,800 – 53,200, followed by a stronger resistance band near 54,500, where earlier breakdowns occurred,” said Mehra.
He believes the Bank Nifty index may continue to remain under pressure, as the broader setup remains firmly corrective, and short-term rebounds are likely to be used as selling opportunities.
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.
