The Indian stock market benchmark indices, Sensex and Nifty 50, are likely to open higher on Thursday, tracking mixed cues from global markets.
The trends on Gift Nifty also indicate a positive start for the Indian benchmark index. The Gift Nifty was trading around 24,752.50 level, a premium of nearly 37 points from the Nifty futures’ previous close.
On Wednesday, the Indian stock market ended marginally higher, with the benchmark Nifty 50 closing above 24,600.
The Sensex finished at 81,330.56, rising by 182.34 points, or 0.22%, while the Nifty 50 concluded at 24,666.9, advancing 88.55 points, or 0.36%.
Here’s what to expect from Sensex, Nifty 50 and Bank Nifty today:
Sensex Prediction
Ganesh Dongre, Senior Manager of Technical Research at Anand Rathi, indicated the BSE Sensex has closed near to its crucial support placed at 81,100. However, the trend is bullish and we can expect the 30-stock index to bounce back from the lower levels and come close to its current crucial resistance placed at 83,500. In the case of the index breaking below the crucial support of 81,100, we can expect the drag up to 78,500.
Nifty 50 Prediction
Hrishikesh Yedve, AVP Technical and Derivatives Research at Asit C. Mehta Investment Interrmediates stated that Nifty 50 formed an inside bar candlestick pattern on the daily scale, following the formation of a bearish harami candlestick pattern. In the short term, 24,378 will act as key support, while 25,000 will serve as a stiff hurdle for the index. A breakout on either side will determine the next directional move. Traders should closely monitor these levels for potential trading opportunities.
According to Bajaj Broking Research, the Nifty 50 index is expected to hold above the same and extend its uptrend toward 25,200-25,300, aligning with the 78.6% retracement of the 26,277-21,744 decline and the measured move from the range breakout. Key short term support lies in the Monday gap-up zone (24,200-24,000), which coincides with a significant retracement level.
Bank Nifty Prediction
According to Om Mehra, Technical Research Analyst, SAMCO Securities, Bank Nifty ended the session at 54,801.30, slipping 0.25%, posting a decline for the second consecutive day. The index remained confined to a narrow range, forming a small-bodied candle as the index oscillated within a downward-sloping channel. Bank Nifty slipped below Monday’s low, indicating persistent supply pressure at higher levels.
Mehra pointed out that the index is currently hovering around the 9 EMA and remains slightly above the 20 DMA, reflecting a sideways consolidation phase within a larger uptrend. The RSI has cooled off and is now hovering around the 58 zone, suggesting weakening momentum without turning bearish.
“The broader structure still appears to be bullish as long as the index sustains above the support zone of 54,400–54,250. On a wider time frame, a breakdown below this region could drag it toward the lower band of the channel near 53,500. The resistance is seen around 55,220. A decisive close above this level could signal a breakout from the declining trendline and may revive bullish momentum,” added Om.
Further, Yedve stated the Bank Nifty formed a small red candle with shadows on either side, suggesting indecision. The immediate hurdle for Bank Nifty is seen around 55,500, while major support is placed near 53,480. Traders are advised to adopt a sell-on-bounce strategy in Bank Nifty for the short term.
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.
