The Indian stock market benchmark indices, Sensex and Nifty 50, are likely to open on a flat note on Tuesday, despite a rally in global markets.
The trends on Gift Nifty also indicate a muted start for the Indian benchmark index. The Gift Nifty was trading around 25,983 level, a discount of nearly 13 points from the Nifty futures’ previous close.
On Monday, the Indian stock market ended lower, with the benchmark Nifty 50 closing below 26,000 level.
The Sensex dropped 331.21 points, or 0.39%, to close at 84,900.71, while the Nifty 50 settled 108.65 points, or 0.42%, lower at 25,959.50.
Here’s what to expect from Sensex, Nifty 50 and Bank Nifty today:
Sensex Prediction
Sensex formed a bearish candle on daily charts, which supports further weakness from the current levels.
“For day traders now, 85,000 would act as a trend decider level. As long as Sensex is trading below this level, weak sentiment is likely to continue on the downside, and the index could slip till 84,700 – 84,500. On the flip side, if Sensex moves above 85,000, it could bounce back to 85,500 – 85,700. The intraday market texture is volatile; hence, level-based trading would be the ideal strategy for day traders,” said Shrikant Chouhan, Head – Equity Research, Kotak Securities.
Nifty OI Data
Nifty derivatives data reflected a decisive shift in near-term sentiment: significant call writing was observed at the 26,000 – 26,100 strikes, signalling supply pressure at higher levels, while notable put open interest (OI) buildup emerged around 25,800 – 25,900, confirming strong demand and support near the lower band, said Hitesh Tailor, Research Analyst – Research at Choice Equity Broking.
Nifty 50 Prediction
Nifty 50 formed a big bearish candle on the daily chart, indicating weakness.
“A long bear candle has formed on the daily chart on Monday which indicates an emergence of selling pressure in the market from near all time highs. This is not a good sign and this market action suggests chances of more weakness in the short term,” said Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities.
According to him, the underlying short term trend of the Nifty 50 seems to have reversed down, and further weakness from here could drag the index down to the next important support of 25,700 levels in the next few sessions.
“However, the upper area of 26,200 – 26,300 levels could provide strong resistance for the market in the near term,” said Shetti.
Nilesh Jain, Head – Technical and Derivatives Research Analyst (Equity Research), Centrum Broking Ltd noted that the next crucial support lies at the 21-DMA around 25,850, and a breakdown below this could push Nifty 50 further toward 25,700.
“Conversely, a move above 26,180 would improve sentiment and potentially open the way toward 26,300. With the November series monthly F&O expiry approaching, heightened volatility is expected, and Nifty is likely to fluctuate within a broader range of 25,800 – 26,200,” said Jain.
Mayank Jain, Market Analyst, Share.Market said that the near-term resistance for Nifty 50 is seen in the 26,050 – 26,100 zone, while support lies at 25,800 – 25,750.
Bank Nifty Prediction
Bank Nifty index eased 32.35 points, or 0.05%, to end at 58,835.35 on Monday, forming a red candle with shadows on both sides on the daily scale, reflecting uncertainty.
“Immediate support for the Bank Nifty index is seen near 58,580, and a sustained move below this level could lead to fresh weakness towards 58,000 – 57,800. On the upside, 59,440 will remain a strong hurdle for Bank Nifty. As long as Bank Nifty trades below 59,440, traders are advised to keep booking profits on any bounce,” said Hrishikesh Yedve, AVP Technical and Derivative Research, Asit C. Mehta Investment Intermediates Ltd.
Sudeep Shah, Head – Technical and Derivatives Research at SBI Securities highlighted that the Bank Nifty formed a high wave candle on the daily chart, which reflects indecisiveness among market participants and signals a lack of clear trend direction.
“Going ahead, the 20-day EMA zone of 58,400 – 58,300 will act as a critical support for the index. A sustained move below 58,300 could trigger further downside towards 57,700, indicating a deeper correction. On the upside, the 59,200 – 59,300 zone will serve as a key hurdle, and only a decisive breakout above this range can revive bullish momentum in the banking space,” said Shah.
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.
