The Indian stock market benchmark indices, Sensex and Nifty 50, are likely to open higher on Thursday, amid optimism over India-US trade deal, and as indicated by the trends on the Gift Nifty.
The trends on Gift Nifty also indicate a huge gap-up start for the Indian benchmark index. The Gift Nifty was trading around 26,259 level, a premium of nearly 352 points from the Nifty futures’ previous close.
On Tuesday, Indian stock market ended marginal higher in the special Diwali Muhurat trading session, with the benchmark Nifty 50 closing above 25,850 level.
The Sensex gained 62.97 points, or 0.07%, to close at 84,426.34, while the Nifty 50 settled 25.45 points, or 0.10%, higher at 25,868.60.
The stock market was closed on Wednesday, October 22, on account of Diwali Balipratipada.
Here’s what to expect from Sensex and Nifty 50 today:
Nifty OI Data
Nifty 50 open interest (OI) data for the October 28 expiry reflects a balanced yet cautiously bullish setup.
“Total Call OI stands at 13.60 crore against 13.51 crore in Puts (PCR at 1.00), indicating a largely neutral stance with a mild positive bias. Fresh additions of 2.93 crore in Calls and 2.14 crore in Puts suggest traders are hedging near-term volatility while retaining a bullish undertone. Strong Put bases at 25,600 – 25,700 offer firm downside support, while heavy Call writing at 26,000 – 26,200 defines a key resistance zone,” said Ponmudi R, CEO of Enrich Money.
Nifty 50 Prediction
Nifty 50 consolidated near its recent highs, holding steady after a strong multi-day rally, and remained above key short-term supports.
“Nifty 50 continued to remain in an uptrend even during the Muhurat trading session, though the actual range remained small due to the shortened trading window. Sentiment continues to favor the bulls, with the index sustaining above the critical 21 EMA. The RSI has entered a highly ambitious momentum zone and looks ready to strengthen in the coming sessions,” said Rupak De, Senior Technical Analyst at LKP Securities.
In the short term, he believes, a rally towards 26,000 – 26,200 looks possible, while support is placed at 25,700.
Ponmudi R said that the market structure remains bullish as long as Nifty 50 sustains above 25,800, with 25,750 acting as immediate support.
“On the downside, 25,600 – 25,500 serves as a key support band, while a decisive breakout above 26,000 – 26,300 could lead to fresh lifetime highs. The broader sentiment stays positive, supported by robust Q2 earnings, festive liquidity, and steady foreign institutional inflows,” said Ponmudi R.
Bank Nifty Prediction
Bank Nifty index eased 26.00 points, or 0.04%, to close at 58,007.20 on Tuesday, after facing its multi-month resistance zone.
“Bank Nifty index now faces a key supply area between 57,900 and 58,200, a zone that previously acted as a ceiling during the June–July period. The day’s candle, showing a mild upper shadow, signals short-term profit-booking, though the broader trend remains firmly bullish. A sustained close above 58,250 could confirm a breakout and open the door toward 58,800 – 59,200, while 57,600 – 57,400 will act as the immediate support range,” said Ponmudi R.
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.
