The Indian stock market benchmark indices, Sensex and Nifty 50, are likely to open on a flat note Thursday, tracking mixed cues from global markets.
The trends on Gift Nifty also indicate a mildly positive start for the Indian benchmark index. The Gift Nifty was trading around 25,579 level, a premium of nearly 33 points from the Nifty futures’ previous close.
On Wednesday, the domestic equity market indices ended lower, with the Nifty 50 slipping below 25,500 level.
The Sensex declined 287.60 points, or 0.34%, to close at 83,409.69, while the Nifty 50 settled 88.40 points, or 0.35%, lower at 25,453.40.
Here’s what to expect from Sensex, Nifty 50 and Bank Nifty today:
Sensex Prediction
Sensex formed a bearish candle on daily charts, and on intraday charts, it is holding a lower top formation, which is largely negative.
“We are of the view that, as long as Sensex is trading below 83,500, the weak sentiment is likely to continue. On the lower side, the index could retest the level of 83,000. Further sell-offs may also continue, which could drag Sensex down to 82,800. On the flip side, if the index rises above 83,500, it could bounce back up to 83,800 – 84,000,” said Shrikant Chouhan, Head Equity Research, Kotak Securities.
Nifty OI Data
In the derivatives segment, Nifty open interest (OI) data showed the highest Call OI at the 25,500 strike, followed by 25,600 — suggesting a resistance zone around these levels. On the Put side, the highest OI was observed at the 25,400 and 25,300 strikes, highlighting strong support levels. This OI setup indicates that the 25,300 – 25,600 range will be crucial for Nifty’s next directional move, said Hardik Matalia, Derivative Analyst at Choice Broking.
Nifty 50 Prediction
Nifty 50 formed a narrow-bodied candle, suggesting consolidation rather than weakness.
“The recent breakout from the ascending triangle pattern remains valid, and price action continues to respect the breakout zone. The daily RSI stands at 64, holding steady within a healthy momentum range, while the MACD bullish crossover with rising histogram indicates that momentum remains in favor of the bulls. Importantly, there are no signs of exhaustion, and dips are being absorbed near VWAP zones,” said Om Mehra, Technical Research Analyst, SAMCO Securities.
According to him, unless Nifty 50 breaches the support zone of 25,350 – 25,300, the broader outlook remains constructive. Sustaining above 25,610 could pave the way toward the next upside levels of 25,740 and 25,850, with the 161.8% Fibonacci extension acting as an anchor.
The ongoing uptrend, accompanied by intermittent consolidation phases, continues to offer fresh accumulation opportunities, he added.
Nandish Shah, Senior Derivative & Technical Research Analyst, HDFC Securities believes that in this current correction phase for the Nifty 50, the previous swing highs of 25,317 and 25,222 could now act as immediate support levels.
“On the higher side, the band of 25,640 – 25,740 would continue to serve as a strong hurdle for the Nifty 50, indicating resistance for any upward moves,” Shah said.
VLA Ambala, Co-Founder of Stock Market Today noted that the Nifty 50 formed a bearish hammer candlestick pattern on technical charts.
“In this circumstance, I suggest adopting a sell-on-rise strategy for trading. Considering these aspects, we can expect Nifty 50 to gather support between 25,300 and 25,230 to book profit and meet resistance near 25,550 and 25,750 in today’s session,” Ambala said.
Bank Nifty Prediction
Bank Nifty dropped 460.25 points, or 0.80%, to close at 56,999.20, and formed a bear candle signaling profit booking at higher levels after recent strong up move.
“Bank Nifty index is currently testing the immediate support area of 56,800 – 57,000. Going ahead, the Bank Nifty index holding above 56,800 levels on a closing basis will lead to a pullback towards 58,000 levels in the coming sessions. However, failure to do so may lead to a healthy retracement or consolidation, with the index likely moving within the broader range of 56,000 – 57,600,” Bajaj Broking Market said in a report.
Structural support is placed to the 56,000 – 55,500 region, representing a confluence of key technical indicators — including the 50-day EMA and the 61.8% Fibonacci retracement of the recent rally (55,149 – 57,614), it added.
Om Mehra said that the Bank Nifty remains well-supported by its short-term moving averages. The hourly chart continues to reflect a bullish formation, backed by a higher-high formation.
“The daily RSI has inched up to 66, remaining just below the overbought threshold but still in a healthy range, indicating sustained momentum. The MACD has held its bullish crossover, highlighting the strength in the trend. A decisive breakout above 57,620 could open the door for a fresh leg of the rally toward 58,000 – 58,200 and beyond. On the downside, immediate support is seen at 57,000, followed by 56,800,” Mehra said.
He believes as long as Bank Nifty holds above 57,150, the broader outlook remains constructive, with dips likely to attract buying interest rather than trigger weakness.
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.