The Indian stock market benchmark indices, Sensex and Nifty 50, are likely to open higher on Wednesday, tracking upbeat global market cues.
The trends on Gift Nifty also indicate a gap-up start for the Indian benchmark index. The Gift Nifty was trading around 25,962 level, a premium of nearly 150 points from the Nifty futures’ previous close.
On Tuesday, the Indian stock market ended higher, extending its rally for the second consecutive session.
The rallied 335.97 points, or 0.40%, to close at 83,871.32, while the Nifty 50 settled 120.60 points, or 0.47%, higher at 25,694.95.
Here’s what to expect from Sensex, Nifty 50, and Bank Nifty today:
Sensex Prediction
Sensex formed a higher bottom on intraday charts and also succeeded in closing above the 20-day SMA (Simple Moving Average), which is largely positive.
“We are of the view that the current market texture is volatile; hence, level-based trading would be the ideal strategy for day traders. For , 83,500 and 83,300 would act as key support zones, while 84,000 – 84,300 could be immediate resistance areas for the bulls. However, below 83,300, the uptrend would become vulnerable,” said Shrikant Chouhan, Head Equity Research, Kotak Securities.
Nifty OI Data
In the derivatives segment, Nifty open interest data showed the highest call writing at the 25,800 strike and the maximum put OI concentration at 25,600 — highlighting strong resistance around the 25,800 level. Overall, sentiment remains cautiously optimistic, with a sustained close above 25,800 expected to reinforce bullish momentum in the near term, said Amruta Shinde, Technical & Derivative Analyst at Choice Equity Broking.
Nifty 50 Prediction
Nifty 50 formed a bullish candle with a long lower shadow on the daily chart, indicating buying interest at lower levels.
“A long bull candle has been formed on the daily chart with a long lower shadow. Technically this market action indicates continuation of upside momentum amidst high volatility. The underlying trend of Nifty 50 continues to be positive. Next upside targets to be watched around 26,000 – 26,100 in the next one week. Immediate support is placed at 25,500,” said Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities.
Nilesh Jain, Head – Technical and Derivatives Research Analyst (Equity Research), Centrum Broking Ltd. noted that the index broke above its short-term resistance at the 21-DMA, positioned near 25,660, and closed just below the 25,700 mark.
“The overall trend looks positive, and a decisive move above 25,800 would confirm a bullish breakout, potentially opening the way for an upside toward 26,000 levels. The support base has now shifted higher to around 25,450, making a buy-on-dips strategy suitable in the current volatile market environment,” said Jain.
Dr. Praveen Dwarakanath, Vice President of Hedged.in said that the Nifty 50 closed with a green candle with a long shadow on the downside, indicating buying pressure.
“Nifty 50 index has just closed above the 20-day moving average, indicating strength in the index. The momentum indicators have also turned upside, further supporting the bullishness in the index. The ADX DI+ line is sloping upside with the ADX DI- line sloping downside, establishing bullishness in the index,” said Dwarakanath.
Bank Nifty Prediction
Bank Nifty index ended 200.60 points, or 0.35%, higher at 58,138.15 on Tuesday, and formed a bullish candle with a long lower shadow on the daily chart, indicating strong demand at lower levels.
“Immediate support for the is placed near 57,590 levels. As long as the Bank Nifty index holds above 57,590 levels, traders are advised to adopt a buy-on-dips strategy. On the upside, 58,580 and 59,000 will act as resistance points for the index,” 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 bullish candle with a long lower shadow, reflecting buying interest at lower levels.
“Going forward, the zone of 58,300 – 58,400 will act as a key hurdle for the index. A sustained move above 58,400 could trigger a sharp upside rally towards the 59,000 level. On the downside, the support zone of 57,700 – 57,600 is expected to provide a cushion against any short-term weakness,” 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.