The Indian stock market is likely to open lower on Friday, tracking a sharp fall in global markets. The market is also likely to remain volatile ahead of Bihar election results today.
The trends on Gift Nifty also indicate a negative start for the Indian benchmark index. The Gift Nifty was trading around 25,844 level, a discount of nearly 110 points from the Nifty futures’ previous close.
On Thursday, the Indian stock market ended flat amid profit booking at higher levels.
The rose 12.16 points, or 0.01%, to close at 84,478.67, while the Nifty 50 settled 3.35 points, or 0.01%, higher at 25,879.15.
Here’s what to expect from Sensex, Nifty 50, and Bank Nifty today:
Sensex Prediction
After a promising uptrend rally, Sensex witnessed some profit booking at higher levels. However, the short-term outlook remains positive.
“For traders, the 20-day SMA (Simple Moving Average) at 84,200 would act as a crucial support zone. As long as is trading above this level, the bullish momentum is likely to continue. On the higher side, 85,000 would act as an immediate resistance zone for the bulls. A successful breakout above 85,000 could push the index up to 85,300,” said Shrikant Chouhan, Head Equity Research, Kotak Securities.
On the flip side, if Sensex falls below the 20-day SMA at 84,200, it is likely to retest the levels of 84,000 – 83,700, he added.
Nifty OI Data
In the F&O segment, maximum Nifty Call Open Interest (OI) was seen at the 26,000 strike, while maximum Put OI stood at 25,800 and 25,700, indicating that traders expect the Nifty 50 to stay range-bound between 25,700 and 26,000 in the near term.
“Overall, the market remains in a consolidation phase with a slightly positive bias. A decisive close above 26,000 could trigger a fresh leg of upside momentum, while a fall below 25,700 may lead to short-term profit booking,” said Amruta Shinde, Technical & Derivative Analyst at Choice Equity Broking.
Nifty 50 Prediction
Nifty 50 formed a doji-like candle on the daily chart, reflecting indecision among market participants.
“A small red candle has been formed on the daily chart with long upper and lower shadows. Technically, this market action indicates a formation of high wave type candle pattern which signals ongoing high volatility,” said Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities.
According to him, the near-term trend of remains positive, and further weakness from here could find support around 25,750 – 25,700 levels, while a sustainable move above 26,000 levels could push Nifty 50 towards 26,300 by next week.
Nilesh Jain, Head – Technical and Derivatives Research Analyst (Equity Research), Centrum Broking Ltd highlighted that a decisive breakout above 26,000 is required for Nifty 50 to trigger further upside towards the 26,200 level, likely driven by short covering.
“Meanwhile, support has now shifted higher to 25,700, aligning with the 21-day moving average. Overall, the broader trend remains bullish, and any meaningful pullback can be viewed as a buying opportunity,” said Jain.
Sudeep Shah, Head – Technical Research and Derivatives at SBI Securities said that the 25,760 – 25,730 zone will act as an immediate support area for the Nifty 50 index.
“A break below 25,730 could trigger profit booking toward 25,560. On the upside, the 26,000 – 26,030 zone will act as a key resistance, and a sustained move above 26,030 could open the gates for further upside toward 26,180 in the near term,” said Shah.
Bank Nifty Prediction
Bank Nifty index gained 107.30 points, or 0.18%, to close at 58,381.95 on Thursday, forming a bullish candle with upper shadow on the daily chart, indicating profit booking at higher levels. The index hit a record high of 58,615.95 during the session.
“Major support for the is placed near 57,590 levels while resistance is placed near 58,615 levels. A decisive breakout above 58,615 will determine the next directional move for the index,” said Hrishikesh Yedve, AVP Technical and Derivative Research, Asit C. Mehta Investment Intermediates Ltd.
According to Ponmudi R, CEO of Enrich Money, Bank Nifty index continues to display strong momentum, supported by sustained buying in leading banks.
“Support remains firm at 58,000, while resistance is seen at 58,500 – 58,600. A decisive breakout above this range could open the door for further gains toward the 59,000 mark. The technical setup stays bullish, favoring a buy-on-dips approach, though traders may exercise caution if the index slips below 58,000, as that could trigger near-term consolidation or mild profit booking,” 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.