The Indian stock market benchmark indices, Sensex and Nifty 50, are likely to open lower on Tuesday, tracking weak global market cues.
The trends on Gift Nifty also indicate a negative start for the Indian benchmark index. The Gift Nifty was trading around 26,008 level, a discount of nearly 52 points from the Nifty futures’ previous close.
On Monday, the Indian stock market ended higher, with the benchmark Nifty 50 reclaiming the 26,000-mark.
The gained 388.17 points, or 0.46%, to close at 84,950.95, while the Nifty 50 settled 103.40 points, or 0.40%, higher at 26,013.45.
Here’s what to expect from Sensex, Nifty 50, and Bank Nifty today:
Sensex Prediction
Sensex formed a bullish candle on daily charts, and is holding an uptrend continuation formation on intraday charts, which is largely positive.
“We believe that 84,500 would act as a key support zone for day traders. Above this level, could move up to 85,200. Further upside may also continue, potentially lifting the index up to 85,500 – 85,700. On the flip side, below 84,500, the uptrend would become vulnerable,” said Shrikant Chouhan, Head Equity Research, Kotak Securities.
Mayank Jain, Market Analyst, Share.Market said that technical support for Sensex is placed at 84,500 – 84,400, whereas a sustained move above 85,100 – 85,200 could trigger fresh bullish momentum.
Nifty OI Data
In the derivatives segment, Nifty open interest (OI) data showed significant call writing at the 26,050 and 26,200 strikes, while maximum put OI was seen at 25,900, suggesting strong support at lower levels. Overall sentiment remains cautiously optimistic, and a sustained close above 26,050 will be key to strengthening bullish momentum and paving the way for further upside, said Amruta Shinde, Technical & Derivative Analyst at Choice Equity Broking.
Nifty 50 Prediction
Nifty 50 formed a bullish candle on the daily chart, indicating underlying strength.
“A reasonable bull candle was formed on the daily chart with minor lower shadow, which indicates that the market is placed at the edge of breaking above the hurdle of 26,100 levels. The bullish chart pattern like higher tops and bottoms continued on the daily chart. The opening upside gap of 12th November remains partially filled after three sessions of its formation which is signaling a possible bullish runaway gap which is normally formed in the middle of the uptrend,” said Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities.
According to him, a decisive upside from here could open the next upside towards 26,300 – 26,400 levels in the short term. Immediate support is placed at 25,900 levels.
Nilesh Jain, Head – Technical and Derivatives Research Analyst (Equity Research), Centrum Broking believes that the overall structure remains strong, suggesting the potential for fresh record highs in the near term.
“In the short run, however, the index faces immediate resistance at 26,100, followed by 26,280. Support levels are also moving higher, with the 21-DMA now positioned around 25,790. Overall, the broader trend stays bullish, and any significant pullback is likely to offer a buying opportunity,” said Jain.
Mayank Jain of Share.Market said that the near-term resistance for Nifty 50 is seen in the 26,100 – 26,200 zone, while support lies at 25,800 – 25,700.
Bank Nifty Prediction
Bank Nifty index ended 445.15 points, or 0.76%, higher at 58,962.70 on Monday, forming a bullish candle on the daily chart, signalling bullish momentum.
“Bank Nifty index has delivered a decisive breakout from its consolidation phase on the daily chart, signalling renewed strength in the banking space. This technical development suggests that the index is poised to extend its upward trajectory in the short term. Based on the current chart structure, is likely to test 59,500 initially, followed by the 59,900 level,” said Sudeep Shah, Head – Technical and Derivatives Research at SBI Securities.
On the downside, the support zone has shifted higher to 58,700 – 58,600, which is expected to act as a strong cushion for any pullback. The breakout aligns with the broader bullish sentiment in the market, as financials continue to lead the rally, Shah added.
According to Hrishikesh Yedve, AVP Technical and Derivative Research, Asit C. Mehta Investment Intermediates Ltd. immediate support for the Bank Nifty index is seen near 58,580, while resistance is placed around 59,200, where the trend line hurdle is placed.
“Thus, traders are advised to buy near support and book profit near resistance levels mentioned above,” said Yedve.
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.