The Indian stock market benchmark indices, Sensex and Nifty 50, are likely to open on a steady note Monday, tracking mixed cues from global markets amid cautiousness over the ongoing US-Iran which has entered its third week.
The trends on Gift Nifty also indicate a positive start for the Indian benchmark index. The Gift Nifty was trading around 23,322 level, a premium of nearly 123 points from the Nifty futures’ previous close.
On Friday, the Indian stock market ended sharply lower amid US-Iran war worries, with the benchmark Nifty 50 slipping below 23,200 level.
The crashed 1,470.50 points, or 1.93%, to close at 74,563.92, while the Nifty 50 settled 488.05 points, or 2.06%, lower at 23,151.10.
Here’s what to expect from Sensex, Nifty 50, and Bank Nifty today:
Sensex Prediction
Sensex cracked 5.5% last week. The index formed lower highs and lower lows on daily charts, and a long bearish candle on weekly charts, which is largely negative.
“We believe that as long as Sensex is trading below 75,000, a weak formation is likely to continue. On the downside, the index could continue its correction wave until 73,600. Further downward movement may also continue, potentially dragging the index to 73,000. On the other side, above 75,000, the pullback move could extend until 75,600 – 76,100,” said Amol Athawale, VP Technical Research, Kotak Securities.
Aakash Shah, Research Analyst, Choice Equity Broking noted that has slipped below key short-term levels, indicating elevated volatility in the near term.
“Immediate support is placed near the 74,000 – 74,100 zone, which may act as an important demand area if selling persists. On the upside, resistance is seen around 75,000 – 75,100, and Sensex would need to reclaim this band to signal any meaningful short-term recovery,” said Shah.
Nifty 50 Prediction
Nifty 50 formed a bearish candlestick pattern on the daily chart, indicating a weak outlook following the recent breakdown. For the week, Nifty 50 slumped 5.31% and formed a sizable bearish candle with a lower high and a lower low on the weekly chart, signaling continuation of the corrective decline.
“A long bear candle has formed on the daily chart that made a new swing low of 23,112 levels on Friday. Nifty 50 has entered the support of previous opening upside gap area of 15 April 2025 around 23,200 – 22,900 levels. Though, Nifty 50 is placed near the supports, still there is no confirmation of any bottom reversal pattern forming. This is not a good sign,” said Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities.
According to him, the underlying trend of the market is sharply down and there is a higher possibility of showing minor pullback from near the lows of around 22,900 by this week.
“If it fails to do so, then one may expect more weakness down to 22,500 -22,000 levels in the near term. Immediate resistance is placed at 23,500,” Shetti added.
Sudeep Shah, Head – Technical and Derivatives Research at SBI Securities said that the immediate support for Nifty 50 is placed in the 23,000 – 22,950 zone, and any sustainable move below this zone could result in Nifty 50 extending its weakness towards 22,750, followed by 22,500 in the short term.
On the upside, the zone of 23,450 – 23500 zone is likely to act as a strong resistance, he said.
Mayank Jain, Market Analyst, Share.Market highlighted that the Nifty 50 index decisively broke the 23,300 support level, which was a major structural base, and the index is now in a deep correction phase, trading below its 500-day SMA.
“Immediate support for Nifty 50 lies at 22,900 – 23,000. The 23,000 mark is the immediate floor. If this breaks, the next major target for bears is 22,500. Immediate resistance is seen at 23,400 – 23,600. Any recovery will face immediate selling pressure at 23,500,” said Jain.
Bank Nifty Prediction
Bank Nifty index ended 1,343.10 points, or 2.44%, lower at 53,757.85 on Friday, forming a strong bearish candle on the daily chart, indicating persistent selling pressure following the recent breakdown from the earlier range. For the week, the Bank Nifty crashed 6.97% and formed a sizable bearish candle with a lower high and lower low.
“Bank Nifty index has breached its critical support of 54,000 and the 100-day EMA, signaling a major bearish shift in long-term momentum after Friday’s sharp sell-off. For this week, the 53,500 level stands as the final make-or-break defense; a breakdown here could trigger a deeper correction toward the 52,500 zone,” said Dr. Ravi Singh, Chief Research Officer from Master Capital Services Ltd.
On the upside, the 55,000 level now acts as stiff overhead hurdles, he said, adding that the strategy remains ‘sell on recovery’ until the index decisively reclaims 55,000. Expect continued pressure on heavyweights as the sector searches for a stable floor.
Om Mehra, Technical Research Analyst, SAMCO Securities noted that the Bank Nifty index is now hovering near the 53,500 – 53,400 zone, which earlier acted as a key support level and is currently being tested again.
“A decisive move below this level may open the door for further downside. The index continues to trade below its key moving averages, reflecting weakness in the broader trend. The RSI has slipped near the 23 level, indicating that the index has entered a deeply oversold zone,” said Om Mehra, Technical Research Analyst, SAMCO Securities.
Overall, he believes the short-term outlook remains weak, and the Bank Nifty index may continue to witness volatile swings unless it manages to reclaim the 54,500 zone on a closing basis.
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.