The Indian stock market benchmark indices, Sensex and Nifty 50, are likely to open higher on Monday, tracking upbeat global market cues on signs of the US-Iran peace deal boosted investor sentiment.
The trends on Gift Nifty also indicate a gap-up start for the Indian benchmark index. The Gift Nifty was trading around 23,961 level, a premium of nearly 217 points from the Nifty futures’ previous close.
On Friday, the ended higher, with the benchmark Nifty 50 closing above 23,700 level.
The Sensex gained 231.99 points, or 0.31%, to close at 75,415.35, while the Nifty 50 settled 64.60 points, or 0.27%, higher at 23,719.30.
Here’s what to expect from Sensex, Nifty 50 and Bank Nifty today:
Sensex Prediction
Sensex formed is witnessing positive consolidation near the 50-day SMA (Simple Moving Average) on daily charts. Last week, Sensex rose 0.24% and formed a bullish candle on weekly charts.
“For positional traders, the 50-day SMA or 75,400 would act as an immediate support zone. As long as Sensex remains above this level, the positive sentiment is likely to continue. On the higher side, 75,900 could act as an immediate resistance for the bulls. A successful breakout above 75,900 could push the index up to 76,400 – 77,000,” said Amol Athawale, VP Technical Research, Kotak Securities.
Conversely, he believes if drops below 75,400, the sentiment could change, and below this level, the index could retest the levels of 74,500 – 74,200.
“Further downside may also continue, potentially dragging Sensex to 73,800,” said Athawale.
Mayank Jain, Market Analyst, Share.Market by PhonePe said that the 74,500 zone acted as a reliable near-term base for Sensex during recent consolidation. However, a decisive breach below the 74,400 support line would weaken the technical structure, opening the doors for widespread panic selling toward the 74,000 zone.
“The immediate task for Sensex to break free from this corrective consolidation is to clear the 76,500 resistance level,” said Jain.
Nifty Options Data
From the derivatives perspective, significant call writing is visible near the 23,800–24,000 strike region, which continues to act as a strong resistance cluster, while put writers are actively defending the 23,500–23,300 zone, keeping downside risk protected for now. PCR stands near 1.01, reflecting balanced positioning between call and put writers.
Nifty 50 Prediction
Nifty 50 formed small bullish candles on the daily and weekly charts.
“A small bullish candle was formed on the daily chart on Friday beside the negative candle of Thursday. The short-term chart pattern signals continuous testing of key overhead resistance around 23,850 with the rising low formations. This is a positive indication,” said Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities.
According to him, the underlying trend of remains choppy with positive bias, and a decisive move only above 23,850 – 23,900 levels could open broad-based buying in the Nifty 50 towards 24,150 levels in the near term. However, any weakness from here could find immediate support around 23,600 levels.
Nilesh Jain, VP- Head of Technical and Derivative research, Centrum Finverse Ltd noted that the Nifty 50 index managed to sustain above its 50-DMA, placed near 23,690, which is likely to act as an immediate support level, while the next crucial support is seen around 23,500.
“On the upside, a decisive breakout above 23,800 is essential to trigger a fresh short-covering rally towards 24,000 and higher levels. The broader market structure continues to remain constructive and indicates a positive undertone. Going into this week, volatility is expected to remain elevated owing to the monthly F&O expiry. We expect the Nifty 50 to trade within a broader range of 23,500 – 24,000 with a positive bias,” said Jain.
The India VIX declined nearly 5% during the week and closed below the 18 mark. A further cooling-off in volatility would continue to support bullish sentiment in the market, he added.
Bank Nifty Prediction
Bank Nifty index rallied 615.95 points, or 1.15%, to close at 54,055.35 on Friday, forming a strong bullish candle on the daily chart. On the weekly timeframe, Bank Nifty gained 0.64% and formed a bullish piercing line pattern, signalling a potential shift in sentiment after the recent consolidation phase.
“Bank Nifty continues to consolidate within the 54,394 – 52,783 range over the last nine sessions, with the flat RSI continuing to reflect a sideways trend. Going ahead, the immediate resistance for Bank Nifty is placed in the 54,400 – 54,500 zone. Any sustainable move above this zone could result in extending its pullback towards 54,900, followed by 55,300 in the short term,” said Sudeep Shah, Head – Technical and Derivatives Research at SBI Securities.
On the downside, the immediate support for Bank Nifty is placed in the 53,600 – 53,500 zone, he added.
Dr. Ravi Singh, Chief Research Officer from Master Capital Services Ltd. highlighted that the Bank Nifty index is still trading below both the 21-day and 55-day EMA, which suggests that the overall trend remains slightly cautious.
“The 54,500 zone is acting as an important resistance level, and a sustained move above it could open the door for further upside towards 55,400, where the 55-day EMA is also placed. On the downside, immediate support is seen near 53,500, while the 52,800–53,000 zone remains a strong support area,” said Singh.
According to him, as long as Bank Nifty stays below key resistance levels, the broader approach continues to favor a sell-on-rise strategy in the near term.
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.