The Indian stock market benchmark indices, Sensex and Nifty 50, are likely to see a steady opening on Tuesday, tracking upbeat cues from global markets, even as sentiment remains cautious amid the escalating US-Iran war in the Middle East.
The trends on Gift Nifty also indicate a mildly positive start for the Indian benchmark index. The Gift Nifty was trading around 23,455 level, a premium of nearly 26 points from the Nifty futures’ previous close.
On Monday, the Indian stock market ended sharply higher, led by fag-end buying, with the benchmark Nifty 50 closing above 23,400 level.
The surged 938.93 points, or 1.26%, to close at 75,502.85, while the Nifty 50 settled 257.70 points, or 1.11%, higher at 23,408.80.
Here’s what to expect from Sensex, Nifty 50 and Bank Nifty today:
Sensex Prediction
Sensex formed a bullish candle on daily charts, indicating that a pullback move is likely to continue in the near future.
“For day traders, 75,200 and 75,000 would act as key support zones. As long as is trading above these levels, the pullback formation is likely to continue. On the higher side, 76,000 and 76,500 would serve as key resistance areas for the bulls. Conversely, below 75,000, the uptrend would become vulnerable. If that level is breached, the index could retest the levels of 74,300 – 74,000,” said Shrikant Chouhan, Head Equity Research, Kotak Securities.
According to him, the current market texture is volatile, and hence, level-based trading would be the ideal strategy for day traders.
Mayank Jain, Market Analyst, Share.Market said that the immediate support for Sensex lies at 74,000 – 73,800 and this range marks the new ‘floor’ for the week.
“A break below this level could lead the Sensex to retest its structural base at 73,500. Immediate resistance is seen at 76,400 – 76,500. Currently, this zone is expected to act as the primary resistance for the Sensex,” said Jain.
Nifty Options Data
In the derivatives segment, significant call writing was observed at the 23,500 strike followed by the 23,700 strike, while notable put writing was seen at the 23,200 and 23,000 strikes.
“Considering the ongoing geopolitical tensions, traders are advised to remain cautious near the key support and resistance levels and wait for a clear breakout on either side before initiating fresh directional trades,” said Aakash Shah, Technical Research Analyst at Choice Equity Broking.
Nifty 50 Prediction
Nifty 50 index formed a bullish candle with shadows in either direction, signaling pullback from the oversold territory.
“A long bull candle was formed on the daily chart with minor upper and lower shadow. Technically, this market action indicates counter attack by bulls from the lower supports (opening upside gap of 15 April 2025),” said Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities.
According to him, the underlying broader trend of remains weak and the market is still not out of the woods. The bearish pattern like lower tops and bottoms is intact on the daily chart and the opening downside gap of 13 March remains open.
“There is a crucial overhead resistance placed around 23,500 – 23,600 levels and there is a higher possibility of sell on rise opportunity in the market at the hurdle. Immediate support is placed at 23,000 levels,” said Shetti.
Nilesh Jain, VP- Head of Technical and Derivative research at Centrum Finverse Ltd. noted that the markets are likely to remain volatile, but expects a gradual recovery, with Nifty 50 potentially retracing towards 23,800, which represents the 23.6% retracement of the entire decline.
“Momentum indicators and oscillators have entered extremely oversold territory, indicating the possibility of a pullback. However, the broader structure remains weak, and any pullback is likely to attract selling pressure. Meanwhile, the volatility index, INDIAVIX, cooled off by around 5% but continues to remain elevated above 21. A correction below 18 will be required for bulls to regain control,” said Jain.
Bajaj Broking Research believes that the overall bias continues to remain down with immediate resistance placed at 23,700 – 23,800 levels being the confluence of the last week breakdown area and 8 days EMA.
“Nifty 50 index needs to start forming higher highs and higher lows on a sustained basis to signal a pause in the current downtrend. On the downside, key support levels are placed in the 22,700 – 22,400 zone, which coincides with the previous gap area and the 78.6% retracement of the earlier major up move,” said the brokerage firm.
Bank Nifty Prediction
Bank Nifty index ended 655.55 points, or 1.22%, higher at 54,413.40 on Monday, forming a bullish candle with a long lower shadow and a minor upper shadow, indicating strong buying interest at lower levels.
“The daily RSI has also shown a pullback after marking low of 23, hinting at a short term recovery. Going ahead, the 54,900 – 55,000 zone will act as a key hurdle for the Bank Nifty index. A sustained move above 55,000 could extend the pullback rally towards the 55,500 level. On the downside, 54,000 – 53,900 is expected to serve as a crucial support zone,” said Sudeep Shah – Head of Technical and Derivatives Research at SBI Securities.
Om Mehra, Technical Research Analyst, SAMCO Securities highlighted that the RSI has slipped near the 28 level, indicating that the index is trading in an oversold zone. Meanwhile, the DMI setup shows the negative direction, highlighting that the broader trend still remains under pressure.
“The 53,400 – 53,500 zone now emerges as an important cushion in the near term. As long as the Bank Nifty index holds above this zone, some stabilisation or a short-term recovery may continue. On the upside, the 55,000 – 55,500 zone is likely to act as a resistance area,” said Mehra.
Overall, he believes the current move appears to be a short-term relief bounce rather than a trend reversal, and the Bank Nifty index may continue to witness volatility in the coming sessions.
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.