The Indian stock market benchmark indices, Sensex and Nifty 50, are likely to open higher on Monday after the BJP-led NDA won the Bihar elections with a strong majority, improving sentiment over the stability of the coalition government at the Centre.
The trends on Gift Nifty also indicate a positive start for the Indian benchmark index. The Gift Nifty was trading around 26,005 level, a premium of nearly 54 points from the Nifty futures’ previous close.
On Friday, the Indian stock market ended higher, with the benchmark Nifty 50 closing above 25,900 level.
The rose 84.11 points, or 0.10%, to close at 84,562.78, while the Nifty 50 settled 30.90 points, or 0.12%, higher at 25,910.05.
Here’s what to expect from Sensex, Nifty 50, and Bank Nifty today:
Sensex Prediction
Sensex rallied 1.62% last week, forming a bullish candle with a minor upper shadow on the weekly chart, an indication of sustained buying interest.
“We are of the view that as long as is trading above the 20-day SMA or 84,000, the uptrend is likely to continue. On the higher side, 84,900 and 85,200 would be the immediate resistance zones for the bulls. A successful breakout above 85,200 could push the index up to 85,800 – 86,400. On the flip side, below 84,000, the uptrend would become vulnerable. Below this level, Sensex could retest the 83,400 – 82,900 range,” said Amol Athawale, VP Technical Research, Kotak Securities.
Mayank Jain, Market Analyst, Share.Market, noted that the technical support for Sensex is seen around 83,900 – 84,000, while a sustained move above 84,800 – 85,000 could trigger renewed bullish momentum.
Nifty OI Data
In the derivatives segment, the maximum Call Open Interest (OI) is placed at the 26,000 strike, followed by 26,100, suggesting resistance at higher levels. On the downside, the maximum Put OI is concentrated at the 25,900–25,800 strike range, marking key support zones. Overall, the setup indicates a sideways to slightly bullish tone, as long as the index continues to hold near its important support levels, said Hardik Matalia, Derivative Analyst – Research at Choice Equity Broking.
Nifty 50 Prediction
Nifty 50 posted a weekly gain of 1.64%, and formed a bullish candle on the daily and weekly chart, indicating underlying strength.
“A long bull candle was formed on the daily chart at the lows which indicates an excellent comeback of bulls from near the supports. The market action indicates a formation of higher bottom at 25,740 levels. Nifty 50 on the weekly chart formed a long bull candle after a few weeks of volatility. The weekly pattern signals a ‘rising three method’ type of formation, which is an uptrend continuation pattern,” said Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities.
According to him, the underlying trend of continues to be positive and the overall positive chart pattern signals more upside for the market ahead after a recent downward correction. The next upside to be watched are around 26,200 – 26,300 levels, while immediate support is placed at 25,750.
Puneet Singhania, Director of Master Trust Group, said that the Nifty 50 index continues to trade above the 21-day and 55-day EMAs, reaffirming strength in the ongoing uptrend. The RSI stands at 62, indicating healthy buying momentum.
“On the technical front, resistance is seen around 26,100, and a decisive breakout above this zone could ignite a rally toward 26,400. On the downside, support is placed between 25,650 – 25,700, aligning closely with the 21-day EMA, suggesting limited downside risk. Overall, the market structure remains bullish, encouraging traders to maintain a buy-on-dips strategy for a positive medium-term outlook,” said Singhania.
According to Mayank Jain, Market Analyst, Share.Market, Nifty 50 faces key resistance at 26,000 – 26,100, while support is expected near 25,750 – 25,800.
Bank Nifty Prediction
Bank Nifty index rallied 135.60 points, or 0.23%, to close at 58,517.55 on Friday, while for the week, the index surged 1.11%.
“Bank Nifty index has formed a Bullish Marubozu on the daily chart and strong bullish candle on weekly chart, signalling bullish momentum. Immediate support for the index is seen near 58,050, while resistance is placed around 58,615. A decisive breakout above 58,615 may pave the way for a move toward 59,000,” said Hrishikesh Yedve, AVP Technical and Derivative Research, Asit C. Mehta Investment Intermediates Ltd.
Sudeep Shah – Head – Technical and Derivatives Research at SBI Securities said that the index is trading at record levels, and all major moving averages are aligned in an upward trajectory, signalling a robust bullish trend.
“Going ahead, the zone of 58,700 – 58,800 will act as a key resistance area. A sustained move above 58,800 could trigger a sharp rally toward 59,500, followed by 60,200 in the short term. On the downside, the 20-day EMA zone of 57,800 – 57,700 is expected to provide strong support, keeping the overall bias positive as long as this level holds,” said Shah.
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