Nifty 50, Sensex Today: What to Expect from Indian Stock Market in Oct 16 Trade Amid India-US Trade Talks

The Indian stock market benchmark indices Sensex and Nifty 50 are likely to open higher on Thursday, tracking the gains in global markets. The trends on Gift Nifty also indicate a positive start for the Indian benchmark index. The Gift Nifty traded around 25,461, a premium of nearly 37 points from the Nifty futures’ previous close. On Wednesday, the Indian stock market ended higher, with the benchmark Nifty 50 closing above 25,300 level. The Sensex gained 575.45 points or 0.70% to close at 82,605.43, while the Nifty 50 settled 178.05 points or 0.71% higher at 25,323.55. Here’s what to expect from Sensex, Nifty 50 and Bank Nifty today: Sensex Prediction Sensex has formed a bullish candle on daily charts and also has an uptrend continuation pattern, which is largely positive. “We believe that 82,300 will act as a key support zone for day traders. As long as Sensex trades above this level, the positive sentiment is likely to continue. On the higher side, it may move up to 83,200 – 83,400. On the other hand, a move below 82,300 will make the upside from this level rather vulnerable,” said traders’ long positions. Shrikant Chouhan, Head Equity Research, Kotak Securities. Nifty OI Data In the derivative segment, Nifty open interest (OI) data showed the highest call writing at the 25,500 strike, while the maximum put OI was concentrated at 24,300. “This positioning indicates strong resistance around the 25,500 mark. Overall, sentiment remains cautiously optimistic, but a decisive close above 25,500 will be crucial to revive bullish momentum in the near term,” said Amruta Shinde, Technical & Derivatives Analyst at Choice Equity Broking. Nifty 50 Forecast Nifty 50 crossed the high of the previous bearish engulfing candle and formed a bullish candle on the daily chart, indicating renewed strength. “A long bull candle has been formed on the daily chart, indicating a counterattack by bulls after one session of weakness on Tuesday. Nifty 50 is currently placed on the verge of breaking out of cluster resistance like downtrend line, previous swing high and upper range of last few sessions around 25,400 – 25,500 levels,” said Nagara HDjFCcurities Research at Senior Techn. According to him, the underlying trend of Nifty 50 is positive, and a decisive breakout of key resistance at 25,500 is likely to open more upside towards 25,700 – 25,800 in the near term. Immediate support is placed at 25,200. Sudeep Shah, Head – Technical and Derivative Research at SBI Securities noted that the RSI, which had fallen to 55.08 in the previous session, has now returned to 60.49, while MACD continues to trade above both the zero line and the signal line, indicating that the underlying medium-term trend remains constructive. “Looking at key levels, the 25,450 level will act as an immediate resistance for the Nifty 50 index. This level also coincides with the previous swing high made on September 18. If the index manages to give a through move above the 25,450 level, then pullback may continue further to 25,650 from the 25,620 level. – 25,150 will serves as a crucial support for the index,” said Shah. Vishnu Kant Upadhyay, AVP – Research & Advisory, Master Capital Services believes the broader outlook for the Nifty 50 remains constructive, and the “buy-on-dip” strategy is likely to prevail. “Any corrective move towards the 25,000 – 24,800 zone could provide an opportunity to initiate new long positions, with initial upside targets placed around 25,650 – 25,700 levels,” Upadhyay said. Bank Nifty Prediction Bank Nifty index rose 303.45 points, or 0.54%, to close at 56,799.90 on Wednesday, forming a bull candle with a higher high and higher low, highlighting the continuation of the positive momentum. “Bank Nifty index has formed a bullish candle on the daily chart, reflecting continued strength. Immediate support for Bank Nifty is placed near 56,200, where the trendline support lies, followed by 55,820. As long as the index holds above 55,820, it is likely to extend its move towards 57,350 – H-advisory to 57,350 – H-advisory. a buy-on-dips strategy in the short term,” says Hrishikesh Yedve, AVP Technical and Derivatives Research, Asit C. Mehta Investment Intermediates Ltd. Bajaj Broking Research said that the Bank Nifty index has immediate resistance at 57,000 levels, and a move above the same would open further upside to all-time highs placed around 57,600 levels. “Bank Nifty continues to outperform the benchmark indices. Immediate support is placed at 56,200 – 56,000 levels, which is the current week’s low. Indices sustaining above the same will keep the immediate bias positive,” said Bajaj Broking Research. Disclaimer: The views and recommendations made above are those of individual analysts or brokerage firms, and not of Mint. We advise investors to check with certified experts before making any investment decisions.