Nifty 50, Sensex Today: What to Expect from Indian Stock Market in Oct 23 Trade Amid India-US Trade Agreement

The Indian stock market benchmark indices Sensex and Nifty 50 are likely to open higher on Thursday amid optimism over India-US trade deal, and as indicated by the trends on the Gift Nifty. The trends on Gift Nifty also indicate a big gap-up start for the Indian benchmark index. The Gift Nifty traded around 26,259, a premium of nearly 352 points from the Nifty futures’ previous close. On Tuesday, the Indian stock market ended marginally higher in the special Diwali Muhurat trading session, with the benchmark Nifty 50 closing above 25,850 level. The Sensex gained 62.97 points, or 0.07%, to close at 84,426.34, while the Nifty 50 settled 25.45 points, or 0.10%, higher at 25,868.60. The stock market was closed on Wednesday, October 22 due to Diwali Balipratipada. Here’s what to expect from Sensex and Nifty 50 today: Nifty OI Data Nifty 50 open interest (OI) data for the expiry of October 28 reflects a balanced yet cautiously bullish setup. “Total Call OI stands at 13.60 crore against 13.51 crore in Puts (PCR at 1.00), indicating a largely neutral stance with a slight positive bias. Fresh additions of 2.93 crore in Calls and 2.14 crore in Puts indicate that traders are hedging bullishly on a strong rate against a strong base. 25,600 – 25,700 offers solid downside support, while heavy Call writing at 26,000 – 26,200 defines a key resistance zone,” said Enrich Money CEO Ponmudi R. Nifty 50 Prediction Nifty 50 consolidated near its recent highs, remained steady after a strong multi-day rally, and remained above key short-term supports. “Nifty 50 continued to remain in an uptrend even during the Muhurat trading session, although the actual range remained small due to the shortened trading window. Sentiment continues to favor the bulls, with the index holding above the critical 21 EMA. The RSI has entered a highly ambitious momentum zone and looks set to strengthen in the coming sessions,” Technical De Analyst at Rupak Secur said. In the short term, he believes, a rally to 26,000 – 26,200 looks possible, while support is placed at 25,700. Ponmudi R said that the market structure remains bullish as long as Nifty 50 maintains above 25,800, with 25,750 acting as immediate support. “On the downside, 25,600 – 25,500 serves as a key support band, while a decisive break above 26,000 – 26,300 could lead to new lifetime highs. The broader sentiment remains positive, supported by robust second-quarter earnings, festive liquidity and steady foreign institutional inflows from R Bank,” Ninmudyfti said. index fell 26.00 points, or 0.04%, to close at 58,007.20 on Tuesday, after facing its multi-month resistance zone. “Bank Nifty index now faces a key supply area between 57,900 and 58,200, a zone that previously acted as a ceiling during the June-July period. The day’s candle, which shows a light upper shadow, indicates short-term profit-taking, though the broader trend remains firmly bullish. A sustained close above 058 could confirm the door, and could open the door25 58 800 – 59,200, while 57,600 – 57,400 will act as the immediate support range,” said Ponmudi R. 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.