India’s stock market benchmark indices Sensex and Nifty 50 are likely to open higher on Friday, tracking gains in global markets and improved domestic sentiment. The trends on Gift Nifty also indicate a positive start for the Indian benchmark index. The Gift Nifty was trading around 26,022, a premium of nearly 46 points from the Nifty futures’ previous close. On Thursday, the Indian stock market ended slightly higher, extending gains for the sixth consecutive session. The Sensex gained 130.06 points or 0.15% to close at 84,556.40, while the Nifty 50 settled 22.80 points or 0.09% higher at 25,891.40. Here’s what to expect from Sensex, Nifty 50 and Bank Nifty today: Sensex Prediction Moreover, a bearish candle has formed on the daily charts, indicating temporary weakness. However, the short-term market outlook remains positive. “For day traders, levels of 84,800 will serve as key levels to watch. As long as Sensex trades below these levels, profit taking is likely to continue. On the downside, the index may slip to 84,300 – 84,000. On the upside, above 84,800, the chances of reaching 85,000 side will increase,” Shhri said. Chouhan, Head Equity Research, Kotak Securities. Nifty OI Data In the derivatives segment, Nifty open interest (OI) data showed the highest call writing at the 26,000 strike, while the maximum put OI was concentrated at 25,850, indicating strong resistance around 26,000. Overall, market sentiment remains cautiously optimistic, and a decisive close above 26,000 will be crucial to revive bullish momentum and sustain the ongoing uptrend in the near term, said Amruta Shinde, Technical and Derivatives Analyst at Choice Equity Broking. Nifty 50 Prediction Nifty 50 has formed a significant bearish candle with a slight upper shadow on the daily chart, suggesting that traders have opted to book profits at elevated levels. “A long bear candle has been formed on the daily chart at the highs with slight upper shadow. Technically, this market action indicates a bearish meeting line type candle pattern formation. This is not a good sign for bulls and any weakness from here can confirm the reversal pattern to the downside,” said Nagaraj Shetti, Senior Technical Securities Analyst at HDFC. According to him, the overall short-term trend of Nifty 50 remains positive, and any confirmation of negative reversal is likely to open short-term downward correction in the market, which could be a buy-on-depth opportunity. “Immediate support is placed at 25,700. A decisive move above 26,100 could open next upside towards 26,300 – 26,400 in the near term,” Shetti said. Sudeep Shah, Head – Technical Research and Derivatives at SBI Securities noted that the Nifty 50 index continues to trade above its key moving averages, indicating that the broader trend remains intact. Additionally, the RSI remains in bullish territory on the daily timeframe, suggesting the underlying strength in momentum despite the day’s corrective move. “Going forward, the zone of 25,800 – 25,750 will act as an important support for the index, while the zone of 26,000 – 26,050 will act as a crucial barrier,” said Shah. Hrishikesh Yedve, AVP Technical and Derivatives Research, Asit C. Mehta Investment Intermediates Ltd. highlighted that the Nifty 50 found resistance near the short-term trend line and formed a large bearish candle, indicating selling pressure at higher levels. “On the upside, 26,100 will act as an immediate barrier for the index, while on the downside, the recent breakout zones of 25,670 and 25,450 will act as key short-term support levels. Hence, traders are advised to book profits on bounce and wait for the index to return to support levels,” says Yedve. Bank Nifty Prediction Bank Nifty index closed 70.85 points, or 0.12%, higher at 58,078.05 on Thursday, forming a red candle with a long upper shadow on the daily chart, indicating selling pressure at higher levels. “Bank Nifty index is holding comfortably above all major moving averages. However, mild weakness is showing on the hourly chart. The daily RSI, hovering near 76, remains elevated in overbought territory. The MACD remains firmly in the positive zone, with its histogram still rising but at a slower pace, indicating that the short-term moment, Technical, may remain. SAMCO Securities. According to him, the support remains for Bank Nifty near 57800 – 57700, and unless the index closes below this zone twice in a row, the ongoing trend will still remain bullish. “A buy-on-dip approach can be maintained; however, minor consolidation or mean reversion at higher levels would be considered healthy within the broader uptrend,” said Mehra. Bajaj Broking Research expects the Bank Nifty index to consolidate with positive bias, with immediate support placed at 57,500 – 57,600 levels from the last week’s breakout area, while a stronger demand zone seen near 56,800 – 56,500 levels become “On the higher side, resistance is placed around 59,000 levels, which is the 138.2% retracement of the entire previous decline (57,628 – 53,561). From an oscillator perspective, the Stochastic indicator has reversed upwards and is approaching the overbought territory, suggesting a possible phase of positive undertone 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.
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