The Indian stock market benchmark indices, Sensex and Nifty 50, are likely to open higher on Friday, tracking upbeat cues from global markets on hopes of a US-Iran peace deal after President Donald Trump canceled planned strikes against Iran.
The trends on Gift Nifty also indicate a gap-up start for the Indian benchmark index. The Gift Nifty was trading around 23,523 level, a premium of nearly 323 points from the Nifty futures’ previous close.
On Thursday, the Indian stock market ended lower as tensions flared up in the Middle East, with the benchmark Nifty 50 closing below 23,200 level.
The Sensex declined 150.63 points, or 0.20%, to close at 73,832.55, while the Nifty 50 settled 53.35 points, or 0.23%, lower at 23,161.60.
Here’s what to expect from Sensex, Nifty 50 and Bank Nifty today:
Sensex Prediction
Sensex formed a small candle on daily charts, while non-directional intraday activity indicates indecisiveness between the bulls and the bears.
“For day traders, 74,200 would act as an immediate resistance zone. Above this level, Sensex could move towards 74,500 – 74,700. On the flip side, below 73,500, selling pressure is likely to accelerate. Below that, the chances of hitting 73,200 – 73,000 would increase,” said Shrikant Chouhan, Head Equity Research, Kotak Securities.
Nifty Options Data
In the derivatives segment, significant call writing was observed at the 23,200 and 23,300 strikes, while put writing was concentrated at the 23,200 and 23,000 levels, suggesting a broader trading range with support near lower levels.
Nifty 50 Prediction
Nifty 50 index formed an inverted hammer-like candlestick pattern on the daily timeframe, indicating buying support from lower levels despite weakness at the close.
“A small green candle was formed on the daily chart with a long upper shadow, which signals lackluster movement in the market. Though Nifty 50 placed near the crucial support of 23,100 levels (previous opening upside gap of 8th April), it has failed to gather strength to sustain the highs so far. This is not a good sign,” said Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities.
According to him, the underlying trend of Nifty 50 remains choppy with weak bias.
“As long as the market holds the important support of around 23,100 – 23,000 levels, there is a possibility of minor bounce in the coming sessions. A decisive breakdown of this support could trigger sharp weakness in the near term,” said Shetti.
Sachin Gupta, VP – Research, Technical Research, at Choice Broking noted that the long upper shadow on the daily candle reflects rejection from higher levels, while the recovery from the intraday low suggests that buyers attempted to defend the support zone.
“From a technical perspective, immediate support for Nifty 50 is placed in the 22,900 – 22,950 zone, while resistance is observed in the 23,350 – 23,400 range. The Relative Strength Index (RSI) stands at 37.86, indicating weak momentum and continued cautious undertones in the market,” said Gupta.
Bank Nifty Prediction
Bank Nifty index ended 76.45 points, or 0.14%, higher at 55,176.75 on Thursday, forming a small bullish candle with a higher high and a lower low, signaling consolidation amid stock specific action.
“The Bank Nifty index is sustaining above its key 20-day and 50-day EMA levels, indicating relative strength. Going ahead, the 55,500 – 55,600 zone is likely to act as an immediate resistance for the index. A sustained breakout above 55,600 could trigger a sharp upside rally towards 56,200, followed by 56,600 in the short term,” said Sudeep Shah, Head – Technical and Derivatives Research at SBI Securities.
On the downside, he believes the 54,800 – 54,700 zone is expected to provide immediate support and act as a cushion against any corrective move.
Bajaj Broking Research highlighted that the Bank Nifty index continues to sustain above its 20-day EMA and the recent trendline breakout area, suggesting that the broader trend remains constructive.
“Bank Nifty in the last two sessions witnessed profit booking from the neckline of the double bottom breakout area of 55,500 – 55,600. A decisive move above this level would confirm renewed buying momentum and open the path towards 56,500 levels in the coming weeks. Failure to do so will lead to some consolidation in the range of 53,800-55,600,” said the brokerage firm.
On the downside, immediate support for Bank Nifty index is positioned at 54,000 – 53,800 being the low of the current week and key retracement of the recent pullback, it added.
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.
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