The Indian stock market benchmark indices, Sensex and Nifty 50, are likely to open higher on Tuesday, racking mixed global market cues, amid optimism over the US-Iran peace talks.
The trends on Gift Nifty also indicate a positive start for the Indian benchmark index. The Gift Nifty was trading around 24,406 level, a premium of nearly 74 points from the Nifty futures’ previous close.
On Monday, the Indian stock market ended marginally higher, with the benchmark Nifty 50 closing above 24,300 level.
The Sensex rose 26.76 points, or 0.03%, to close at 78,520.30, while the Nifty 50 settled 11.30 points, or 0.05%, higher at 24,364.85.
Here’s what to expect from Sensex, Nifty 50 and Bank Nifty today:
Sensex Prediction
Sensex is currently consolidating near higher levels, indicating a pause in the ongoing uptrend.
“Immediate support for Sensex is placed near 77,800 – 78,000, while resistance is seen around 79,000 – 79,200. A sustained move above resistance could trigger fresh upside, whereas a breakdown below support may lead to short-term weakness. Overall, the market structure suggests a range-bound yet resilient setup, with a cautious undertone,” said Aakash Shah, Research Analyst, Choice Equity Broking.
The near-term outlook points toward continued consolidation with stock-specific action, unless Sensex decisively breaks out of the current range, he added.
Nifty Options Data
In the derivatives segment, notable call writing was observed at the 24,500 and 24,600 strike levels, indicating resistance zones. On the put side, significant writing at 24,300 and 24,200 suggests strong support at lower levels.
Nifty 50 Prediction
Nifty 50 index formed a high wave candlestick pattern with a higher high and a higher low, signaling consolidation around the 50-day EMA.
“A small candle was formed on the daily chart with minor upper and lower shadow. Technically, this market action signals a consolidation movement and this reflects the presence of a crucial hurdle like the previous opening down gap of 9th March. The bullish higher highs and lows is intact on the daily chart and any consolidation or dip could be a buy on dips opportunity around higher lows in the near term,” said Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities.
According to him, the immediate support for Nifty 50 is placed at 24,100 levels and the key overhead resistance to be watched at 24,500 levels.
Mayank Jain, Market Analyst at Share.Market noted that the Nifty 50 index is facing selling pressure at higher levels as the market enters “wait-and-watch” mode.
“The psychological 24,000 mark remains immediate support for Nifty 50. If geopolitical tensions escalate, the index may retest the 23,800 structural base. The immediate hurdle is situated at 24,500,” said Jain.
Bank Nifty Prediction
Bank Nifty index ended 16.65 points, or 0.03%, higher at 56,582.35 on Monday, forming a bearish candle on the daily chart, characterized by a long upper shadow and a relatively small lower shadow, indicating selling pressure near higher levels and hesitation among bulls to carry the momentum forward.
“Looking ahead, the 56,100 – 56,000 zone is expected to act as an important support area for the Bank Nifty index. On the upside, the 57,000 – 57,100 zone will continue to serve as a crucial hurdle. A sustained and convincing breakout above 57,100, supported by volume expansion, could trigger further upside momentum, with Bank Nifty potentially advancing towards 57,600, followed by 58,200 in the short term,” said Sudeep Shah – Head of Technical and Derivatives Research at SBI Securities.
Bajaj Broking Research highlighted that the Bank Nifty index sustaining above last Wednesday’s gap up area of 55,600 will keep the bias positive and will gradually open upwards towards 57,800 levels in the coming sessions being the previous breakdown area and key retracement of previous decline.
“Volatility is likely to remain high on account of the geopolitical tension and volatile crude oil prices. From a short-term perspective, support is placed in the range of 54,500 – 54,000 zone, being the confluence of the last week low and the 20-day EMA. Forming higher high and higher low in weekly charts will keep the current pullback trend intact,” said the brokerage firm.
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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