The Indian stock market benchmark indices, Sensex and Nifty 50, are likely to open higher on Thursday, tracking strong global market cues.
The trends on Gift Nifty also indicate a positive start for the Indian benchmark index. The Gift Nifty was trading around 25,853 level, a premium of nearly 25 points from the Nifty futures’ previous close.
On Wednesday, the Indian stock market extended gains for the third consecutive session amid choppiness, with the benchmark Nifty 50 closing above 25,800 level.
The Sensex rallied 283.29 points, or 0.34%, to close at 83,734.25, while the Nifty 50 settled 93.95 points, or 0.37%, higher at 25,819.35.
Here’s what to expect from Sensex, Nifty 50, and Bank Nifty today:
Sensex Prediction
Sensex took support near 83,400 and reversed sharply, and formed a bullish candle on daily charts.
“We are of the view that the short-term support has shifted from 83,000 to 83,300. As long as Sensex is trading above the same, the uptrend formation is likely to continue. On the higher side, 84,700 – 85,000 would act as an immediate resistance zone for the traders,” said Shrikant Chouhan, Head Equity Research, Kotak Securities.
On the flip side, he believes below 83,300 the sentiment could change, and below the same, traders may prefer to exit out from the trading long position.
Nifty OI Data
In the derivatives segment, heavy put writing at 25,700 and call writing at 26,000 indicate a range-bound bias in the near term.
“Overall sentiment has strengthened moderately, supported by declining volatility and strong closing levels. However, a confirmed breakout above defined resistance zones is essential to signal a sustained upward trend beyond the current consolidation phase,” said Hitesh Tailor, Research Analyst – Research at Choice Equity Broking.
Nifty 50 Prediction
Nifty 50 formed a reasonable bull candle on the daily chart with a long lower shadow.
“Technically, this market action indicates a breakout of crucial gap resistance at 25,750 levels. The previous huge bullish opening upside gap of 3 February remains partially filled. This is a positive indication and could pull Nifty 50 towards 26,000 and next 26,350 levels in the near term. Immediate support is placed at 25,650,” said Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities.
Om Ghawalkar, Market Analyst, Share.Market noted that the Nifty 50 formed a bullish candle with a long lower shadow, indicating aggressive ‘buy-on-dips’ action.
“While the cooling India VIX (down 4.9%) supports stability, the index faces a persistent supply wall near its 50-day SMA. Immediate support is now positioned at the 25,650 – 25,700 zone. A decisive breach above the 25,900 hurdle is essential to trigger a fresh rally toward 26,100. Conversely, failure to hold 25,600 could see the index testing the 25,500 base,” said Ghawalkar.
Ponmudi R, CEO of Enrich Money highlighted that the MACD remains in positive crossover territory, reinforcing the ongoing recovery momentum. However, price action indicates visible supply absorption in the 25,850 – 25,900 zone, which now stands as the immediate resistance hurdle.
“On the downside, initial support is placed near 25,650, followed by a stronger demand base in the 25,600 – 25,550 range. As long as Nifty 50 sustains above these levels, the broader bias remains mildly positive,” said Ponmudi R.
Bank Nifty Prediction
Bank Nifty index ended 376.80 points, or 0.62%, higher at 61,550.80 on Wednesday, extending gains for three consecutive sessions. The index has sustained its consolidation breakout on the daily chart.
“For Bank Nifty, the immediate resistance is placed in the 61,800 – 61,900 zone. Any sustainable move above this zone could result in Bank Nifty extending its up move towards 62,300, followed by 62,700 in the short term. On the downside, the 61,100 – 61,000 zone is likely to act as an immediate support,” said Sudeep Shah, Head – Technical and Derivatives Research at SBI Securities.
According to Bajaj Broking, the Bank Nifty index is likely to maintain a positive bias in the near term as long as it holds above the breakout zone. Trading above its key moving averages further reinforces the prevailing momentum and supports the possibility of continued upside in the short term.
“Immediate resistance is seen at 61,750, followed by 62,000, where some profit booking may surface. A decisive breakout above these levels could accelerate the ongoing uptrend. On the downside, support has shifted higher to 61,150 and 60,800, highlighting strong demand at elevated levels,” 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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