The Indian stock market benchmark indices, Sensex and Nifty 50, are likely to open lower on Thursday, tracking weak global market cues, as surging crude oil prices stoked inflation fears and as investors remain cautious amid the escalating US-Iran in the Middle East.
The trends on Gift Nifty also indicate a negative start for the Indian benchmark index. The Gift Nifty was trading around 23,819 level, a discount of nearly 120 points from the Nifty futures’ previous close.
On Wednesday, the Indian stock market crashed amid cautiousness over the ongoing US-Iran war, with the benchmark Nifty 50 slipping below 23,900 level.
The Sensex tanked 1,342.27 points, or 1.72%, to close at 76,863.71, while the Nifty 50 settled 394.75 points, or 1.63%, lower at 23,866.85.
Here’s what to expect from Sensex, Nifty 50 and Bank Nifty today:
Sensex Prediction
Sensex formed a long bearish candle on daily charts and is also holding a lower top formation, indicating further weakness from the current levels.
“For day traders, as long as Sensex is trading below 77,500, a weak sentiment is likely to continue. On the lower side, the index may retest the level of 76,300. Further downside could continue, dragging Sensex till 76,000 – 75,800. On the flip side, above 77,500, a pullback move could extend up to 78,000,” said Shrikant Chouhan, Head Equity Research, Kotak Securities.
Mayank Jain, Market Analyst, Share.Market said that the immediate support for Sensex is seen at 76,000 – 76,200, and this area must hold to prevent a larger correction toward 75,000.
“Immediate resistance is placed at 77,500 – 77,700. To signal any recovery, Sensex needs to climb back above the 78,000 psychological mark,” said Jain.
Nifty Options Data
In the derivatives market, notable put writing was seen at the 23,700 strike, while heavy call writing appeared at the 24,000 strike, indicating that traders expect the index to trade within this range in the near term.
“Considering the current setup, traders are advised to remain cautious near key support levels and avoid aggressive directional trades until the index manages to break above the resistance zone,” said Hitesh Tailor, Research Analyst – Research at Choice Equity Broking.
Nifty 50 Prediction
Nifty 50 formed a bearish candle on the daily chart, and continues to trade below its key moving averages, indicating that the broader trend remains weak.
“A long bear candle was formed on the daily chart which indicates sharp reversal of Nifty 50 on the downside, after forming a new lower top around 24,300 levels on Tuesday. The opening downside gap of 9th March remained partially filled. This is not a good sign,” said Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities.
According to him, the near-term trend of Nifty 50 seems to have reversed down after a reasonable bounce back.
“As per the negative chart pattern like lower tops and bottoms, Nifty 50 is expected to slide below the recent swing low of 23,697 in the short term. Immediate resistance is placed at 24,050 levels,” said Shetti.
Om Mehra, Technical Research Analyst, SAMCO Securities noted that the RSI is placed near 30, suggesting that the Nifty 50 index is approaching the oversold zone, while the DMI setup shows the negative directional line holding above the positive line. The index also remains below the Supertrend indicator, indicating that the broader trend continues to stay under pressure.
“On the hourly chart, Nifty 50 attempted a brief recovery earlier but failed to sustain above the 24,250 zone. Immediate resistance is now placed around 24,150 – 24,100, while the 23,700 zone remains an important support level in the near term. India VIX rose sharply by 11.41% to settle at 21.06, indicating an increase in market volatility and suggesting that wider price swings may continue in the coming sessions,” said Mehra.
He highlighted that Nifty 50 currently appears to be trading in a short-term pattern where one day of recovery is followed by another day of decline.
Bank Nifty Prediction
Bank Nifty index slumped 1,215.05 points, or 2.13%, to close at 55,735.75 on Wednesday, forming a large bearish candle, indicating renewed selling pressure.
“For Bank Nifty, the immediate support is placed in the 55,400 – 55,300 zone. Any sustainable move below this zone could result in Bank Nifty extending its weakness towards 54,900, followed by 54,500 in the short term. On the upside, the zone of 56,100 – 56,200 zone is likely to act as a strong resistance,” said Sudeep Shah, Head – Technical and Derivatives Research at SBI Securities.
Bajaj Broking Research highlighted that the Bank Nifty index reacted lower from near the 38.2% retracement of its previous decline (61,680 – 55,527) and the bearish gap area of 9th March 2026.
“Going ahead, the Bank Nifty index is expected to trade with downward bias and test the current week low of 55,250 levels. A breach below 55,200 levels will lead to extension of the decline towards 54,300 – 54,000 levels in the coming sessions,” 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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