The Indian stock market benchmark indices, Sensex and Nifty 50, are likely to open lower on Friday, tracking weak global market cues.
The trends on Gift Nifty also indicate a gap-down start for the Indian benchmark index. The Gift Nifty was trading around 25,719 level, a discount of nearly 139 points from the Nifty futures’ previous close.
On Thursday, the Indian stock market ended lower amid a selloff in IT stocks, with the benchmark Nifty 50 closing near 25,800 level.
The Sensex cracked 558.72 points, or 0.66%, to close at 83,674.92, while the Nifty 50 settled 146.65 points, or 0.57%, lower at 25,807.20.
Here’s what to expect from Sensex, Nifty 50, and Bank Nifty today:
Nifty 50 Prediction
Nifty 50 formed a bearish candle with a lower high and a lower low, signaling profit booking at higher levels around the 26,000 levels.
“A reasonable negative candle was formed on the daily chart with minor lower shadow. Technically, this market action indicates short-term downward correction in the market amid a range bound movement. The opening upside gaps of 3rd Feb and 9th Feb remain partially filled which signal chances of bounce back from the lows,” said Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities.
According to him, the near-term trend of Nifty 50 remains positive, and the present consolidation or downward correction could be short lived and Nifty 50 could bounce back from the lower levels in the near term. Immediate support is placed around 25,600 levels.
Bajaj Broking Market said that the Nifty 50 index is likely to consolidate in the range of 25,500 – 26,000, and only a move above 26,000 levels will open upside towards the key resistance area of 26,200 – 26,300 in the coming sessions.
“The overall outlook remains positive and the current breather should be seen as buying opportunities. Immediate support is placed at 25,500 – 25,400, which aligns with last week’s breakout area and the 20-day EMA,” said Bajaj Broking Market.
Bank Nifty Prediction
Bank Nifty index eased 5.60 points, or 0.01%, to close at 60,739.75 on Thursday, forming a small body candle, which shows a lack of commitment from both bulls and bears.
“Looking ahead, the zone of 61,200 – 61,300 will be the immediate resistance to watch. A sustained breakout above 61,300 has the potential to trigger further upside towards 61,800, and eventually 62,400 in the short term as momentum builds. On the flip side, the zone of 60,400 – 60,300 will act as a key support area for the index,” said. Sudeep Shah, Head – Technical and Derivatives Research at SBI Securities.
As long as Bank Nifty holds above this support band, he expects the broader structure to remain positive, with dips likely to attract buying interest.
Ponmudi R, CEO of Enrich Money noted that the Bank Nifty index has transitioned into a short-term bearish phase marked by a lower high–lower low sequence and negative momentum bias.
“The 60,784 – 60,800 zone now acts as a polarity-based supply pivot. Sustained trade below this band keeps downside risk active toward 60,550 and potentially 60,460 on breakdown confirmation. Only a decisive reclaim above 60,800 would invalidate the bearish structure and reopen the path toward 60,900 and higher,” he said.
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.
