The Indian stock market benchmark indices, Sensex and Nifty 50, are likely to open lower on Tuesday, tracking weak cues from global markets.
The trends on Gift Nifty also indicate a negative start for the Indian benchmark index. The Gift Nifty was trading around 25,637 level, a discount of nearly 80 points from the Nifty futures’ previous close.
On Monday, the Indian stock market indices snapped their two-day losing streak, with the benchmark Nifty 50 closing above 25,600 level.
The Sensex jumped 650.39 points, or 0.79%, to close at 83,277.15, while the Nifty 50 settled 211.65 points, or 0.83%, higher at 25,682.75.
Here’s what to expect from Sensex, Nifty 50, and Bank Nifty today:
Sensex Prediction
Sensex formed a long bullish candle on daily charts, and on intraday charts, it has formed a promising reversal pattern, which is largely positive.
“For day traders, 83,000 and 82,700 would act as key support zones. As long as Sensex is trading above these levels, the pullback formation is likely to continue. On the higher side, it could bounce back to 83,500 – 83,700. On the flip side, below 82,700, the sentiment could change. If Sensex falls below this level, traders may prefer to exit their long positions,” said. Shrikant Chouhan, Head Equity Research, Kotak Securities.
Om Ghawalkar, Market Analyst at Share.Market said that the immediate support for Sensex is now at the 81,800 – 82,000 zone, and if the index fails to hold this, it may test the 80,500 level. On the upside, reclaiming and sustaining above the 83,800 – 84,000 resistance zone is essential for any sentiment reversal.
Nifty OI Data
In the derivatives segment, heavy put writing at 25,500 and call writing at 26,000 suggest a range-bound bias. Price action reflects a bullish bias within a consolidation phase, supporting a measured positive near-term outlook and favoring buying on pullbacks while major support zones are respected, said Aakash Shah, Technical Research Analyst at Choice Equity Broking.
Nifty 50 Prediction
Nifty 50 formed a bullish engulfing pattern on the daily chart, indicating a potential upside reversal and strengthening bullish momentum.
“A long bull candle has formed on the daily chart after opening lower. Technically, this market action indicates a formation of ‘Bullish Engulfing’ candle pattern, which is a positive indication. The opening downside gap of Friday has been filled partially,” said Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities.
According to him, the sharp bounce back of Monday seems to have opened the doors for bulls to comeback, and a sustainable move above the recent down gap resistance at 25,750 could pull Nifty 50 towards 26,000 levels in the near term. Immediate support is placed at 25,550.
Riyank Arora, Associate Vice President – HNI & Derivatives, Hedged.in said that a decisive breakout of Nifty 50 above 25,630 could open the door for an upside move towards 25,800 and further to 25,900.
“On the downside, 25,550 remains an immediate support, followed by a major support near 25,500. As long as the index holds above these support levels, the broader structure remains stable, while a breakout on the upside could strengthen bullish momentum. Overall, the market is at an important inflection point. Traders should closely monitor these key levels for confirmation of the next directional move and remain selective in their approach,” said Arora.
Om Ghawalkar sees a bullish engulfing pattern forming, which suggests a bullish day today.
“Market sentiment has shifted from ‘bearish’ to ‘cautious-to-positive’ following yesterday’s recovery. However, today’s movement will depend on global cues and whether the Nifty can sustain its position above key technical levels. According to current chart patterns, immediate support is now placed in the 25,200 – 25,250 zone. A decisive break below this level could open the doors for a further slide towards the 25,000 structural support. Conversely, immediate resistance is visible at 25,900 – 26,000,” said Ghawalkar.
Bank Nifty Prediction
Bank Nifty index ended 762.45 points, or 1.27%, higher at 60,949.10 on Monday, forming a strong bullish engulfing candle on the daily chart, reversing the prior session’s dip and re-establishing strength above the 60,000 mark.
“Bank Nifty index found solid support near its 20-day EMA, from where it staged a sharp and decisive rebound. This recovery culminated in the formation of a large bullish candle on the daily chart — a structure that reflects sustained demand at lower levels and reinforces the improving sentiment within the banking pack. Adding strength to the bullish case, the daily RSI has surged above the 60 mark and continues to trend higher, indicating robust momentum and room for further upside,” said. Sudeep Shah, Head – Technical and Derivatives Research at SBI Securities.
Looking ahead, he believes the zone of 60,600 – 60,500 is expected to act as a crucial support area, and as long as the Bank Nifty index sustains above 60,500, it remains well-positioned to extend its rally towards 61,500, with the next potential target placed near 62,100 in the short term.
Om Mehra, Technical Research Analyst, SAMCO Securities highlighted that the Bank Nifty index is trading above all key moving averages, indicating a positive broader trend.
“On the Ichimoku setup, Nifty Bank remains well above the cloud, supporting the primary trend and suggesting the upward move is resuming after a brief pause. The immediate support is seen near 60,400, followed by 60,200, which aligns with the cloud support zone. On the upside, 61,200 – 61,500 remains the resistance band, and a close above this zone could reopen the path toward the all-time. High,” said Mehra.
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.
