The Indian stock market benchmark indices, Sensex and Nifty 50, are expected to open flat on Tuesday, tracking weakness in global markets.
The trends on Gift Nifty also indicate a muted start for the Indian benchmark index. The Gift Nifty was trading around 25,595 level, a discount of nearly 1 point from the Nifty futures’ previous close.
On Monday, the Indian stock market ended lower, with the benchmark Nifty 50 slipping below 25,600 level.
The Sensex dropped 324.17 points, or 0.39%, to close at 83,246.18, while the Nifty 50 settled 108.85 points, or 0.42%, lower at 25,585.50.
Here’s what to expect from Sensex, Nifty 50, and Bank Nifty today:
Sensex OI Data
Mayank Jain, Market Analyst, Share.Market expects Sensex to see support between 83,000 and 82,800.
“Since the 83,000 strike also has the highest Open Interest (OI), it’s a very important level to watch. The 84,000 CE continues to hold the highest OI, making it a firm ‘ceiling’ for the upcoming session,” said Jain.
Sensex Prediction
Sensex formed a bearish candle on the daily chart, and on the intraday chart, it is holding a weak formation, which is largely negative.
“Immediate resistance for Sensex is still placed near 83,700 – 83,800, a level that has consistently capped upside attempts in recent sessions. With the index closing below recent short-term highs and facing pressure from both global and domestic headwinds, the near-term bias remains cautious to neutral,” said Hitesh Tailor, Technical Research Analyst, Choice Broking.
Selective accumulation on declines is likely as long as the key support levels continue to hold, he added.
Nifty OI Data
According to Mayank Jain, the level of 25,500 holds the maximum Put OI for the current weekly expiry and may act as the ultimate floor. Massive Call writing was observed at the 25,800 strike, which may act as a significant hurdle on the upside.
Nifty 50 Prediction
Nifty 50 formed a reasonable negative candle on the daily chart with lower shadow.
“The market is now placed at the lower end of the range (25,900 – 25,500) and also crucial support around 25,500 levels. But, still there is no confirmation of any bottom reversal formation at the lows,” said Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities.
According to him, the underlying trend of Nifty 50 continues to be weak, and any sustainable bounce back from near the crucial support (25,500) could open a short term upmove in the market. But, a slide below 25,500 is likely to trigger more weakness down to 25,200 (near 200day EMA).
Nilesh Jain, Head – Technical and Derivatives Research Analyst (Equity Research), Centrum Broking noted that the Nifty 50 index managed to close above its 100-DMA placed near 25,575, which is acting as an immediate support, followed by the recent swing low around 25,473.
“The overall market structure continues to look weak, with the MACD indicating a sell crossover on both the daily and weekly charts. While a short-term pullback cannot be ruled out, the index needs to decisively cross above 25,700 to trigger any meaningful short-covering rally towards the 25,900 zone,” said Jain.
Conversely, he believes a breakdown below 25,575 could open the door for further downside towards the 25,450 levels.
Bank Nifty Prediction
Bank Nifty index closed 203.80 points, or 0.34%, lower at 59,891.35 on Monday, forming a bearish candle with a long lower shadow on the daily chart, indicating buying interest at lower levels but hesitation among bulls at higher bands.
“The underlying tone of the market remains one of consolidation. Key momentum oscillators continue to reflect sideways movement, suggesting that traders may prefer to wait for a decisive breakout before taking large directional positions. Going ahead, the Bank Nifty index faces a critical resistance zone at 60,200 – 60,300, which is expected to act as a significant hurdle in the near term,” said Sudeep Shah, Head – Technical and Derivatives Research at SBI. Securities.
He believes a sustained close above 60,300 could open the doors for a sharp upside extension towards the 60,800 level, where the next supply zone is likely to emerge.
“On the downside, immediate support is placed around the 20 day EMA zone of 59,600 – 59,500. A breach below this pocket could trigger further weakness and invite short term corrective pressure,” said Shah.
Ponmudi R, CEO of Enrich Money highlighted that a sustained breakout above 60,200 could open the door for an upside move towards 60,500 – 60,800 in the near term.
“On the downside, a decisive breakdown below 59,500 may trigger fresh selling pressure toward 59,200–59,000. Overall, Bank Nifty continues to show relative resilience compared to the broader market, with option positioning suggesting a well-defined near-term range,” said Ponmudi R.
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.
