The Indian stock market benchmark indices, Sensex and Nifty 50, are likely to open higher on Wednesday, tracking mixed global market cues, amid optimism over India-EU trade deal.
The trends on Gift Nifty also indicate a positive start for the Indian benchmark index. The Gift Nifty was trading around 25,442 level, a premium of nearly 60 points from the Nifty futures’ previous close.
On Tuesday, the Indian stock market ended higher after the India-EU trade deal announcement, with the benchmark Nifty 50 closing above 25,150 level.
The Sensex gained 319.78 points, or 0.39%, to close at 81,857.48, while the Nifty 50 settled 126.75 points, or 0.51%, higher at 25,175.40.
Here’s what to expect from Nifty 50, and Bank Nifty today:
Nifty 50 Prediction
Nifty 50 formed a double bottom pattern near 25,900 support on the daily chart while reclaiming both 200DMA and 200EMA, indicating early signs of a potential bullish reversal.
“A long bull candle was formed on the daily chart with a long lower shadow. Technically, this market action indicates a formation of a bullish ‘Piercing line’ type candle pattern. This market action signals a formation of short term bottom reversal in the market,” said Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities.
According to him, the underlying trend of Nifty 50 seems to have reversed up from near the support of 24,900, and the next overhead resistance to be watched is around 25,500 levels in the next few sessions. Immediate support is placed at 25,150 levels.
Nilesh Jain, Head – Technical and Derivatives Research Analyst (Equity Research), Centrum Broking Ltd. noted that the Nifty 50 found support near the 25,000 mark and reclaimed its long-term 200-DMA on a closing basis.
“However, the Nifty 50 index is not out of the woods yet, and a decisive move above 25,400 is crucial to negate the prevailing bearish setup. The RSI has slipped into an extremely oversold zone, indicating the possibility of a short-term pullback. Meanwhile, INDIAVIX cooled off sharply from its intraday highs of 16, but it remains in an uptrend, which continues to be a concern,” said Jain.
He expects Nifty 50 to oscillate within the broader range of 25,000 – 25,400 levels.
Bank Nifty Prediction
Bank Nifty index jumped 732.35 points, or 1.25%, to close at 59,205.45 on Tuesday, forming a long bullish candlestick on the daily chart, indicating strong buying interest.
“Bank Nifty continues to maintain a constructive structure by holding firmly above its rising channel support near 58,150. The index staged a sharp rebound from this base, forming a classic bullish flag pattern — a strong rally followed by a healthy consolidation within the 58,500–58,750 range. This price behavior reflects consolidation without distribution, as sellers failed to breach key support levels. The session’s close near the 59,200 – 59,350 zone clearly signals sustained buyer dominance,” said Ponmudi R, CEO of Enrich Money.
According to him, a decisive breakout above 59,500 would confirm bullish continuation and open scope for further upside in the near term, while the 58,150 area remains the pivotal support preserving the positive structure.
Sudeep Shah, Head – Technical and Derivatives Research at SBI Securities highlighted that the immediate resistance for Bank Nifty is seen in the 59,350 – 59,400 zone, which coincides with the 20-day EMA zone, making it a crucial supply area to watch.
“A sustained move above this zone could open the door for a pullback rally on the upside towards 59,700, followed by 60,000 in the near term. On the downside, the 58,700 – 58,600 zone is likely to act as a strong support,” said Shah.
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.
