The Indian stock market benchmark indices, Sensex and Nifty 50, are likely to open lower on Wednesday, tracking a sell-off in the global markets amid escalating US-Israel-Iran war.
The trends on Gift Nifty also indicate a gap-down start for the Indian benchmark index. The Gift Nifty was trading around 24,443 level, a discount of nearly 539 points from the Nifty futures’ previous close.
The Indian stock market was shut on Tuesday, March 3, on account of Holi 2026.
On Monday, the Indian stock market ended sharply lower amid the escalating war in the Middle East, with the benchmark Nifty 50 slipping below 24,900 level.
The Sensex crashed 1,048.34 points, or 1.29%, to close at 80,238.85, while the Nifty 50 settled 312.95 points, or 1.24%, lower at 24,865.70.
Globally, equity markets are witnessing a heavy selling pressure due to the ongoing war in the Middle East as US and Israel continue their strikes on Iran, with the Islamic Republic retaliating with counter attacks on other countries including Qatar, Bahrain and Oman.
Here’s what to expect from Sensex, Nifty 50, and Bank Nifty today:
Sensex Prediction
Sensex is well below short-term and medium-term averages, and on intraday charts, it is holding a weak formation, which is largely negative.
“We are of the view that the current market texture is weak but oversold; hence, a technical bounce-back from the current level is not ruled out. For day traders, 80,000 would act as a key support zone. As long as Sensex is trading above this, a pullback formation is likely to continue. On the higher side, it could bounce back till 80,500 – 80,700,” said Shrikant Chouhan, Head Equity Research, Kotak Securities.
On the flip side, he believes below 80,000, Sensex is likely to slip till 79,700 – 79,300.
According to Mayank Jain, Market Analyst, Share.Market, the key support for Sensex at 78,500 – 78,700 is the “danger zone.”
“Monday’s low of 78,543 is the most important level to hold. If Sensex falls below this, the next safety net is at 78,000. Sensex may face resistance at 81,000 – 81,300. To show real strength, the index needs to climb back above 81,000,” said Jain.
Nifty Options Data
In the derivatives segment, heavy put writing at the 24,800 strike and aggressive call writing at the 25,000 strike indicate a well-defined trading range. Traders are advised to remain cautious near crucial support levels and avoid fresh directional positions until a decisive breakout above resistance zones emerges, said Hitesh Tailor, Research Analyst – Research at Choice Equity Broking.
Nifty 50 Prediction
Nifty 50 formed a bull candle with a lower high and lower low and a bearish gap.
“A long green candle was formed on the daily chart with a sharp gap down opening. The market has bounced back from near the lows of Union Budget 2026 day-1st February. Technically, this market action indicates a sharp down trend in the market with reasonable buying emerging from the crucial supports,” said Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities.
According to him, the underlying trend of Nifty 50 is down, and a further bounce from here could find a strong hurdle around 25,100 levels in the near term. However, any weakness below 24,600 could open further declines down to the next support of 24,300 levels.
Nilesh Jain, VP- Head of Technical and Derivative research at Centrum Finverse Ltd. said that the key support for Nifty 50 is placed at 24,600, and a decisive break below this level could extend the decline towards 24,200.
“On the upside, immediate resistance is seen at 25,000 and a break above the same will attract a short covering towards 25,200 levels. Momentum indicators and oscillators have already flashed a sell crossover, indicating a weak underlying tone. Adding to the cautious outlook, India VIX jumped 24% to close near the 17 level, signaling elevated market uncertainty,” said Jain.
Riyank Arora, Associate Vice President – HNI & Derivatives, Hedged.in noted that Nifty 50 has entered a strong support and accumulation zone between 24,571 – 24,796, where early signs of stabilization are visible on the charts.
“A technical pullback towards 25,000 – 25,100 looks probable in the near term, with a possible extension towards 25,500 if momentum strengthens. The broader structure remains constructive as long as key support levels are respected,” said Arora.
Bank Nifty Prediction
Bank Nifty index tanked 689.35 points, or 1.14%, to close at 59,839.65 on Monday, forming a bull candle with a lower high and lower low and a bearish gap below its base (60,438 – 60,177).
“The support zone of 59,400 – 59,300 will be crucial for the Bank Nifty index. A sustained move below 59,300 may accelerate the decline toward 58,800, followed by 58,300. On the upside, the region between 60,300 – 60,400 will act as the immediate hurdle. A decisive move above 60,400 will be essential for the index to regain momentum,” said Sudeep Shah, Head – Technical and Derivatives Research at SBI Securities.
Bajaj Broking Research said that the immediate bias for Bank Nifty remains down below Monday’s gap down area (60,438 – 60,177) and pullback should be used as a selling opportunity.
“Volatility is likely to remain elevated amid uncertain global cues and escalating geo-political tension. On an immediate basis, the Bank Nifty index is likely to trade in the range of 59,200 – 60,600. A follow through weakness below Monday’s low (59,148) will open further downside towards 58,200 – 58,000 levels in the coming sessions being the last month. low,” said the broking house.
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.
