The Indian stock market benchmark indices, Sensex and Nifty 50, are likely to open on a tepid note on Tuesday, tracking mixed cues from global markets.
The trends on Gift Nifty also indicate a muted start for the Indian benchmark index. The Gift Nifty was trading around 24,595 level, a discount of nearly 32 points from the Nifty futures’ previous close.
However, sentiment in Asian markets remain upbeat after the United States and China extended a tariff truce for another 90 days.
On Monday, the equity market ended with strong gains amid short-covering and buying across the board.
The Sensex rallied 746.29 points, or 0.93%, to close at 80,604.08, while the Nifty 50 settled 221.75 points, or 0.91%, higher at 24,585.05.
Here’s what to expect from Sensex, Nifty 50 and Bank Nifty today:
Sensex Prediction
Sensex formed a reversal pattern on daily charts after a long correction, and a bullish candle on daily charts also supports further uptrend from the current levels.
“We believe that 80,400 and 80,200 would act as key support zones for Sensex for day traders. Above these levels, the pullback move is likely to continue till 81,000 – 81,200. On the flip side, below 80,200, sentiment could turn negative. Traders may then prefer to exit their long positions,” said Shrikant Chouhan, Head Equity Research, Kotak Securities.
Nifty OI Data
In the derivatives segment, Nifty open interest data showed the highest call writing at the 24,600 strike, while the highest put OI was concentrated at 24,500 and 24,400. This positioning suggests that resistance persists near 24,600; however, traders are anticipating potential upside, with a sustained close above this level necessary to maintain bullish momentum, said Amruta Shinde, Technical & Derivative Analyst at Choice Equity Broking.
Nifty 50 Prediction
Nifty 50 formed a bullish candlestick pattern, reflecting sustained buying interest and momentum.
“A long bull candle was formed on the daily chart beside the long bear candle of Friday. Technically, this market action indicates a formation of tweezer bottom type pattern at the lows (two candle bottom reversal pattern). We also observe a double bottom type formation on the intraday chart like 60 min,” said Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities.
According to him, the near term down trend remains intact, but the Nifty 50 seems to have started early signs of bottom reversal around 24,340 levels, which needs to be confirmed with sharp follow-through buying in the next session. Immediate resistance is placed around 24,600 – 24,700 levels.
Nilesh Jain, Head – Technical and Derivatives Research Analyst (Equity Research), Centrum Broking said that the Nifty 50 regained its 100-DMA, which aligns with the psychological mark of 24,500, now acting as the immediate support, with the next cushion at 24,340.
“The price structure indicates scope for a further pullback towards 24,750. Although the broader trend remains weak, the short-term bias has turned mildly positive, driven by a short-covering rally.”
Om Ghawalkar, Market Analyst, Share.Market noted that the Nifty 50 is finding strong support at their 200-day moving average, a key level closely watched by traders for long-term trend confirmation.
“On the upside, immediate resistance looms at the 9-day and 21-day moving averages, levels that will need to be decisively breached for the current rally to sustain momentum. With global cues still mixed, short-term market direction will hinge on whether buyers can maintain the upper hand in the sessions ahead,” Ghawalkar said.
According to VLA Ambala, Co-Founder of Stock Market Today, Nifty 50 index formed a Bullish Marubozu candlestick pattern on the daily timeframe. At the index level, she recommends adopting a Buy for Trading Only approach, as the sentiment will lean towards selling on rises after a pullback movement.
“We can expect Nifty 50 to find support between 24,480 and 24,510, and face resistance near 24,710 and 24,830 in today’s trading session,” Ambala said.
Bank Nifty Prediction
Bank Nifty index gained 505.85 points, or 0.92%, to close at 55,510.75 on Monday, forming a strong bullish candle that signaled continued buying interest.
“Bank Nifty index has taken support near the 100-day EMA level and thereafter witnessed a sharp pullback rally. Going ahead, the zone of 55,800 – 55,900 will act as an immediate hurdle for the index. While, on the downside the zone of 55,100 – 55,000 will act as crucial support,” said Sudeep Shah, Head – Technical and Derivatives Research at SBI Securities.
Hrishikesh Yedve, AVP Technical and Derivative Research, Asit C. Mehta Investment Interrmediates Ltd. highlighted that the Bank Nifty index formed a piercing line candlestick pattern on the daily scale, indicating strength.
“On the downside, the 100-DEMA is placed near 54,950, which is acting as strong support. As long as Bank Nifty holds above this level, a short-term pullback rally towards 56,000 levels could be possible. On the upside, the 21-DEMA hurdle near 56,110 will act as immediate resistance,” said Yedve.