The Indian stock market benchmark indices, Sensex and Nifty 50, are likely to open higher on Wednesday, tracking upbeat cues from global markets.
The trends on Gift Nifty also indicate a positive start for the Indian benchmark index. The Gift Nifty was trading around 25,000 level, a premium of nearly 50 points from the Nifty futures’ previous close.
On Tuesday, the equity market ended higher, with the benchmark Nifty 50 closing above 24,800 level.
The Sensex gained 314.02 points, or 0.39%, to close at 81,101.32, while the Nifty 50 settled 95.45 points, or 0.39%, higher at 24,868.60.
Here’s what to expect from Sensex, Nifty 50, and Bank Nifty today:
Sensex Prediction
Sensex formed a small candle on daily charts, and on intraday charts, it is holding an uptrend continuation formation.
“We are of the view that currently the market is experiencing positive consolidation. For day traders, the key support zone is now 80,900 – 80,750. As long as Sensex trades above this, the bullish sentiment is likely to continue. On the higher side, 81,500 would act as a crucial resistance zone,” said Shrikant Chouhan, Head Equity Research, Kotak Securities.
A successful breakout above 81,500 could push Sensex up to 81,800 – 82,000. Conversely, below 80,750, the uptrend would become vulnerable, he added.
Nifty OI Data
In the derivatives segment, the highest Nifty Call open interest (OI) was placed at 25,000, while the highest Put open interest was at 24,800, suggesting firm resistance at 25,000 and solid support at 24,800.
“Overall, markets closed on a positive note, with IT outperformance being the key highlight. Traders will closely watch the 24,900 – 25,000 range on Nifty 50 and the 55,000 level on Bank Nifty for the next breakout,” said Amruta Shinde, Technical & Derivative Analyst at Choice Equity Broking.
Nifty 50 Prediction
Nifty 50 index formed a doji candle with a higher high and a higher low, signaling consolidation amid stock specific action on the weekly expiry session.
“A small candle was formed on the daily chart with minor upper and lower shadow and with almost identical open and close. This market action indicates a formation of doji type candle pattern. But, having formed this pattern amidst a broader range bound action, the predictive value of this pattern could be less,” said Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities.
According to him, the underlying trend of Nifty 50 remains positive with choppy movement.
“Nifty is apparently creating a base for a decisive upside breakout of an important resistance zone of around 24,900 – 25,000 levels (down sloping trend line and recent weekly highs). Immediate support is placed at 24,750,” Shetti said.
Nilesh Jain, Head – Technical and Derivatives Research Analyst (Equity Research), Centrum Broking Ltd said that the momentum indicators and oscillators have turned positive, with the RSI crossing above the 50 mark, suggesting a short-term bullish momentum.
“However, the Nifty 50 index remains at a critical juncture as it nears the key resistance zone around the 25,000 level, which continues to act as a significant hurdle. A decisive breakout above this level is essential to confirm the start of a fresh upward leg. On the downside, the immediate support of 21-DMA is placed at 24,720 level,” said Jain.
Sudeep Shah, Head – Technical Research and Derivatives at SBI Securities said that the zone of 24,970 – 25,000 will act as an immediate hurdle for the index. While, on the downside, the zone of 24,730 – 247,00 will act as crucial support. A decisive move on either side will lead to a trending move in the index.
Bank Nifty Prediction
Bank Nifty index gained 29.20 points, or 0.05%, to close at 54,216.10 on Tuesday, and formed a small red candle on a daily scale.
“Bank Nifty index continues to trade below the 20-EMA, while the 9-EMA is offering short-term support. The RSI stands at 39, below the neutral 50 mark, suggesting only a modest recovery in strength. However, the ADX has risen to 31, confirming that the prevailing trend may continue to strengthen. On the hourly timeframe, the index is oscillating within a descending channel, attempting to recover,” said Om Mehra, Technical Research Analyst, SAMCO Securities.
A base is gradually forming near 53,800, but repeated rejections around the 54,400 – 54,500 zone highlight the presence of previous resistance. Unless Bank Nifty manages to close above this zone, the recovery is likely to remain capped within the channel. Until such a breakout occurs, the outlook remains cautious with a neutral-to-slightly bullish outlook, Mehra added.
Hrishikesh Yedve, AVP Technical and Derivative Research, Asit C. Mehta Investment Interrmediates Ltd noted that on the downside, the 200-DEMA is placed near 53,600 while the low of the bullish engulfing candle is near 53,560, making the 53,560 – 53,600 zone a strong demand area.
“As long as the Bank Nifty sustains above this zone, a buy-on-dips strategy is more favourable. On the upside, 54,500 will act as a short-term hurdle for the Bank Nifty, followed by 54,900. Overall, we expect Bank Nifty to consolidate in the range of 53,560 – 54,900 levels in the short term,” Yedve said.
Bajaj Broking Research expects the Bank Nifty index to remain range-bound between 53,500 and 55,000 in the near term, suggesting a consolidation phase before any directional breakout.
“On the upside, the 54,800 – 55,000 zone remains a significant supply zone, marked by the confluence of the prior breakdown area and the 100-day EMA. This region is likely to act as a strong overhead resistance. On the downside, immediate support is placed at 53,500 – 53,300, which coincides with the 200-day EMA and the swing low of May 2025,” said Bajaj Broking Research.
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.
