The Indian stock market benchmark indices, Sensex and Nifty 50, are likely to open on a weak note amid cautiousness and mixed global market cues.
The trends on Gift Nifty also indicate a negative start for the Indian benchmark index. The Gift Nifty was trading around 25,862 level, a discount of nearly 43 points from the Nifty futures’ previous close.
On Friday, the Indian stock market ended lower for the second day in a row, with the benchmark Nifty 50 closing below 25,800 level.
The Sensex plunged 465.75 points, or 0.55%, to close at 83,938.71, while the Nifty 50 settled 155.75 points, or 0.60%, lower at 25,722.10.
Here’s what to expect from Sensex, Nifty 50, and Bank Nifty today:
Sensex Prediction
Sensex formed a double top-like pattern on daily and intraday charts, and on weekly charts, a shooting star like formation has appeared, indicating further weakness. However, analysts believe that the short-term market outlook remains positive.
“We believe that the 83,900 – 83,700 zone will act as a crucial support level for traders, while 85,000 and 85,300 could serve as key resistance areas for the bulls. A successful breakout above 85,300 could push Sensex toward 85,800 – 86,100. Conversely, if the index falls below 83,700, sentiment could turn negative, potentially slipping to 83,300 – 83,100,” said Amol Athawale, VP Technical Research, Kotak Securities.
Nifty OI Data
In the derivatives segment, the maximum Nifty Call Open Interest (OI) is concentrated at the 25,800 and 25,900 – 26,000 strike levels, suggesting strong resistance at higher zones. On the downside, the maximum Put Open Interest is seen at the 25,700 and 25,600 – 25,500 strike levels, highlighting strong support zones.
“Overall, the setup indicates a sideways-to-range bound trend, with supportive undertone as long as the index holds above key support levels,” said Hardik Matalia, Derivative Analyst, Choice Broking.
Nifty 50 Prediction
Nifty 50 formed a red doji candle with a long shadow on the upside, indicating selling pressure. The index concluded the month of October with a gain of 4.51%, but for the week, it slipped 0.28%, forming a shooting star candle on the weekly chart.
“A long bear candle was formed on the daily chart with minor upper shadow. Technically, this market acter indicates an emergence of profit booking in the market after a stellar upmove. Nifty 50 is currently trading within a broader high low range of around 26,100 – 25,700 levels and is now placed at the lower range,” said Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities.
According to him, the short-term trend of Nifty 50 is weak, but the overall medium-term trend of the market remains positive.
“Any slide below 25,700 levels, Nifty 50 is expected to find strong support around 25,500 levels and there is a higher possibility of sharp upside bounce from the lows by this week. Immediate resistance is placed at 26,100,” said Shetti.
Nilesh Jain, Head – Technical and Derivatives Research Analyst (Equity Research), Centrum Broking noted that the Nifty 50 index once again faced resistance near the 26,000 mark for the second straight week, resulting in a tweezer top pattern on the weekly chart, which signals a possible short-term consolidation.
“The immediate support lies near the 21-DMA at 25,500 levels. Despite the pause, the broader trend remains bullish, supporting a buy-on-dips strategy as long as Nifty 50 holds above 25,500. A decisive move above 26,000, where major call writers are active, could pave the way for the next leg of the rally,” said Jain.
Dr. Praveen Dwarakanath, Vice President of Hedged.in said that the Nifty 50 index has been rejected from its resistance at the 26,100 level and has closed below the upper Bollinger band on a weekly timeframe, indicating weakness in the index.
“The momentum indicators on the daily time frame are moving down from the overbought region, indicating a possible fall towards its immediate support at the 25,600 level,” said Dwarakanath.
Bank Nifty Prediction
Bank Nifty index declined 254.75 points, or 0.44%, lower at 57,776.35, on Friday, and formed a second consecutive bear candle with a lower high and lower low, signaling profit booking at higher levels. The index rallied 5.75% in October, while the weekly advance stood at 0.13%, forming a doji candle that underlines hesitation near higher levels.
“For Bank Nifty, the 57,300 – 57,200 range will serve as crucial support, while resistance is seen around 58,250 – 58,350. A sustained breakout above 58,350 may open the gates for an upside move towards 59,000 in the short term,” said Sudeep Shah, Head – Technical Research and Derivatives at SBI Securities.
Puneet Singhania, Director of Master Trust Group said that the Bank Nifty index continues to trade above its 21-day and 55-day EMAs, maintaining a bullish structure, and also holds firmly above its previous consolidation breakout zone, reinforcing underlying strength in the trend.
“Immediate support is placed near 57,400, with a further cushion at 57,000. The MACD remains in positive territory, reinforcing the upward bias. On the upside, resistance is seen around 58,200, and a decisive breakout could open a path toward 58,700. Overall, the structure remains constructive, favouring a buy-on-dips approach,” said Singhania.
According to Om Mehra, Technical Research Analyst, SAMCO Securities, the Bank Nifty index displayed visible fatigue on the daily chart, pulling back from its recent peak after testing the upper threshold of its rally.
“A negative RSI divergence has started to unfold, hinting at waning momentum even as prices hover near recent highs. The daily RSI, cooling to around 62, suggests the uptrend may be entering a consolidation phase, while the MACD histogram has begun to flatten, mirroring reduced directional strength. The index has dipped below its 9EMA, marking the first short-term weakness after an extended climb,” said Mehra.
He added that the immediate cushion for Bank Nifty remains near 57,500 – 57,200, with deeper support around 57,000. On the higher side, 58,100 – 58,200 remains a strong resistance zone, and a sustained move above this range would be essential to revive bullish momentum.
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.
