Nifty 50, Sensex today: The Indian stock market benchmark indices, Sensex and Nifty 50, are likely to open lower Wednesday, tracking weak global market cues.
The trends on Gift Nifty also indicate a tepid start for the Indian benchmark index. The Gift Nifty was trading around 24,834.50 level, a discount of nearly 34.3 points from the Nifty futures’ previous close.
On Tuesday, the domestic equity market ended lower, with the benchmark Nifty 50 closing below 24,900 level.
The Sensex declined 212.85 points, or 0.26%, to close at 81,583.30, while the Nifty 50 settled 93.10 points, or 0.37%, lower at 24,853.40.
Here’s what to expect from Nifty 50 and Bank Nifty today:
Nifty 50 Prediction
Nifty 50 formed a bearish candle after facing resistance near the 25,000 – 25,170 zone on June 17.
“Nifty 50 is holding above the 20-day SMA at 24,830, but failed to reclaim the 25,000 zone, which continues to act as a stiff hurdle. The price action is largely sideways within a narrow band, showing indecision post the recent recovery. The RSI slipped to 53 from higher zones, showing a lack of momentum. Meanwhile, MACD remains in bearish territory, with a negative histogram and continued divergence from the signal line, highlighting subdued strength. The Bollinger Bands are narrowing and trading closer to the midline, hinting at a possible contraction before a decisive move,” said Om Mehra, Technical Research Analyst, SAMCO Securities.
According to him, the immediate support is seen at 24,700, followed by 24,650. On the upside, the 25,000 – 25,170 range remains a key resistance band; a close above this level may revive bullish sentiment.
Nandish Shah, Senior Derivative & Technical Research Analyst, HDFC Securities, noted that the Nifty 50 failed in its attempt to breach the crucial resistance level of 25,000, concluding the session on a weak note.
“Despite this intraday pressure, the Nifty 50 technically remains in a consolidation phase positionally. Traders should keep a close eye on 24,700, which is likely to act as a key support level on the downside,” said Shah.
VLA Ambala, Co-Founder of Stock Market Today said that the Nifty 50 formed a Dark Cloud Cover Candlestick pattern on the daily chart, signaling a potential pause or reversal in the recent uptrend.
“We can expect the Nifty 50 to gain support between 24,730 and 24,650 and meet resistance near 25,080 to 25,150 in today’s market session,” Ambala said.
Bank Nifty Prediction
Bank Nifty ended 230.75 points, or 0.41% lower at 55,714.15, forming a bear candle on the daily chart signaling profit booking around 56,000 levels amid acceleration of the geopolitical tension in the middle east.
“Going ahead only a sustained close above the 56,000 marks could pave the way for further upside towards the 56,600 and 57,000 levels. However, inability to surpass this hurdle may result in continued range-bound price action between 56,000 and 55,000, with a likely shift in focus to stock-specific moves,” said Bajaj Broking Research.
On the downside, a decisive break down below the 55,000 marks would invalidate the current consolidation structure and open the gates for a retest of the key support zone in the 54,500–54,000 region in the coming sessions. Key supports are placed around 54,500-54,000 levels being the confluence of the 50 days EMA and the key retracement area of the previous up move (53483-57049), the brokerage firms added.
Om Mehra noted that the Bank Nifty index is hovering near its 20-day EMA and the midline of the Bollinger Band, signalling a zone of congestion with the decline trendline.
“The daily RSI has eased to 52, down from recent peaks, suggesting a loss of momentum but not a reversal yet. Meanwhile, MACD remains in negative crossover mode, reflecting the consolidation phase. The support is seen at 55,350, and a breach below this zone may push the index toward 55,000. The resistance is capped near 56,100, followed by 56,200, where the upper Bollinger Band is placed,” Mehra said.
Until a clear breakout on either side occurs, Nifty Bank may remain range-bound, with a slight bearish tilt unless it closes decisively above 56,100, he added.
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.