Nifty 50, Sensex today: The domestic equity market benchmark indices, Sensex and Nifty 50, are expected to open lower on Friday, following mixed global market cues.
The trends on Gift Nifty also indicate a weak start for the Indian benchmark index. The Gift Nifty was trading around 25,290.50 level, a discount of nearly 133 points from the Nifty futures’ previous close.
On Thursday, the domestic equity market ended lower, extending losses for the second consecutive session.
The Sensex dropped 345.80 points, or 0.41%, to close at 83,190.28, while the Nifty 50 settled 120.85 points, or 0.47%, lower at 25,355.25.
Here’s what to expect from Sensex, Nifty 50 and Bank Nifty today:
Sensex Prediction
Sensex formed a bearish candle on daily charts and is exhibiting a lower top formation on intraday charts, which is largely negative.
“We are of the view that the intraday market outlook is weak; however, a fresh selloff is possible only after the dismissal of 83,000. Below these levels, Sensex could slip to 82,700. Further selling pressure may continue, potentially dragging the index down to 82,500. On the upside, above 83,400, we could see a quick intraday rally towards 83,700 – 84,000,” said Shrikant Chouhan, Head Equity Research, Kotak Securities.
Nifty OI Data
In the derivatives segment, Nifty open interest (OI) data showed the highest Call OI at the 25,400 strike, followed by 25,500, suggesting a potential resistance zone at higher levels. On the Put side, the highest OI was seen at the 25,300 strike, followed by 25,200, indicating immediate support levels, said Hardik Matalia, Derivative Analyst – Research at Choice Equity Broking.
This OI setup highlights the importance of the 25,200 – 25,500 zone as a key range for Nifty’s next directional move, he added.
Nifty 50 Prediction
Nifty 50 continued to show weakness on July 10 and closed the day lower by 120 points.
“A long negative candle was formed on the daily chart, which indicates a recent failed attempt of breakout of narrow range movement and the market is now placed near the lower range at 25,300. Nifty is currently nearing an important support zone of around 25,300 – 25,200 levels and there is a higher probability that one may expect sharp bounce back from the lower supports in the near term,” said Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities.
However, immediate resistance is placed at 25,550 levels, as per broader high low range movement, he added.
Hrishikesh Yedve, AVP Technical and Derivative Research, Asit C. Mehta Investment Interrmediates Ltd, said that on the daily chart, Nifty 50 confirmed a Bearish Harami candlestick pattern, reflecting short-term weakness.
“On the downside, 25,220 remains the immediate support, followed by 25,095, where the 34-Day Exponential Moving Average (34-DEMA) is placed. On the upside, 25,550 will act as the immediate hurdle, followed by 25,670. Unless the index decisively crosses above 25,670, the upside appears to be capped in the near term,” Yedve said.
According to Dr. Praveen Dwarakanath, Vice President of Hedged.in, the 20-day moving average is placed at 25,200 levels, which is the immediate support for Nifty 50; also, the Bollinger band middle line is at the same level, indicating strong support at this level.
“The drop in the Nifty 50 index can be used to go long with a target of 25,800 – 26,200 levels, while 25,800 continues to be a strong resistance for the index. The momentum indicators in the smaller time frames are in the oversold region, indicating a potential bounce from the current level,” said Dwarakanath.
VLA Ambala, Co-Founder of Stock Market Today expects the Nifty 50 index to trade within a range of 25,650 to 25,000 over the next 10 days.
“We can expect Nifty 50 to find support between 25,200 and 25,060, and meet resistance near 25,480 and 25,550 in today’s intraday trading session.
Bank Nifty Prediction
Bank Nifty index declined 257.55 points, or 0.45%, to close at 56,956.00 on Thursday, forming a bear candle which completely engulfed its previous two sessions’ price action, signaling profit booking at higher levels.
“Bank Nifty index, on expected lines, in the last five sessions is seen consolidating in the range 56,500 – 57,600. We expect the index to extend the same and only a move above 57,600 will open further upside towards 58,200 – 58,500 levels in the coming weeks. Key short-term term support is placed at 56,000 – 55,500 region, representing a confluence of the 50-day EMA and the key retracement level,” said Bajaj Broking Research.
According to the brokerage firm, the broader trend remains positive, and any dips should be viewed as buying opportunities.
Hrishikesh Yedve said that the immediate support for Bank Nifty is seen near 56,700, where the 21-DEMA is placed, while resistance is observed around 57,365. Hence, traders are advised to be careful on higher levels.
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.