The Indian stock market benchmark indices, Sensex and Nifty 50, are likely to see a muted opening on Friday, tracking weak global market cues.
The trends on Gift Nifty also indicate a flat start for the Indian benchmark index. The Gift Nifty was trading around 24,943 level, a premium of nearly 1 point from the Nifty futures’ previous close.
On Thursday, the domestic equity market ended higher, with the Nifty 50 settling above 24,800 level.
The Sensex rose 320.70 points, or 0.39%, to close at 81,633.02, while the Nifty 50 ended 81.15 points, or 0.33%, higher at 24,833.60.
Here’s what to expect from Sensex, Nifty 50 and Bank Nifty today:
Sensex Prediction
Sensex took support near 81,100 and bounced back sharply on Thursday, forming a reversal formation on daily charts near the 20-day SMA (Simple Moving Average), which is largely positive.
“We are of the view that 81,200 and 80,900 would act as key support zones for traders. If Sensex sustains above these levels, the chances of hitting 82,200 – 82,600 would become brighter. However, a break below 80,900 could change the sentiment. Below this level, traders may prefer to exit their long positions,” said Shrikant Chouhan, Head Equity Research, Kotak Securities.
Nifty OI Data
Nifty Open Interest (OI) data shows the highest concentration on the call side at the 24,900 and 25,000 strike prices, suggesting strong resistance levels at these points. On the put side, significant OI build-up is seen at the 24,800 and 24,700 strike prices, marking these levels as key support zones, said Hardik Matalia, Derivative Analyst at Choice Broking.
Nifty 50 Prediction
Nifty 50 closed 0.33% higher at 24,833.60 on May 29, forming a Long-Legged Doji pattern on the daily timeframe.
“A classic Doji candle was formed on the daily chart, reflecting indecision. Nifty 50 lacked clear direction as it continued to hover below the key barrier of 25,000 but held above 24,500, staying within a broad range. The index remains anchored in a sideways coil, with the midline of the Donchian Channel serving as a near-term cushion. While the support near 24,600 remains intact, the RSI has cooled to 57, down from earlier highs, reflecting a tapering in bullish momentum without signalling any active weakness,” said Om Mehra, Technical Research Analyst, SAMCO Securities.
There is no divergence, but overall momentum appears muted. A close above 25,116 may invite fresh bullish momentum, while a breach below 24,500 may slightly tilt the tone lower, he added.
Hrishikesh Yedve, AVP Technical and Derivatives Research at Asit C. Mehta Investment Interrmediates Ltd. noted that the Nifty 50 continues to trade above its 21-Day Exponential Moving Average (21-DEMA), which is positioned near 24,600.
“As long as the index holds above this level, the probability of a pullback move remains intact. On the upside, the index is likely to face strong resistance near the 25,000 – 25,100 zone. Thus, traders are advised to follow a buy on dips strategy,” Yedve said.
Bajaj Broking Research expects the index to maintain positive bias and head towards 25,200 – 25,300 levels in the coming sessions.
“Immediate bias remains positive above the immediate support area of 24,700 – 24,650. The index continues to consolidate in the range of 25,200 – 24,400 in the last 12 sessions. We believe index will extend the consolidation. On the lower side 24,700 – 24,650 is likely to act as immediate support while short-term support is seen at 24,400 – 24,500 being the confluence of 20 days EMA, previous breakout area and last 2 weeks lows,” said Bajaj Broking Research.
Bank Nifty Prediction
Bank Nifty index ended the session at 55,546.05, up 129 points or 0.23%, forming a Doji candle while continuing to respect its rising trendline as support.
“The Bank Nifty index formed a Doji candle on the daily chart, indicating indecision. On the upside, it continues to face resistance near the 56,000 – 56,100 zone. On the downside, the 21-DEMA support is placed near 54,900. As long as the index remains above this level, a relief rally towards 56,000 cannot be ruled out,” said Hrishikesh Yedve.
According to Om Mehra, the index has remained within a narrow zone for several sessions but continues to hold above the 20-day SMA and ascending trendline, keeping the short-term outlook constructive.
“The Bank Nifty index is oscillating below the upper Bollinger Band near 56,000, which has capped multiple upside attempts in recent days. A clean break above this level may trigger fresh momentum.
The RSI stands at 60, showing gradual improvement, while the MACD remains in the negative territory. However, the histogram is improving, indicating a likely change towards bullish momentum. A move above 55,900 could open the way for a retest of all-time highs, while sliding below 55,100 may attract mild pressure,” Mehra said.
Bajaj Broking Research highlighted that the Bank Nifty index formed a doji candle with long shadows in either direction signaling consolidation with high volatility on the monthly F&O expiry session.
“The index is currently testing the upper band of the last 5 weeks consolidation range placed around 55,800 – 56,000 levels. Overall, we expect the index to extend the last 4 weeks’ consolidation in the broad range of 56,000 – 53,500. A move above 56,000 levels will signal acceleration of the up move towards 56,700 levels in the coming sessions. Immediate support is placed at 54,800 levels while the short-term support is seen at 54,000 – 53,500 being the confluence of key retracement and 50 days EMA,” 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.