The benchmark indices of the Indian stock market, the Sensex and Nifty 50, are expected to open higher on Thursday, following gains in global markets.
The trends on Gift Nifty also indicate a positive start for the Indian benchmark index. The Gift Nifty was trading around the 26,447 level, a premium of nearly 66 points from the Nifty futures’ previous close.
On Wednesday, the Indian stock market ended sharply higher, with the benchmark Nifty 50 closing above the 26,200 level.
The Sensex surged 1,022.50 points, or 1.21%, to close at 85,609.51, while the Nifty 50 settled 320.50 points, or 1.24%, higher at 26,205.30.
The Bank Nifty index hit a record high of 59,554.95 in the previous session. Sensex and Nifty 50 are also trading near to their record high levels. Will Sensex and Nifty 50 touch their life-time high today?
Here’s what to expect from Sensex, Nifty 50, and Bank Nifty today:
Sensex Prediction
Sensex has formed a promising reversal pattern on the daily charts, and a long bullish candle has appeared, which is largely positive.
“For trend-following traders now, 85,000 and 85,300 would act as key support zones. As long as Sensex is trading above these levels, the bullish formation is likely to continue. On the higher side, 86,000 – 86,200 would act as immediate resistance levels for the bulls. However, below 85,000, the uptrend would become vulnerable,” said Shrikant Chouhan, Head Equity Research, Kotak Securities.
Mayank Jain, Market Analyst, Share.Market said that the 85,800 – 86,000 region acts as the next major resistance, and a breakout above this zone may open the door to fresh record highs. Support is seen near 85,100 – 85,000.
Nifty OI Data
Nifty derivatives data pointed to strong call writing at the 26,000 strike, while maximum put open interest at 25,800 indicated firm demand at lower levels.
“While the broader sentiment remains cautiously optimistic, a sustained close above the 26,000 mark will be essential to revive bullish momentum and unlock further upside potential in the coming sessions,” said Hitesh Tailor, Research Analyst, Choice Equity Broking.
Nifty 50 Prediction
Nifty 50 formed a long bull candle on the daily chart that has almost engulfed the last four sessions range on the upside in one session.
“This is a positive indication and signals that the market is likely to zoom into new all-time highs soon. The larger degree positive pattern like higher tops and bottoms is intact on the daily chart and Wednesday’s dip at 25,842 could now be considered as a new higher bottom of the pattern,” said Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities.
According to him, from here, Nifty 50 could reach up to 26,300 and 26,500 levels in the next few sessions. Immediate support is placed at 26,050 levels.
Looking at key levels, Sudeep Shah, Head – Technical and Derivatives Research at SBI Securities said that the zone of 26,270 – 26,300 zone is likely to act as an important resistance zone for the Nifty 50 index.
“Any sustained move above 26,300 could drive a fresh leg of rally in the Nifty 50 index, potentially taking it higher towards 26,500, followed by 26,700. On the downside, the support has shifted higher in the zone of 26,050 – 26,000,” said Shah.
Mayank Jain said that the 26,250 – 26,300 zone now serves as a crucial resistance-turned trigger, and a sustained close above this band could pave the way towards 26,500+. Immediate support remains at 25,900 – 26,000.
Bank Nifty Prediction
Bank Nifty rallied 707.75 points, or 1.20%, to close at 59,528.05 on Wednesday, forming a big bullish candle on the daily chart, indicating strength.
“As long as the Bank Nifty index holds above 59,400, the current rally could extend toward the 60,000 mark. Thus, short term traders are advised to follow a buy-on-dips strategy in the short term,” said Hrishikesh Yedve, AVP Technical and Derivative Research, Asit C. Mehta Investment Intermediates Ltd.
Ponmudi R, CEO of Enrich Money, noted that the Bank Nifty index maintained strength while consistently holding 59,400 as intraday support.
“A decisive close above 60,000 can unlock the next rally toward 61,000 and higher levels. On the downside, 59,000 – 58,841 remains a solid support zone,” said Ponmudi R.
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.