The Indian stock market benchmark indices, Sensex and Nifty 50, are likely to open higher amid positive cues, and new GST rates announcement.
The trends on Gift Nifty indicate a positive start for the Indian benchmark index. The Gift Nifty was trading around 24,974 level, a premium of nearly 161 points from the Nifty futures’ previous close.
Benchmark equity indices Sensex and Nifty 50 finished the day on a positive note amid a fluctuating session on Wednesday, driven by a rise in metal stocks and positive sentiment regarding the GST Council meeting.
The Sensex gained 409.83 points or 0.51 percent, closing at 80,567.71. Meanwhile, the Nifty 50 rose by 135.45 points or 0.55 percent, ending at 24,715.05.
Here’s what to expect from Sensex, Nifty 50, and Bank Nifty today:
Sensex Prediction
Sensex formed a bullish candle on daily charts, and on intraday charts, it is holding an uptrend continuation pattern, which is largely positive.
“For the bulls now, 80,700 would be the immediate resistance zone. A successful breakout above 80,700 could push Sensex towards 81,000–81,200. On the flip side, 80,200 and 80,000 would be key support zones for traders. However, below 80,000, the uptrend would become vulnerable. If Sensex falls below this level, traders may prefer to exit their long positions,” said Shrikant Chouhan, Head Equity Research, Kotak Securities.
Nifty OI Data
On the derivatives front, the maximum Nifty Call Open Interest (OI) is placed at the 24,800 strike, followed by the 25,000 strike, highlighting these levels as key resistance zones.
On the Put side, the highest OI is seen at the 24,700 strike, followed by the 24,600–24,500 strikes, which are likely to act as strong support levels. This OI setup suggests that the 24,700–24,800 range will be crucial for Nifty 50’s near-term movement, with a decisive break on either side expected to dictate the next directional trend, said Hardik Matalia, Derivative Analyst – Research at Choice Equity Broking.
Nifty 50 Prediction
Nifty 50 index closed marginally above the 9-EMA and 20-SMA, keeping the short-term trend in recovery mode.
According to Om Mehra, Technical Research Analyst, SAMCO Securities, the immediate resistance remains at 24,770, coinciding with the 50% Fibonacci retracement, followed by 24,880, where the 61.8% retracement aligns. On the downside, the 24,580–24,500 zone continues to act as a cushion in the short term.
“Nifty 50 needs a decisive close above 24,800 to confirm a sustainable recovery. Until then, the index may continue to oscillate within the broader band of 24,400–24,800, with intraday swings favoring a cautious approach,” said Mehra.
Nifty 50 formed an insider candle with positive bias, indicating uncertainty in the index. The momentum indicators are rising from the oversold region, suggesting a possible upside move from the current levels, according to Dr. Praveen Dwarakanath, Vice President of Hedged.in
“The index has resistance at the 24,900 level; the current momentum in the index can take it to this level. The GST council meeting today and tomorrow can give a fresh perspective for the index. Any news in favor of reduced GST can be cheered by the market participants; however, no major news can trigger a fall in the index towards the support at the 24300 or below level,” said Dwarakanath.
According to Sudeep Shah, Head – Technical Research and Derivatives at SBI Securities, the 24,350–24,300 zone will act as immediate support, coinciding with the prior swing low. A decisive move below 24,300 could accelerate the decline towards 24,200. On the upside, the 24,800–24,850 zone will serve as immediate resistance.
Bank Nifty Prediction
The Bank Nifty index opened on a marginally negative note, witnessed strong buying interest, and eventually settled on a bullish note at 54,068. Technically, the Bank Nifty index found support near its 200-DEMA and formed a bullish engulfing candlestick pattern on the daily chart, signalling strength, according to Hrishikesh Yedve, AVP Technical and Derivative Research, Asit C. Mehta Investment Interrmediates Ltd.
“The low of the bullish engulfing candlestick is placed near 53,560, will act as immediate support. As long as the Bank Nifty index holds above this level, a buy-on-dips strategy should be adopted,” said Yedve.
Bajaj Broking Research said that Bank Nifty formed a bull candle which mostly remained contained inside previous session range signaling consolidation around the 200 days EMA.
Going ahead, index moving above Tuesday high (54,160) will open further upside towards major breakdown area of 54,800-55,000. Overall, we expect the index to extend consolidation in the range 53,300-55,000 in the coming sessions.
“Bank Nifty has immediate support at 53,500-53,300 levels being the confluence of the 200 days EMA and the low of May 2025. A breach below the same will signal acceleration of decline towards the key support area of 52,500-52,000 levels in the coming week,” said the brokerage.
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.