Nifty 50, Sensex today: The Gift Nifty trends also suggest that the Indian benchmark market has had a quiet start. The Gift Nifty was trading at about 25,983, which was almost 13 points below the previous close of the Nifty futures.
Despite a surge in international markets, the Sensex and Nifty 50 benchmark indices for the Indian stock market are expected to open flat on Tuesday.
The Gift Nifty indicators also suggest that the Indian benchmark index has had a quiet start. The Gift Nifty was trading at about 25,983, which was almost 13 points below the previous close of the Nifty futures.
The benchmark Nifty 50 closed below the 26,000 mark on Monday, marking a lower close for the Indian stock market.
The Nifty 50 closed 108.65 points, or 0.42%, lower at 25,959.50, while the Sensex fell 331.21 points, or 0.39%, to conclude at 84,900.71.
What to anticipate from the Sensex, Nifty 50, and Bank Nifty today is as follows:
Sensex Forecast
On daily charts, the Sensex created a bearish candle, supporting additional declines from the current levels.
85,000 would now serve as a trend-decider threshold for day traders. Weak mood is likely to persist on the downside as long as the Sensex is trading below this level, and the index may go as low as 84,700 or 84,500. Conversely, the Sensex may return to 85,500–85,700 if it rises above 85,000. Level-based trading will be the best approach for day traders due to the unpredictable intraday market structure, according to Shrikant Chouhan, Head of Equity Research at Kotak Securities.
Nifty OI Information
According to Hitesh Tailor, Research Analyst-Research at Choice Equity Broking, Nifty derivatives data showed a clear change in near-term sentiment: notable put open interest (OI) buildup appeared around 25,800–25,900, confirming strong demand and support near the lower band, while significant call writing was seen at the 26,000–26,100 strikes, indicating supply pressure at higher levels.
Nifty 50 Forecast
On the daily chart, the Nifty 50 created a large bearish candle, signifying weakness.
On Monday, a lengthy bear candle appeared on the daily chart, signaling the start of selling pressure in the market from close to all-time highs. According to Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities, “This is not a good sign and this market action suggests chances of more weakness in the short term.”
He claims that the Nifty 50’s underlying short-term trend appears to have reversed, and if the index continues to decline, it may reach the next crucial support level of 25,700 in the coming sessions.
“But in the near future, the market may face significant resistance in the upper range of 26,200 to 26,300 levels,” stated Shetti.
According to Nilesh Jain, Head of Technical and Derivatives Research Analyst (Equity Research) at Centrum Broking Ltd., a fall below the 21-DMA around 25,850 might send the Nifty 50 closer to 25,700.
On the other hand, a rise above 26,180 would boost confidence and possibly pave the road for 26,300. Increased volatility is anticipated as the November series monthly F&O expiry draws near, and the Nifty is probably going to move between 25,800 and 26,200, according to Jain.
Mayank Jain, Share, Market Analyst. According to the market, the Nifty 50’s near-term resistance is located between 26,050 and 26,100, while its support is between 25,800 and 25,750.
Forecast for the Bank Nifty
On Monday, the Bank Nifty index dropped 32.35 points, or 0.05%, to close at 58,835.35. On the daily scale, it formed a red candle with shadows on both sides, signifying uncertainty.
“The Bank Nifty index’s immediate support is located around 58,580, and a persistent decline below this level could result in new weakness towards 58,000–57,800.” 59,440 will continue to be a significant barrier for the Bank Nifty on the upswing. According to Hrishikesh Yedve, AVP Technical and Derivative Research at Asit C. Mehta Investment Intermediates Ltd., traders are advised to continue booking profits on any bounce as long as the Bank Nifty trades below 59,440.
The Bank Nifty created a high wave candle on the daily chart, which represents market players’ indecision and indicates a lack of a clear trend direction, according to Sudeep Shah, Head of Technical and Derivatives Research at SBI Securities.
The 20-day EMA range of 58,400 to 58,300 will serve as crucial support for the index going forward. A persistent decline below 58,300 may signal a deeper correction and lead to additional declines towards 57,700. The 59,200–59,300 range will be a significant barrier on the upward, and only a clear breakout above this range will be able to restore bullish momentum in the banking sector, according to Shah.
