Today’s Nifty 50 and Sensex: The Gift Nifty trends also point to a poor start for the Indian benchmark index. The Gift Nifty was down around 102 points from the previous closing of the Nifty futures, trading at a level of 24,993.
Following conflicting signals from international markets, the Indian stock market indices, the Sensex and Nifty 50, are predicted to continue their losses on Friday and open lower.
Additionally, the Gift Nifty trends show that the Indian benchmark index is off to a bad start. The Gift Nifty was down around 102 points from the previous closing of the Nifty futures, trading at a level of 24,993.
The benchmark Nifty 50 closed below the 25,100 mark on Thursday, bringing the domestic equity market to a lower conclusion.
The Nifty 50 closed 157.80 points, or 0.63%, lower at 25,062.10, while the Sensex fell 542.47 points, or 0.66%, to close at 82,184.17.
What to anticipate from today’s Sensex, Nifty 50, and Bank Nifty is as follows:
Sensex Forecast
On daily charts, the Sensex created a bearish candle; on intraday charts, a lower top formation is visible, which is primarily negative.
Even though the intraday market texture seems weak, we believe that a new selloff won’t be feasible until the 82,000 levels are broken. The Sensex may retest between 81,700 and 81,500 below these levels. Conversely, if the index climbs over 83,200, a technical rebound back to 82,800 could ensue. According to Shrikant Chouhan, Head of Equity Research at Kotak Securities, there may be more upside ahead, which may push the Sensex over 83,000.
Nifty OI Information
Regarding options, the 25,100 and 25,200 strikes show the strongest Call Open Interest (OI) for the Nifty 50, suggesting possible resistance at these levels. Strong support zones are indicated by the put side’s greatest OI, which is set between 25,000 and 24,900.
According to Hardik Matalia, Derivative Analyst-Research at Choice Equity Broking, this OI setup indicates that the 25,000–25,200 area will be critical for the Nifty’s near-term directional move, and traders will be actively monitoring for a breakout or breakdown from this zone.
Forecast for the Nifty 50
On the daily chart, the Nifty 50 displayed a Bearish Engulfing candlestick pattern, indicating escalating selling pressure and possible short-term weakness.
On the daily chart, a long bear candle devoured the previous session’s tiny positive candle. Technically speaking, this market movement suggests the development of a bearish engulfing candle pattern. This sign is unfavorable. Thursday’s swing high of 25,246 may be a new lower top of the bearish chart pattern, which includes lower tops and bottoms. The Nifty 50 reversed lower on Thursday from close to the immediate barrier of 25,250, according to Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities.
He claims that the Nifty 50’s underlying trend is still weak and that the development of a bearish pattern and the existence of significant overhead resistance point to the possibility of further short-term decline.
“There may be additional weakness down to 24,500 levels in the near future if the market declines below 24,900 levels,” Shetti stated.
The Nifty 50 has once again fallen below its 20-day EMA, according to Sudeep Shah, Head of Technical and Derivative Research at SBI Securities.
The Nifty 50 created a bearish candle on the daily chart. The 24,990–24,970 range will serve as the index’s immediate support going forward. The next important support is situated in the 24,900–24,870 range if the index drops below the 24,970 mark. The 25,130–25,150 range will serve as an immediate barrier for the index on the upswing, according to Shah.
According to VLA Ambala, co-founder of Stock Market Today, the Nifty 50 made a noteworthy candlestick pattern on a daily basis that resembled a “sandwich.”
The 25,000 level will continue to be an important range to watch given the present momentum, as it may act as a support or make-or-break point for market moves. Given these factors, we can anticipate that during today’s trading session, the Nifty 50 will encounter resistance close to 25,180 and 25,280 and find support between 25,000 and 24,870,” Ambala stated.
Bank Nifty Forecast
The Bank Nifty index formed a red candle on the daily chart on Thursday, closing at 57,066.05, down 144.40 points, or 0.25%.
Although the daily chart’s open and high stay the same, the Bank Nifty index is still hovering above its 50-day simple moving average, suggesting hesitancy at higher levels and a lack of significant directional momentum. A slowdown in rising momentum is indicated by the daily RSI, which is currently at 54, just below its signal line at 56. Om Mehra, Technical Research Analyst at SAMCO Securities, stated that the MACD is still in the negative range and has not yet crossed, indicating trend exhaustion rather than active strength.
He claims that the Bank Nifty’s immediate support is located close to the super trend level at 55,750. On the upside, 57,300 is still a strong barrier, and a close above it would be necessary to open the door to further upside toward 57,500 and 57,700.
Mehra continued, “The index is likely to stay range-bound with a slight negative tilt unless it closes firmly above the resistance zone.”
The Bank Nifty created a red candle on the daily scale, signaling selling pressure at higher levels, according to Hrishikesh Yedve, AVP Technical and Derivative Research at Asit C. Mehta Investment Intermediates Ltd.
The index must remain above the 57,300–57,320 range in order to initiate a new upward trend. On the downside, the 34-DEMA is positioned at 56,550, followed by 56,200. Therefore, it is recommended that short-term traders hold off until there is a verified breakout over 57,320, Yedve stated.
According to Bajaj Broking Research, the Bank Nifty will find immediate support at 56,800, followed by a stronger demand zone close to 56,500. Resistance is capped at 57,350 on the upside, and the next supply hurdle is anticipated around 57,500.
