The Indian stock market benchmark indices, Sensex and Nifty 50, are expected to open higher on Friday, tracking upbeat global market cues.
The trends on Gift Nifty also indicate a positive start for the Indian benchmark index. The Gift Nifty was trading around 25,183 level, a premium of nearly 80 points from the Nifty futures’ previous close.
On Thursday, the equity market ended higher, with the Nifty 50 closing above the 25,000 level.
The Sensex rose 123.58 points, or 0.15%, to close at 81,548.73, while the Nifty 50 settled 32.40 points, or 0.13%, higher at 25,005.50.
Here’s what to expect from Sensex, Nifty 50 and Bank Nifty today:
Sensex Prediction
Sensex formed a small candle on daily charts, and it is witnessing consolidation on intraday charts.
“For day traders, the 50-day SMA (Simple Moving Average) or 81,200 would act as a crucial support zone. As long as Sensex is trading above this level, the bullish sentiment is likely to continue. On the higher side, 81,700 would be the immediate breakout zone. A successful breakout above 81,700 could push the index up to 82,000 – 82,200,” said Shrikant Chouhan, Head Equity Research, Kotak Securities.
On the flip side, he believes a move below 81,200 would render the uptrend vulnerable.
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Nifty OI Data
In the derivatives space, cautious optimism prevailed as put writers maintained a slight edge over call writers. The 25,500 strike witnessed heavy open interest build up of 1.05 crore contracts, confirming it as a strong resistance ceiling. Conversely, the 25,000 strike attracted the highest Put Open Interest (OI) of 1.06 crore contracts, reinforcing its role as a solid support base.
“Fresh Put writing at current levels reflects limited conviction for a steep downside, while incremental call writing at higher OTM strikes signals early optimism in the open interest structure. The Put-Call Ratio (PCR) climbed to 1.15 from 1.08, pointing to a bullish undertone and the potential for sustained upward momentum, though a decisive breakout trigger is awaited,” said Dhupesh Dhameja, Derivatives Research Analyst, SAMCO Securities.
Nifty 50 Prediction
Nifty 50 crossed the trend line resistance and formed a bullish candle on the daily chart, indicating strength.
“A small positive candle was formed on the daily chart with minor upper shadow. Technically this action signals a range bound action in the market. Though, Nifty 50 placed at the crucial hurdle of 25,000 mark but not showing any strength to witness a decisive break out of the hurdle. The recent opening upside gap of 9th and 10th September remains unfilled,” said Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities.
According to him, the underlying trend of Nifty 50 remains positive with choppy movement, and any failure to move sharply above the important resistance of 25,000 – 25,100 levels in the next 1-2 sessions could open short term weakness in the market. Immediate support is at 24,800.
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Nilesh Jain, Head – Technical and Derivatives Research Analyst (Equity Research), Centrum Broking Ltd said that the overall structure has turned positive, supported by bullish crossovers in momentum indicators and oscillators.
“Going forward, we expect the upward momentum to persist, with immediate targets at 25,200, followed by 25,400. On the downside, the support base continues to shift higher, with the 50-day moving average now placed near the 24,900 mark,” said Jain.
Dr. Praveen Dwarakanath, Vice President of Hedged.in noted that the Nifty 50 formed an insider candle with bullish bias as the closing was higher than the opening price.
“The momentum indicators indicate bullishness in Nifty 50, and can push the index towards its immediate resistance at the 25,150 level. The index has bounced from the middle of the Bollinger band, indicating the strength in the index. The upcoming meeting of PM Modi and Donald Trump can pave the way for the index to breach its immediate resistance at the 25,150 levels and move towards the next resistance at the 25,500 level,” said Dwarakanath.
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Bank Nifty Prediction
Bank Nifty index rallied 133.60 points, or 0.24%, to close at 54,669.60 on Thursday, forming a bullish engulfing candlestick pattern on the daily scale, indicating continued strength.
“The 100-day EMA zone of 54,800 – 54,900 will act as an immediate hurdle for the Bank Nifty index. Any sustainable move above the 54,900 level will lead to a further upside rally upto the 55,400 level. While, on the downside, the zone of 54,400 – 54,300 will act as a crucial support for the index,” said Sudeep Shah, Head – Technical Research and Derivatives at SBI Securities.
Hrishikesh Yedve, AVP Technical and Derivative Research, Asit C. Mehta Investment Interrmediates Ltd. believes that the next resistance zone for Bank Nifty is placed near 54,900 – 55,000 levels.
“On the downside, the 200-DEMA is placed near 53,620, which will act as strong support. Thus, traders are advised to adopt a buy-on-dips approach in Bank Nifty for the short term,” Yedve said.
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.
