The Indian stock market is expected to open lower on Wednesday, tracking weak global market cues.
The trends on Gift Nifty also indicate a negative start for the Indian benchmark index. The Gift Nifty was trading around 25,177 level, a discount of nearly 79 points from the Nifty futures’ previous close.
On Tuesday, the domestic equity market indices extended their losing streak for the third consecutive session and ended with marginal losses, with the benchmark Nifty 50 slipping below 25,200 level.
The Sensex fell 57.87 points, or 0.07%, to close at 82,102.10, while the Nifty 50 settled 32.85 points, or 0.13%, lower at 25,169.50.
Here’s what to expect from Sensex, Nifty 50 and Bank Nifty today:
Sensex Prediction
Sensex took support near 81,800 and rebounded sharply, but failed to sustain gains at higher levels.
“We believe that the intraday market texture is volatile and non-directional; hence, level-based trading would be the ideal strategy for day traders. On the higher side, a break above 82,350 is likely to maintain bullish momentum. Above this level, Sensex could move up to 82,600 – 82,800. On the flip side, a decline below 81,800 may accelerate further. Below this level, it could slip to 81,500 – 81,400,” said Shrikant Chouhan, Head Equity Research, Kotak Securities.
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Nifty 50 Prediction
Nifty 50 formed a bearish candle characterized by a minor upper shadow and a long lower shadow on the daily chart.
“A reasonable negative candle was formed on the daily chart with upper and lower shadow. Technically, this market action indicates a formation of a high wave type candle pattern, which indicates high volatility in the market. Normally, such pattern formation after a reasonable decline signals chances of near-term bottom reversals in the underlying,” said Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities.
According to him, the healthy downward correction of the last few sessions seems to be ending in the short term, and the Nifty 50 is expected to find crucial support around 25,000 levels, while one may expect a bounce back from the lows in the coming sessions.
Sudeep Shah, Head – Technical Research and Derivatives at SBI Securities said that the Nifty 50 index is currently trading above its crucial moving averages. However, the momentum indicators are suggesting sideways action for now.
“Going ahead, the zone of 25,270 – 25,300 will act as an immediate hurdle for the index. Any sustainable move above the level of 25,300 will lead to a sharp upside rally upto the 25,450 level. While, on the downside, the zone of 25,080 – 25,050 will act as crucial support for the index,” said Shah.
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Nilesh Jain, Head – Technical and Derivatives Research Analyst (Equity Research), Centrum Broking Ltd. noted that the Nifty 50 formed a high wave candlestick pattern on the daily chart, indicating a consolidation phase marked by trader indecision and a lack of clear directional conviction.
“Nifty 50 index has strong psychological support at the 25,000 level, and as long as it holds above this mark, a pullback towards the 25,300 – 25,400 zone remains likely. The broader trend continues to be positive, favouring a buy-on-dips strategy,” said Jain.
Bank Nifty Prediction
Bank Nifty index rallied 225.00 points, or 0.41%, to close at 55,509.75 on Tuesday, forming a bull candle, highlighting buying demand around the 50 days EMA.
“Bank Nifty index has moved back above the 50-SMA placed near 55,440 and is comfortably holding above the 9-EMA, highlighting strength in the ongoing trend. The Fibonacci retracement grid highlights immediate resistance at 55,850, with support zones now placed at 55,200. The hourly chart reveals a developing flag pattern, typically a continuation formation, with confirmation likely only if the index sustains above 55,850. A breakout on the upside could accelerate the move toward 56,000 – 56,200 in the short term,” said Om Mehra, Technical Research Analyst, SAMCO Securities.
The RSI has inched up to 57, showing recovery from the recent dip, while the MACD remains positive, he added.
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“The broader trend remains bullish, and reclaiming the 50-SMA is supportive for the index. A buy-on-dip strategy remains favourable, while a decisive close above 55,700 would further boost the momentum,” Mehra said.
Bajaj Broking Research expects the Bank Nifty index to extend consolidation and trade in the range of 54,700 – 56,000. It noted that immediate support is placed at 54,700 – 54,900 levels being the confluence of the last week low and 20 days EMA. While key support is placed at 54,000 levels, being the key retracement of the entire decline.
“We maintain a positive bias and believe the ongoing consolidation presents a buying opportunity. On the upside, the index faces initial resistance at the 56,000 zone. A sustained breakout above this supply zone could trigger a fresh leg of momentum, potentially opening the gates for a move towards the 57,000 mark in the coming weeks,” said Bajaj Broking Research.
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.
