The Indian stock market is gearing up for a positive opening on Friday. Benchmark indices Sensex and Nifty 50 are likely to start the trading session higher. This optimistic outlook comes despite mixed signals from global markets.
Market Indicators Point to a Positive Start
Trends on Gift Nifty strongly suggest a higher opening for the Indian benchmark index. Gift Nifty was trading around the 25,778 level. This represents a premium of nearly 60 points from the Nifty futures' previous close.
Indian markets remained closed on Thursday. This was due to a public holiday for municipal corporation elections in Maharashtra. The previous trading session on Wednesday saw the market end lower. Losses extended for the second consecutive session. The benchmark Nifty 50 slipped below the 25,700 level.
Sensex dropped 244.98 points, or 0.29%, to close at 83,382.71. Nifty 50 settled 66.70 points, or 0.26%, lower at 25,665.60.
Analyst Predictions for Key Indices
Sensex Outlook
Sensex held firmly above the key support zone of 82,900 to 83,000. This zone provided a cushion during intraday declines before the close. On the upside, the 83,800 to 83,900 resistance band remained a near-term hurdle. It consistently capped recovery attempts during the session.
Hitesh Tailor, Technical Research Analyst at Choice Broking, shared his insights. He noted the session ended below recent highs but comfortably above key support levels. The short-term structure points to a cautious trading approach. Selective accumulation on declines is advisable. Broader macroeconomic and geopolitical uncertainties continue to shape market sentiment.
Nifty 50 Analysis
Nifty 50 formed a small green candle on the daily chart. This candle had a long upper shadow. Technically, this market action indicates a narrow range movement. The market is moving within 25,900 to 25,600 levels with volatility.
Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities, provided his perspective. He said Nifty 50 is finding crucial support around 25,500 to 25,600 levels. However, it was not able to surpass the crucial hurdle of 25,900 to 26,000 levels on the way up. This is not a good sign.
According to Shetti, the underlying trend of Nifty 50 continues to be choppy with a weak bias. A sustainable move only above 25,900 to 26,000 levels could open more sustainable upside in the market. Any failure to sustain could result in Nifty 50 retesting the lows of around 25,500 to 25,400 levels in the next few sessions.
Ponmudi R, CEO of Enrich Money, added his observations. He noted the repeated rejection near the 25,900 zone continues to cap upside for Nifty 50. Immediate resistance is now placed around 25,800. On the downside, a decisive break below 25,600 could open the door for further weakness toward 25,500 to 25,450.
Momentum indicators remain weak. The RSI near 40 reflects a bearish bias without oversold conditions. MACD stays in negative territory. Intraday structure indicates that bears continue to dominate on rallies. Selective buying emerges at lower support levels.
Bank Nifty Forecast
Bank Nifty index ended flat at 59,580.15 on Wednesday. Looking ahead, the 60,000 to 60,100 zone will act as a crucial resistance for Bank Nifty. A decisive and sustained move above 60,100 could trigger a sharp rally towards 60,600, followed by 61,000 in the short term.
On the downside, immediate support is seen in the 59,300 to 59,200 zone. Sudeep Shah, Head of Technical and Derivatives Research at SBI Securities, shared this view.
Om Mehra, Technical Research Analyst at SAMCO Securities, highlighted key technical aspects. The daily chart reflected consolidation near the mid Bollinger Band. Prices hover around the 20-day EMA while staying comfortably above the 50-day EMA. This indicates stability but a lack of directional strength.
The daily RSI is placed in the 53 to 54 zone. This reflects neutral momentum with limited bullish strength. The MACD remains in negative territory. The histogram shows only limited improvement.
On the hourly chart, Nifty Bank continues to respect the 59,300 to 59,200 support zone. This zone has repeatedly acted as a base during intraday declines. It keeps downside pressure contained for now.
On the higher side, Mehra believes the 59,800 to 59,900 zone continues to act as a resistance area. Unless the Bank Nifty index sustains above this zone, it is likely to remain range-bound.
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies. They are not of Mint. We advise investors to check with certified experts before making any investment decisions.
