The Indian stock market benchmark indices, Sensex and Nifty 50, are likely to open flat on Tuesday, tracking mixed
The trends on Gift Nifty also indicate a muted start for the Indian benchmark index. The Gift Nifty was trading around
26,329 level, a discount of nearly 6 points from the Nifty futures’ previous close.
On Monday, the Indian stock market ended marginally lower, with the benchmark Nifty 50 closing below 26,200 level.
The Sensex fell 64.77 points, or 0.08%, to close at 85,641.90, while the Nifty 50 settled 27.20 points, or 0.10%, lower
Here’s what to expect from Sensex, Nifty 50, and Bank Nifty today:
Sensex formed a bearish candle on daily charts, indicating further weakness. However, the short-term market sentiment
“We believe that intraday market formation is range-bound, and this range-bound activity is likely to continue in the
near future. For day traders, 85,500 and 85,000 remain key support zones for Sensex, while 86,000 - 86,200 would act as
crucial resistance areas for the bulls. However, below 85,000, the uptrend could become vulnerable,” said Shrikant
Chouhan, Head Equity Research, Kotak Securities.
Mayank Jain, Market Analyst, Share.Market said that the 86,000 – 86,200 region acts as the next major resistance for
Sensex, and a breakout above this zone may open the door to fresh record highs. Major support is seen near 85,100 –
Derivatives data showed noticeable call writing at the 26,250 strike and strong put interest at 26,150, reflecting a
tight near-term range. A sustained close above 26,300 will be essential to reignite bullish momentum in the sessions
ahead, said Amruta Shinde, Technical & Derivative Analyst at Choice Equity Broking.
Nifty 50 index formed a bearish candle on the daily chart, suggesting a pause in the ongoing trend.
“Immediate support lies at 26,120, followed by 26,000, while a decisive break above 26,300 could pave the way for
further gains toward 26,450. Chasing the Nifty 50 index at elevated levels is not advisable, as the current risk-reward
setup is unfavourable. It would be more prudent to wait for a meaningful pullback before considering fresh positions,”
said Nilesh Jain, Head – Technical and Derivatives Research Analyst (Equity Research), Centrum Broking.
Ponmudi R, CEO of Enrich Money said that the trend for Nifty 50 remains structurally positive as long as 26,000 – 26,050
holds on a closing basis.
“A decisive breakout above 26,300 is still required to unlock the next leg of upside toward 26,450 – 26,600. The RSI at
62 reflects neutral momentum, clearly indicating that the market is not yet in an overbought zone,” said Ponmudi R.
Mayank Jain said that the 26,300 – 26,350 zone now serves as a crucial resistance-turned-trigger for Nifty 50, and a
sustained close above this band could pave the way towards 26,500+. Immediate support remains at 26,000–26,050.
Bank Nifty index ended 71.35 points, or 0.12%, lower at 59,681.35 on Monday, forming an Opening Marubozu (red candle)
candlestick pattern on the daily chart, reflecting selling pressure at higher levels.
“As per this formation, as long as the Bank Nifty remains below 60,114, the upside is likely to remain capped in the
short term. On the downside, immediate support is placed near 59,400 followed by 59,000. Therefore, short-term traders
are advised to adopt a buy-near-support and sell-near-resistance approach,” said Hrishikesh Yedve, AVP Technical and
Derivative Research, Asit C. Mehta Investment Intermediates Ltd.
Sudeep Shah, Head - Technical and Derivatives Research at SBI Securities said that the zone of 60,000 - 60,100 will act
as an important hurdle for the Bank Nifty index, and any sustainable move above the 60,100 will lead to a sharp upside
rally up to the 60,600 level.
“While on the downside, the zone of 59,300 - 59,200 will act as important support for the Bank Nifty index,” said Shah.
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.