The Indian stock market benchmark indices, Sensex and Nifty 50, are likely to open higher on Friday, tracking gains in global markets, amid hopes of a US-Iran peace deal.

The trends on Gift Nifty also indicate a flat-to-positive start for the Indian benchmark index. The Gift Nifty was trading around 23,657 level, a premium of nearly 26 points from the Nifty futures’ previous close.

On Thursday, the Indian stock market ended lower amid profit booking in select index heavyweights.

The Sensex dropped 135.03 points, or 0.18%, to close at 75,183.36, while the Nifty 50 settled 4.30 points, or 0.02%, lower at 23,654.70.

Here’s what to expect from Sensex, Nifty 50 and Bank Nifty today:

Sensex Prediction

Sensex failed to sustain at higher levels, and continuous selling pressure was witnessed throughout the session.

“We are of the view that the short-term texture of the market is non-directional, and range-bound activity is likely to continue in the near future. On the downside, 75,000 – 74,500 remain the crucial support zones, while 75,800 – 76,000 could act as key resistance areas for the bulls,” said Shrikant Chouhan, Head Equity Research, Kotak Securities.

On the positive side, he believes a breakout above 76,000 could push Sensex up to 76,300 – 76,500, while below 74,500, it could retest the levels of 74,000 – 73,800.

Nifty Options Data

In the derivatives segment, notable call writing was observed at the 23,700 and 23,800 strikes, while put writing was concentrated at the 23,600 and 23,500 levels, indicating immediate support near lower levels while resistance continues to remain firm near higher strikes.

Nifty 50 Prediction

Nifty 50 index formed a bearish candlestick pattern and witnessed rejection from the 20-DEMA on the daily timeframe, indicating selling pressure emerging near higher resistance zones and cautious undertones in the broader trend.

“A long red candle was formed on the daily chart that reflects inability of bulls to surpass the crucial overhead resistance of 23,800 levels. Nifty 50 is still placed within a high low range of 23,800 – 23,300 levels, but rising lows were observed on the daily chart,” said Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities.

According to him, the underlying trend of Nifty 50 remains choppy, and a decisive move only above 23,850 – 23,900 levels is likely to open broad-based buying in the market for the near term.

“However, further weakness from here could find support around 23,500 levels,” Shetti added.

Nilesh Jain, VP- Head of Technical and Derivative research at Centrum Finverse Ltd. noted that the Nifty 50 index has slipped below its 50-DMA, which is currently placed near 23,700 levels.

“Despite the weakness, the broader market structure continues to remain range-bound, and Nifty 50 is expected to oscillate within the 23,400 – 23,900 zone in the near term. A fresh leg of upside momentum is likely only if the index manages to surpass the immediate hurdle of the 21-DMA, placed around 23,910 levels,” said Jain.

Meanwhile, the volatility index, ‘INDIAVIX’, eased by 3.5% to 17.80 levels, and any further cooling in volatility may provide some comfort to the bulls.

Bank Nifty Prediction

Bank Nifty index ended 122.80 points, or 0.23%, lower at 53,439.40 on Thursday, forming a bearish candlestick pattern on the daily chart with a higher high and a higher low, signaling selling pressure at higher levels.

“Going ahead, the 53,900 – 54,000 zone is likely to act as an immediate resistance. On the downside, the 53,100 – 53,000 zone is expected to provide crucial support. A decisive break below the 53,000 level could further intensify selling pressure, dragging the Bank Nifty index towards the next key support at around 52,400,” said Sudeep Shah, Head – Technical and Derivatives Research at SBI Securities.

Om Mehra, Technical Research Analyst, SAMCO Securities highlighted that the Bank Nifty index remains trapped between the 50% Fibonacci retracement at 53,700 and the 61.8% retracement at 52,820. Multiple sessions have now been confined within this band. Nifty Bank remains below all the moving averages, and the RSI is placed near 40.

“Nifty PSU Bank gained 0.22% to settle at 7,988.35, while Nifty Private Bank declined 0.15% to close at 25,990.05, indicating a rotation within the banking space. For the Nifty Bank index, on the downside, the 53,000 – 52,820 zone, aligned with the 61.8% Fibonacci, remains the support while on the upside, the 54,000 – 54,500 remains the next resistance,” said Mehra.

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.