The Indian stock market benchmark indices, Sensex and Nifty 50, are likely to open higher on Monday, tracking upbeat global market cues, on easing Israel-Iran conflict and optimism over the US-China trade deal.
The trends on Gift Nifty also indicate a positive start for the Indian benchmark index. The Gift Nifty was trading around 25,770 level, a premium of nearly 20 points from the Nifty futures’ previous close.
The Sensex surged 303.03 points, or 0.36%, to close at 84,058.90, while the Nifty 50 settled 88.80 points, or 0.35%, higher at 25,637.80.
Here’s what to expect from Nifty 50, and Bank Nifty today:
Nifty 50 Prediction
Nifty 50 gave a decisive breakout last week, rising 2.09%, and formed a bullish Marubozu candlestick pattern on the weekly timeframe.
“Nifty 50 index is trading above both the 21-day and 55-day EMAs, signalling sustained bullish momentum. With RSI trending upwards and MACD in positive territory, the overall setup indicates strength and potential for further upside in the coming sessions. A breakdown below the 24,300 – 24,250 support zone may lead to a decline toward 25,000, the recent weekly low,” said Puneet Singhania, Director at Master Trust Group.
On the upside, immediate resistance is seen at 25,750, and a decisive breakout above this level could trigger a rally toward 26,000. Positional traders can look to buy near support, he added.
According to Dr. Praveen Dwarakanath, Vice President of Hedged.in, Nifty 50 has closed well above the upper Bollinger band indicating bullishness in the index.
“Nifty 50 is close to its resistance at 25,800 levels, one should be cautious at these levels. The index is at the verge of filling the gap formed on 3rd October last year, which can also act as a resistance for the index at the current levels. The ADX DI+ line is sloping upside with the ADX average line, indicating momentum in the rally. The momentum indicators are sloping up, suggesting further momentum on the upside in the index,” said Dwarakanath.
VLA Ambala, Co-Founder of Stock Market Today, advises traders to keep a ‘buy on dip’ strategy until a key indication of any reversal appears.
“In case of market flat opening, we can expect Nifty 50 to find support between 25,600 and 25,530 levels, and meet resistance near 25,730, 25,880, and 26,000 in today’s market session,” Ambala said.
Bank Nifty Prediction
Bank Nifty index gained 237.20 points, or 0.41%, to close at 57,443.90 on Friday. For the week, the index closed with a solid 2.12% gain, marking its second consecutive weekly rise and touching a fresh all-time high of 57,475.40.
“Bank Nifty index continued to trade along its rising upper trendline and is attempting a clean breakout above the psychological 57,500 mark. The trend remains supported by a middle Bollinger band and has steadily moved higher, highlighting the strength of the uptrend. The index is trading comfortably above all its key moving averages. The daily RSI stands at 67, suggesting strong but not yet overbought conditions. Meanwhile, the MACD has crossed above the signal line, with a rising histogram indicating renewed bullish momentum,” said Om Mehra, Technical Research Analyst, SAMCO Securities.
According to him, as long as the Bank Nifty index sustains above 56,800 – 57,000, the broader outlook remains constructive, and a decisive close above 57,500 could potentially open the gate toward 58,000 in the near term, while 55,800 remains a key short-term support on any pullback.
Puneet Singhania noted that the Bank Nifty index continued to trade above its 21-day EMA, reflecting sustained bullish momentum.
“On the downside, the 57,100 – 57,000 zone offers immediate support and is likely to attract buying interest, while 56,500 remains the next strong support. On the upside, the 58,000 mark may act as a near-term resistance, and a breakout above this level could open the gates for a rally toward 58,600. The structure remains bullish, and traders should watch for dip-buying opportunities near key support zones to ride the trend,” Singhania 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.