The Indian stock market benchmark indices, Sensex and Nifty 50, are likely to open lower on Thursday, tracking weakness in global markets.

The trends on Gift Nifty also indicate a negative start for the Indian benchmark index. The Gift Nifty was trading around 24,775 level, a discount of nearly 57 points from the Nifty futures’ previous close.

On Wednesday, the domestic equity market snapped its three-day losing streak to end higher, with the benchmark Nifty 50 closing above 24,800 level.

The Sensex gained 410.19 points, or 0.51%, to close at 81,596.63, while the Nifty 50 settled 129.55 points, or 0.52%, higher at 24,813.45.

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

Sensex Prediction

Sensex faced resistance near 82,000 and corrected sharply on Wednesday, but ended the session 410 points higher at 81,596.63.

“Sensex eventually managed to close above 81,200, which is largely positive. A breakout above 82,200 could push Sensex up to 82,500 – 82,700. On the flip side, if the index drops below 81,200, sentiment could turn negative. Falling below this level, the correction wave is likely to accelerate. In such a scenario, the market could retest the levels of 80,700 – 80,500,” said Shrikant Chouhan, Head Equity Research, Kotak Securities.

Nifty 50 Prediction

Nifty 50 ended 0.52% higher at 24,813.55 on May 21, following a three-day corrective phase, forming an inside bar on the daily chart, and the previous session’s low was safeguarded during intraday, indicating a possible attempt at stabilization.

“Nifty 50 managed to reclaim the 9-EMA and 20-EMA, although the gap between the two remains narrow. The daily RSI stands at 60, showing a slight uptick and hinting at the possibility of an improving outlook. On the hourly chart, the higher high and higher low structure remains intact as long as 24,494 is defended. The next immediate support lies near 24,650. The overall trend remains neutral, and for a bullish trend to resume a decisive move above the 25,000 – 25,020 zone is inevitable,” said Om Mehra, Technical Research Analyst, SAMCO Securities.

India’s VIX remained elevated at 17.55, continuing to hover in the 17 – 18 range. Depending on whether it rises further or begins to cool, this elevated volatility may act as a barometer for near-term market sentiment, he added.

Hrishikesh Yedve, AVP Technical and Derivatives Research at Asit C. Mehta Investment Interrmediates Ltd. noted that the Nifty 50 formed an inside bar candle on the daily chart, suggesting consolidation within the previous candle’s range.

“The index is currently facing resistance near 25,000. A decisive move above 25,000 could lead the index to test 25,200 – 25,250 levels. On the downside, strong support is placed near 24,430, where the 21-Day Exponential Moving Average (21-DEMA) is positioned,” said Yedve.

According to VLA Ambala, Co-Founder of Stock Market Today, Nifty 50 formed a shooting star in the daily chart and an inside bar pattern on the 3-hour chart.

“Judging by the momentum, the market will remain bearish below the 24,800 range. So, I suggest adopting a sell-on-rise strategy for intraday trading. Amid these ongoing developments, Nifty 50 can expect support between 24,630 and 24,500 while meeting resistance near 24,970 and 25,000 this week,” Ambala said.

Bank Nifty Prediction

Bank Nifty index gained 197.75 points, or 0.36%, to close at 55,075.10 on Wednesday, forming a doji candle with a lower high and lower low signaling consolidation with corrective bias after previous session sharp decline.

“In the coming sessions a move above previous session’s high (55,356) will open pullback towards 55,800 – 56,000 levels. Going ahead, overall we expect the Bank Nifty index to extend the last 4 weeks’ consolidation in the broad range of 56,000 – 53,500. In the last 19 sessions, it has retraced just 38.2% of the prior 9-session rally (49,157 – 56,098), indicating a shallow pullback that suggests underlying strength and potential higher bottom formation,” said Bajaj Broking Research.

Within the consolidation, the brokerage firm believes dips should be used as buying opportunities. Key support at 54,000 – 53,500 being the confluence of key retracement and 20 days EMA.

Hrishikesh Yedve said that technically, the Bank Nifty index formed a doji candle on the daily chart, indicating indecision.

“On the downside, strong support is seen near 54,520 (21-DEMA), while short-term resistance is placed at 55,700 levels. Traders are advised to monitor these levels closely for potential trading opportunities,” said Yedve.

According to Om Mehra, Technical Research Analyst, SAMCO Securities, the Bank Nifty index is precisely oscillating within the broader range of 54,442 to 55,696, suggesting an ongoing time-wise correction.

“Nifty Bank is currently hovering near the edge of its 9-EMA and 20-EMA, which could act as either support or resistance, depending on the direction of the next move. The index is expected to remain range-bound unless a breakout occurs beyond this broader consolidation zone. Until such a move materializes, a clear directional confirmation remains pending. The resistance is expected near 55,400, which also coincides with the hourly super trend level,” 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.