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The Indian stock market benchmark indices, Sensex and Nifty 50, are likely to open higher on Friday, tracking gains in global markets, despite concerns over the fragile US-Iran ceasefire deal.

The trends on Gift Nifty also indicate a positive start for the Indian benchmark index. The Gift Nifty was trading around 23,942 level, a premium of nearly 81 points from the Nifty futures’ previous close.

On Thursday, the Indian stock market crashed amid fading hopes that the US-Iran ceasefire will last longer, with the benchmark Nifty 50 closing below 23,800 level.

The Sensex plunged 931.25 points, or 1.20%, to close at 76,631.65, while the Nifty 50 settled 222.25 points, or 0.93%, lower at 23,775.10.

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

Sensex is witnessing consolidation after a sharp rally, with price action indicating resistance near higher levels and support emerging on dips.

“Key technical levels suggest that support for Sensex is placed in the 75,900 – 76,300 zone, which is likely to act as a demand area, while resistance is seen around 76,900 – 77,100, where upside may face selling pressure,” said Hitesh Tailor, Technical Research Analyst at Choice Equity Broking.

He believes the near-term outlook remains cautiously positive but volatile, with profit booking at higher levels and ongoing geopolitical concerns likely to keep the market range-bound, while dips may continue to attract selective buying interest.

Nifty 50 index formed a bearish candle on the daily chart with shadows on both sides, indicating indecision near higher levels.

“A small negative candle was formed on the daily chart that is placed beside the bull candle of Wednesday. This market action signals a consolidation movement in the market after a sharp upside. The bearish chart pattern like lower tops and bottoms seems to have negated and present consolidation / weakness is expected to form a new higher bottom of the bullish pattern,” said Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities.

According to him, the near term uptrend of the market remains intact, and Nifty 50 is expected to find support around the lows of 23,500 in the next few sessions before bouncing back from the higher lows. Key overhead resistance to be watched around 24,000.

Nilesh Jain, VP- Head of Technical and Derivative research at Centrum Finverse noted that a decisive breakout above 24,000 is crucial to trigger a potential short-covering rally towards the 24,500 zone.

“On the downside, immediate support for Nifty 50 is now placed at 23,500 levels. Despite the recent pause, the broader market structure remains positive, and a buy-on-dips strategy continues to be favorable. Momentum indicators and oscillators have turned constructive, reflecting improving market sentiment. Meanwhile, the India VIX is hovering around the 20 mark, and any further decline could provide additional comfort to the bulls,” said Jain.

Bank Nifty index ended 882.20 points, or 1.58%, lower at 54,821.70 on Thursday, forming a bearish candle on the daily chart with a minor lower shadow, indicating selling pressure at higher levels, though some buying emerged near the lows.

“Despite the weakness, Bank Nifty continues to trade above its 20-day EMA, suggesting that the short-term structure remains intact. Going ahead, the 55,300 – 55,400 zone will act as an immediate resistance, while on the downside, the 54,400 – 54,300 range is expected to provide crucial support for the index,” said Sudeep Shah, Head - Technical and Derivatives Research at SBI Securities.

Om Mehra, Technical Research Analyst, SAMCO Securities highlighted that the Bank Nifty index has now entered a phase of short-term consolidation after a steep rise.

“Nifty Bank continues to hold above the short-term average zone, indicating that the pullback is not yet broken down. The RSI is placed near 50, indicating neutral momentum. On the hourly chart, the Bank Nifty index shows a mild slowdown in momentum. On the upside, 55,200 – 55,500 remains the immediate resistance band,” said Mehra.

On the downside, he added that 53,500 – 53,200 remains the immediate support zone, and holding above this range will be important to maintain the recent recovery phase.

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.

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