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The Indian stock market benchmark indices, Sensex and Nifty 50, are likely to open lower on Wednesday, tracking weak global market cues.

The trends on Gift Nifty also indicate a negative start for the Indian benchmark index. The Gift Nifty was trading around 24,965 level, a discount of nearly 68 points from the Nifty futures’ previous close.

On Tuesday, the domestic equity market ended higher, with the benchmark indices extending rally for the fourth consecutive session.

The Sensex rose 370.64 points, or 0.46%, to close at 81,644.39, while the Nifty 50 settled 103.70 points, or 0.42%, higher at 24,980.65.

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

Sensex formed a bullish candle on daily charts and an uptrend continuation formation on intraday charts, indicating a further uptrend from the current levels.

“For day traders, as long as Sensex trades above 81,300, the uptrend wave is likely to continue on the higher side, potentially moving up to 82,000 - 82,300. On the flip side, below 81,300, the uptrend would become vulnerable. Under such conditions, traders may prefer to exit their long positions,” said Shrikant Chouhan, Head Equity Research, Kotak Securities.

In the options segment, the highest Nifty Call open interest is seen at 25,000 and 25,500, marking key resistance zones, while the highest Put open interest is placed at 24,900 and 24,800, indicating strong support levels.

“The combined technical and derivatives setup suggests that the market bias remains positive. A decisive close above 25,000 could trigger fresh momentum. Traders are advised to stay cautiously bullish, use declines to accumulate quality stocks, and protect positions with appropriate stop-losses,” said Mandar Bhojane, Senior Technical & Derivative Analyst - Research at Choice Equity Broking.

Nifty 50 index formed a bullish candlestick pattern which remained enclosed inside the previous session price range, signaling consolidation with positive bias while holding above the 20- & 50-days EMA.

“A reasonable positive candle was formed on the daily chart with a minor upper shadow that placed beside the red candle of Monday. This market action signals a range bound action below the hurdle of 25,000 levels. The sharp opening upside gap of Monday remains intact two sessions after its formation. This gap could now be considered as a bullish breakaway gap, which is normally formed at the important bottom reversal,” said Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities.

Hence, he expects Nifty 50 to move up further in the short term and could reach the upside target of 25,300 in the near term. Immediate support is placed at 24,850.

Sudeep Shah, Head - Technical and Derivatives Research at SBI Securities noted that the Nifty 50 index continues to exhibit strength on the technical front, trading comfortably above both its short-term and long-term moving averages — a sign of sustained bullish sentiment. The 14-period RSI on the daily chart is on a rising trajectory and remains above its 9-day average, reinforcing the positive momentum.

“Given this setup, we believe the Nifty 50 index is well-positioned to extend its upward journey in the near term. Key resistance levels to watch are 25,150 and 25,300, which could be tested if the current momentum persists. On the downside, the support zone is placed between the 24,880 - 24,850 level. This range is expected to act as a cushion in case of any short-term pullbacks, keeping the broader trend intact,” Shah said.

Overall, he believes the technical indicators suggest a continuation of the northward move, with dips likely to attract buying interest.

According to Nilesh Jain, Head – Technical and Derivatives Research Analyst (Equity Research), Centrum Broking Ltd. the overall market structure remains bullish, supported by improving momentum indicators and oscillators, which signal the likelihood of continued strength in the coming sessions.

“Immediate support has now shifted higher to 24,800, while the 21-DMA at 24,770 will act as a crucial short-term support. As long as Nifty 50 holds above this level, a buy-on-dips approach is recommended,” Shah said.

Bank Nifty index gained 130.25 points, or 0.23%, to close at 55,865.15 on Tuesday, forming a bullish candle on the daily chart.

“Bank Nifty index has reclaimed the 9 EMA and 20 EMA but remains capped below the 50 SMA, keeping the improvement tentative. The daily candle closed above the 38.2% retracement (55,860) but stayed under the 50% retracement (56,150). The RSI has improved and is edging toward the midline, while the MACD has given a positive crossover,” said Om Mehra, Technical Research Analyst, SAMCO Securities.

On the hourly frame, price is back above VWAP (55,813), with a shallow series of higher lows, hinting at a base. The Bank Nifty index may face resistance near 56,100 – 56,150, while a move above this zone would lift the index higher, he added.

“The support is placed at 55,600, followed by 55,500. Until Nifty Bank closes decisively above 56,150, the outlook stays cautious, and any intraday rise may meet resistance. A buy on dip approach is reasonable as long as 55,500 – 55,450 holds on a closing basis,” Mehra said.

Bajaj Broking Research said that the Bank Nifty index formed a bullish candlestick pattern which mostly remained contained inside previous session price range signaling consolidation amid positive bias.

“We expect the index to extend consolidation in the range of 54,800 - 56,300. Only a movement beyond this range will signal the next directional move. Key support area 54,800 and 55,000 — a region that aligns with the 100-day EMA and key Fibonacci retracement levels from the prior upward move. A breach below 54,800 will open downside towards 54,000 levels,” said the brokerage firm.

On the higher side resistance is seen around 56,000 – 56,300 range, which corresponds to the recent breakout area and the 50% retracement of the entire decline (57,628 - 54,905), it added.

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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