The Indian stock markets, including the Sensex and Nifty 50, are expected to start lower on Thursday due to global concerns over the escalating tension between Iran and Israel. According to trends in Gift Nifty, the Indian market is likely to open with a gap-down, with a drop of about 255 points in Nifty futures.
On Tuesday, the Indian market had a quiet and volatile session. The Sensex ended slightly lower, falling 33.49 points to 84,266.29, and the Nifty 50 also dropped 13.95 points to 25,796.90.
Technically, analysts suggest that while there are opportunities to sell during price rises, there hasn’t been strong follow-up selling so far. Nifty 50 is still in a short-term downward correction, but analysts believe it could bounce back from support levels around 25,500-25,400 this week.
Nifty and Bank Nifty Predictions:
For Nifty 50, the highest call options were seen at 26,000 and 26,200, and the highest put options at 25,500, indicating strong support at 25,600. Analysts expect Nifty to face resistance around 25,800 and predict a possible drop to 25,600 if this level isn’t breached. On the upside, if Nifty crosses 25,800, it could move towards 26,050.
Bank Nifty ended slightly down on Tuesday at 52,922.60, forming a small bullish pattern. If it breaks the support at 52,800, it could fall to 52,000 or 51,200. However, some indicators suggest the downward momentum may slow down, with a potential sideways movement.
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