Nifty 50 and Sensex Set for Higher Opening on October 14—What to Expect Today

The Indian stock market, including Sensex and Nifty 50, is expected to open higher on Monday, October 14, following gains in global markets.

The Gift Nifty is showing a slight positive trend, indicating a possible rise for the Indian market. It was trading around 25,085, which is 35 points higher than the previous close of Nifty futures.

On Friday, the Indian markets ended lower, with the Nifty 50 closing just below 25,000. The Sensex fell by 230.05 points, ending at 81,381.36, and the Nifty 50 dropped by 34.20 points to settle at 24,964.25.

Technical Outlook for Nifty 50

On Friday, Nifty 50 formed a small negative candle on the chart, with slight movement up and down.

According to Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities, this pattern shows the market is in a narrow range, with the high and low points being only 108 points apart. On the weekly chart, Nifty also formed a small negative candle, signaling a potential recovery after last week’s weakness. This could give hope for a market bounce, especially since Nifty is close to crucial support at 24,500.

Nifty 50 Prediction for October 14

Nifty 50 has been moving within a narrow range and closed down by 34 points on October 11. Aditya Agarwal, Head of Derivatives & Technical Analysis at Sanctum Wealth, expects Nifty to stay between 24,800 and 25,320 in the coming sessions. He advises booking profits if the index reaches 25,200 or 25,320, and sees strong support around 24,900 and 24,840.

Dr. Praveen Dwarakanath from Hedged.in pointed out that Nifty showed signs of weakness after breaking its previous day’s low. The market may experience further declines, with call writing at 25,000 indicating a downside bias.

VLA Ambala, Co-Founder of Stock Market Today, also predicts a bearish market and suggests selling during brief pullbacks. Ambala sees support for Nifty at 24,820 and 24,675, with resistance at 25,120 and 25,245.

Bank Nifty Prediction

On Friday, Bank Nifty experienced profit booking and dropped by 358.60 points to end at 51,172.30.

Dr. Dwarakanath noted continued weakness in the Bank Nifty, which is showing signs of a potential fall due to overbought conditions on the daily chart. Immediate support for Bank Nifty is at 50,200, with options data indicating increased call writing above 51,000, suggesting a downside.

Aditya Agarwal believes that Bank Nifty could provide a buying opportunity if it dips to 51,000 or 50,800, but advises taking profits if it reaches 52,200. If Bank Nifty closes below 50,400, it may signal a further correction toward 50,000 or 49,600.