Market Outlook for Nifty 50 and Bank Nifty: Key Levels to Watch Today

The Indian stock market is expected to open higher today, supported by strong global cues. Gift Nifty signals a positive start, trading around 23,440, about 90 points higher than Nifty futures’ previous close.

On Thursday, both Sensex and Nifty 50 ended in the red:

• Sensex: Fell by 422.59 points (0.54%) to close at 77,155.79.
• Nifty 50: Dropped 168.60 points (0.72%) to settle at 23,349.90.

Nifty 50 formed a bearish candlestick pattern, indicating a continuation of the downtrend.

Expert Analysis and Predictions

Nifty 50 Outlook

• Key Support Levels: 23,200 – 23,100
• Key Resistance Levels: 23,550 – 23,440

1. Technical Indicators:
   • Nifty 50 remains below the crucial 200-day moving average (23,500), signaling weak sentiment.
   • The RSI indicator shows a bearish trend.
2. Market Projections:
   • A breach below 23,200 could push the index lower to 23,100 or beyond.
   • However, if the index breaks above 23,550, a recovery rally is possible.
3. Analysts’ Views:
   • Nagaraj Shetti (HDFC Securities): Short-term weakness persists; the next 1–2 sessions will be crucial for a potential rebound.
   • Rupak De (LKP Securities): A sell-on-rise strategy is recommended unless the market shows clear strength.
   • VLA Ambala (Stock Market Today): Nifty has dropped 12% over two months and could fall another 4–5%.

Bank Nifty Outlook

• Key Support Levels: 50,000 – 49,800
• Key Resistance Levels: 50,900 – 51,000

1. Thursday Recap:
   • Bank Nifty slipped 253.60 points (0.5%) to close at 50,372.90.
   • It formed a bearish candlestick pattern but showed resilience by bouncing back above 50,000 during intraday trading.
2. Market Projections:
   • A drop below 49,800 could lead to further declines toward 48,000.
   • Options data indicates range-bound trading between 50,500 and 49,500 for now.
3. Analysts’ Views:
   • Dr. Praveen Dwarakanath (Hedged.in): Weak momentum persists, but strong support at 49,800 may hold.
   • Jatin Gedia (Sharekhan by BNP Paribas): Watch for resistance at 50,900–51,000 for any upside movement.

Investor Takeaway

Traders should remain cautious amid ongoing market volatility. For Nifty 50, keep a close eye on the 23,200 support zone. For Bank Nifty, watch for potential buying around 49,800. A stock-specific approach and sell-on-rise strategy are advisable until clear market trends emerge.