The Indian stock market, represented by the Sensex and Nifty 50, is expected to start lower on Friday, following weak global market trends. Gift Nifty hints at a negative opening, with its value around 25,180—about 55 points lower than the Nifty futures’ last close.
On Thursday, both indices fell, with the Sensex dropping 151.48 points to close at 82,201.16, and the Nifty 50 losing 53.60 points to settle at 25,145.10. The Nifty 50 chart showed a small negative pattern, indicating resistance around the 25,250-25,300 levels, according to HDFC Securities analyst Nagaraj Shetti. He suggests the market may consolidate further before an upward move, with key support at 25,000 – 24,900.
Nifty 50 Outlook:
Nifty OI Data: Maximum Open Interest (OI) is seen at 25,200 and 25,300 on the call side, and 25,000 on the put side, showing a possible trading range.
Predictions: The market remains uncertain, hovering between 25,100 and 25,200. A strong move above 25,200 could push the index to 25,350-25,500, while support lies at 25,080 and 24,950. A fall below 25,050 could lead to further correction towards 24,900-24,820.
Bank Nifty Outlook:
Bank Nifty Performance: On Thursday, Bank Nifty outperformed the Nifty 50, gaining 72.80 points to close at 51,473.05. Analysts predict a positive short-term trend for Bank Nifty, with possible movement towards 51,750-52,200.
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