The Indian stock market is expected to open lower on Friday, with Sensex and Nifty 50 likely to follow mixed signals from global markets and continued foreign investor outflows. Gift Nifty is pointing towards a gap-down start, trading around 24,750, nearly 90 points below Nifty futures’ previous close.
On Thursday, the Nifty 50 closed below the 24,800 mark, and Sensex dropped by 494.75 points (0.61%) to 81,006.61. Nifty 50 fell by 221.45 points (0.89%) to close at 24,749.85. The Nifty 50 formed a bearish candle on the chart, signaling a potential sharp breakout to the downside after recent range-bound movement.
Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities, stated that Nifty’s short-term trend is weak. If Nifty drops below 24,700, it could slide further to levels around 24,500 or 24,400 by next week.
Key Levels for Nifty 50 and Bank Nifty
Nifty 50 Outlook:
- Call options show strong resistance at 24,900 and 25,000.
- Put options indicate support at 24,700 and 24,500.
- A close below 24,700 may lead to a further fall toward 24,440 and 24,180 levels.
Aditya Agarwal from Sanctum Wealth advises traders to use a “sell on rallies” strategy. Resistance is expected around 24,950–25,050, and if Nifty closes below 24,700, it could trigger more selling.
Bank Nifty Outlook:
- Bank Nifty closed at 51,288.80, down 512.25 points (0.99%).
- Support is seen at 51,000 and 50,800, while resistance lies around 52,000.
- Further declines could take Bank Nifty to 50,200 and 49,700 levels.
Dr. Praveen Dwarakanath warns that technical indicators show continued downward momentum for both Nifty 50 and Bank Nifty. However, some experts believe that a 6% correction in Nifty 50 offers opportunities for dip-buying in outperforming stocks, but traders should remain cautious in the short term.
Conclusion: Both Nifty 50 and Bank Nifty are expected to face further downside pressure, with key support and resistance levels guiding the market’s direction today.
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