The Indian stock market is expected to have a weak start on Friday, October 4, as global market cues remain mixed. On Thursday, both the Sensex and Nifty 50 saw significant drops, each falling over 2%. Based on trends from Gift Nifty, the Nifty 50 is expected to open around the 25,425 mark, which is about 50 points lower than its previous close.
On Thursday, the Indian market took a hit due to concerns over the escalating Iran-Israel conflict. The Sensex dropped by 1,769 points (2.1%) to close at 82,497, while the Nifty 50 fell 546.8 points (2.12%) to end at 25,250.
Market Insights
A bearish pattern formed on the Nifty 50 chart, indicating that selling pressure may continue. According to Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities, the market may continue to weaken. The Nifty 50 could slide to the 25,100 to 25,050 range, where key technical support levels exist.
Chandan Taparia, from MOFSL, noted that the options data shows increased selling activity. The Nifty is likely to trade in a broader range between 24,800 and 25,800, with immediate support between 25,000 and 25,500 levels.
Nifty 50 Prediction
Analysts expect further downside for Nifty 50 if it continues trading below 25,300. Dr. Praveen Dwarakanath mentioned that the Nifty 50 may see a temporary bounce, but the trend remains weak. If the index closes below 25,500, it could fall further to 24,800.
Aditya Agarwal, from Sanctum Wealth, predicts that Nifty 50 could face more selling pressure and expects it to move towards 24,800.
Bank Nifty Prediction
The Bank Nifty dropped 1,077 points (2.04%) on Thursday to close at 51,845, forming a bearish pattern. Dr. Praveen Dwarakanath expects the Bank Nifty to find support at 51,300 and sees the trend remaining weak. Aditya Agarwal also foresees the Bank Nifty testing lower levels around 51,200, with any pullbacks being an opportunity to trim positions.
Final Thoughts
The overall market outlook is bearish for Friday, and experts advise caution. Investors should hedge their portfolios, while traders might benefit from a “sell on high” strategy. Both Nifty 50 and Bank Nifty are expected to face continued pressure, with possible support levels in sight for any short-term bounces.
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