Indian benchmark indices, Sensex and Nifty 50, are poised for a positive start on Tuesday, buoyed by encouraging global trends. The Gift Nifty was trading at 25,083.50 early in the session, indicating a potential gap-up opening of around 107 points over Monday’s Nifty futures close.
Previous Session Recap
On Monday, both Sensex and Nifty 50 witnessed a modest decline, reflecting weak global sentiment. The Nifty 50 dipped by 0.3% to end at 24,945.45, while the Sensex slipped 0.33%, settling at 82,059.42. Intraday volatility saw the indices oscillate within a narrow band, swinging between gains of 0.2% and losses of 0.4%.
Sensex Outlook
According to Anshul Jain, Head of Research at Lakshmishree Investment and Securities, the Sensex ended near a crucial technical level at 82,317 — the weekly swing high. Jain notes that a decisive close above 82,400 could validate the current bullish trend and pave the way toward the all-time high of 85,978. However, failure to surpass this level may lead to a correction, with the next support lying around 81,000. Traders are advised to await a clear breakout before initiating fresh positions.
Nifty 50 Forecast
Technical analysis from Om Mehra, Research Analyst at SAMCO Securities, suggests a continuation of the short-term bullish trend as the index trades above both the 9-day EMA and 20-day SMA. The RSI remains above 60, signaling sustained strength. However, the subdued Average Directional Index (ADX) at 23 indicates the absence of a strong trend, pointing toward a likely range-bound movement unless new market catalysts emerge.
Mehra emphasizes that a close above 25,070 could reignite upward momentum, setting the stage for a rally toward the 25,180–25,280 zone. On the flip side, support levels are situated at 24,800 and 24,700, aligned with the 20-day SMA. He anticipates a consolidation phase with a bullish tilt in the near term.
Analysts at Bajaj Broking share a similar view, projecting a move towards 25,200–25,300, citing a breakout from the recent consolidation range between 23,800 and 24,500. While the overall market trend remains constructive, they caution that some consolidation around the upper levels may occur due to the recent sharp rally. Bajaj Broking also highlights the significance of 24,600–24,400 as a strong support zone, backed by recent swing lows.
Bank Nifty Technical View
The Bank Nifty index ended Monday at 55,420.70, posting a slight gain of 0.12%. According to Om Mehra, the index is testing the upper boundary of a falling channel it has been stuck in for several sessions. Although RSI readings above 60 reflect steady momentum, the MACD continues to linger in the negative territory, awaiting a bullish crossover for confirmation.
On the hourly chart, Bank Nifty is trading above its Supertrend support at 55,100. A close above 55,700 would indicate a breakout, potentially leading the index toward the 56,000–56,200 range. Immediate support remains at 55,000.
Bajaj Broking analysts foresee the index maintaining its upward bias and targeting the 56,400 level, which aligns with the 123.6% Fibonacci extension of the recent downtrend from 56,194 to 53,585. The analysts further note that the 54,400–54,100 zone, supported by the 20-day EMA and previous weekly lows, is expected to act as a firm base for any pullbacks.
With favorable global cues, strong technical support levels, and improving sentiment, Indian equity markets appear set for a positive open. While near-term volatility and consolidation may persist, the broader trend remains optimistic, especially if key resistance levels are breached. Market participants are advised to stay selective and focus on stock-specific action, especially as the Q4FY25 earnings season continues to unfold.
