2 weeks Ago
The Indian stock market benchmark indices, Sensex and Nifty 50, are likely to open on a cautious note Thursday tracking mixed global market cues. Nifty 50, Sensex today: The trends on Gift Nifty also indicate a weak start for the Indian benchmark index. The Gift Nifty was trading around 23,845 level, a discount of nearly 52 points from the Nifty futures’ previous close.
On Wednesday, the domestic equity market ended the first trading of 2025 higher, with the benchmark Nifty 50 closing above the 23,700 level. The Sensex rallied 368.40 points, or 0.
47%, to close at 78,507.41, while the Nifty 50 settled 98.10 points, or 0.
41%, higher at 23,742.90. Nifty 50 formed a bullish candlestick pattern on the daily timeframe chart.
“Nifty index continues to oscillate in a tight sideways-to-bullish range, characterized by narrow price movements and early signs of a potential reversal. The 23,500–24,000 range remains pivotal, marked by substantial open interest additions on both calls and puts, emphasizing the prevailing standoff between bulls and bears. Having reclaimed its 200-DEMA (Day Exponential Moving Average) and established a firm base near 23,500 – 23,550, the index encounters stiff resistance at the 23,900 – 24,000 zone due to significant call writing,” said Dhupesh Dhameja, Derivatives Analyst, SAMCO Securities.
Conversely, the 23,500 – 23,550 zone, bolstered by heavy put writing and aligned with a key swing low, serves as a reliable support area. A breakout above 24,000 could ignite short-covering, propelling the Nifty 50 index toward 24,500, he added. According to Dhameja, on the flip side, a decisive break below 23,500 could accelerate bearish momentum, potentially dragging the index to the 23,150 – 23,000 region, where additional support from strong put writing is expected.
Until the index breaks out of this range, a cautious ‘range trading’ strategy remains the most prudent approach. Here’s what to expect from Nifty 50 and Bank Nifty today: Nifty OI Data In the derivatives space, the market reflected indecision, with a balanced tussle between call and put writers. “The 24,000-strike call witnessed significant open interest accumulation of 90.
67 lakh contracts, reinforcing it as a formidable resistance level. Meanwhile, the 23,500-strike put gathered 78.32 lakh contracts, confirming it as a strong support level.
Active trading in the 23,800–24,000 call range and the 23,700–23,500 put band underscored immediate resistance at 24,000 and solid support at 23,500. Nearly equal additions in both call and put options established a constrained range of 23,500–24,000, reflecting a persistent deadlock between market participants,” Dhameja said. The Put-Call Ratio (PCR) ticked up to 1.
03 from 0.93, indicating a marginal shift toward bullish sentiment. Despite this, the ‘max pain’ level at 23,800 suggests limited downside in the near term, he added.
Nifty 50 Prediction Nifty 50 commenced 2025 on a positive note, closing with a gain of 0.41% at 23,742.90, on January 1.
“Nifty 50 index remained volatile but maintained a positive bias throughout the day. Short-term sentiment appears strong, with the index rising for the second consecutive session. However, the key hurdle remains the index’s position below the 200-day moving average (200DMA).
The ongoing rally may face resistance around 23,900–24,000. A decisive move above 24,000 could trigger an extension towards 24,500. On the downside, support is seen at 23,550,” said Rupak De, Senior Technical Analyst at LKP Securities.
VLA Ambala, Co-Founder of Stock Market Today, highlighted that the Nifty 50 traded at the 200-day and 50-day EMAs, indicating short-term buying opportunities for those following the index or investing. “The RSI stands at 44 on the weekly timeframe, suggesting a moderate buying sentiment. On the other hand, the market looks fragile; therefore, it is the right time to choose value stocks with strong order books for the next 2-3 quarters.
Amidst these developments, the Nifty index could expect support levels near 23,700 and 23,640 and notice resistance around 23,950 and 24,070,” Ambala said. Bank Nifty Prediction Bank Nifty kicked off 2025 on a positive trajectory, concluding the first trading session on Wednesday 200.40 points, or 0.
39%, higher at 51,060.60. “ Bank Nifty index displayed a hammer candle emerging near the support zone, signalling a potential reversal from the recent downward trend.
In a broader context, Bank Nifty appears to be consolidating within a wide range, forming a rectangular box. However, the index remains below its short-term moving averages, underscoring the absence of sustained bullish momentum. The hourly chart, however, shows some signs of recovery,” said Om Mehra, Technical Analyst, SAMCO Securities.
On the upside, a close above 51,430 is crucial to regain positive momentum. Meanwhile, support is firmly placed at 50,480 for Bank Nifty, Mehra added. Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint.
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