Indian stock market benchmarks, Sensex and Nifty 50, are expected to open higher on Wednesday, buoyed by positive global market cues. Gift Nifty was trading around 24,619, indicating a premium of nearly 64 points over the previous Nifty futures close, pointing to a strong start.
On Tuesday, markets slipped, with the Sensex falling 368.49 points (0.46%) to 80,235.59, and Nifty 50 dropping 97.65 points (0.40%) to 24,487.40.
Sensex Outlook:
Shrikant Chouhan from Kotak Securities noted the market remains non-directional, advising level-based trading. Resistance lies at 80,500; breaching it could push Sensex to 81,000–81,200. On the downside, a fall below 80,000 could see it test 79,800–79,500.
Nifty View:
Nifty formed an inverted hammer on the chart, reflecting resistance at higher levels. Analysts believe support lies at 24,300–24,400, and a move above 24,500 may lead to a retest of 24,700. Nifty is expected to remain range-bound between 24,330 and 24,700.
Bank Nifty Outlook:
Bank Nifty fell 467.05 points to 55,043.70, forming an Inside Bar pattern. Weakness persists below key moving averages, with support at 54,700–54,450. Resistance is expected near 55,650–56,050, unless a breakout occurs.
