The Indian stock market is expected to begin Wednesday’s trade on a muted note, even as global cues remain positive. Trends on the Gift Nifty signalled a flat opening, with the derivative index hovering around the 26,206 mark, which is about 7 points below the previous close of Nifty futures.
On Tuesday, benchmark indices extended losses for a third consecutive session. The Sensex slipped 503.63 points, or 0.59%, to end at 85,138.27, while the Nifty 50 fell 143.55 points, or 0.55%, to close at 26,032.20.
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Sensex and Nifty 50 Outlook
Shrikant Chouhan, Head of Equity Research at Kotak Securities, told Mint, “Intraday, the market texture is weak. A fresh sell-off may occur only if Sensex falls below 85,000. If it trades above this level, it could bounce back to 85,500–85,800. Below 85,000, selling pressure may intensify.”
For Nifty 50, technical analysts highlight a near-term resistance at 26,325 points. Hrishikesh Yedve, AVP Technical & Derivative Research at Asit C. Mehta Investment Intermediates Ltd., told Mint, “Any bounce should be used for profit booking. Support is placed at 25,840, acting as the short-term swing low.”
The report further stated that Nifty derivatives data show aggressive call writing at the 26,100 strike and strong put buildup at 26,000, suggesting a narrow, range-bound movement. A sustained close above 26,300 would be required to revive bullish momentum, according to Amruta Shinde, Technical & Derivative Analyst at Choice Equity Broking.
Bank Nifty technical Outlook
Bank Nifty declined 407.55 points, or 0.68%, to 59,273.80 on Tuesday. Analysts expect consolidation between 58,500 and 60,100 ahead of the RBI monetary policy outcome. Bajaj Broking Research told Mint that a breakout above 60,114 could push the index toward 61,000. Key support lies in the 58,300–58,600 zone, providing a short-term cushion.
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Sudeep Shah, Head of Technical & Derivatives Research at SBI Securities, told Mint, “The 20-day EMA zone of 58,950–58,850 will act as crucial support. On the upside, the 59,600–59,700 level is a key hurdle. A sustained move above 59,700 could trigger a sharp rally toward 60,200.”
{News Ei Samay does not provide investment advice. Trading in stocks involves risk, and proper study and professional guidance are recommended. This news is intended for awareness and educational purposes only.}
