By Soumya Ranjan Today’s Nifty 50 and Sensex: Following weak global market signals, the benchmark Indian stock market indices, the Sensex and Nifty 50, are probably going to open lower on Wednesday.
The Indian benchmark index is off to a slow start, according to Gift Nifty’s trends. The Gift Nifty was down almost 34.3 points from the previous close of the Nifty futures, trading at a level of 24,834.50.
Tuesday saw a lower close for the domestic equity market, with the benchmark Nifty 50 closing below the 24,900 mark.
The Nifty 50 closed 93.10 points, or 0.37%, lower at 24,853.40, while the Sensex fell 212.85 points, or 0.26%, to close at 81,583.30.
What to anticipate from the Nifty 50 and Bank Nifty today is as follows:
Forecast for the Nifty 50
On June 17, the Nifty 50 encountered resistance close to the 25,000–25,170 zone and formed a bearish candle.
The Nifty 50 is still above the 20-day SMA at 24,830, but it was unable to regain the 25,000 zone, which remains a formidable barrier. Following the recent recovery, the price action is mainly sideways within a narrow band, indicating indecision. Lacking momentum, the RSI dropped from higher zones to 53. With a negative histogram and ongoing divergence from the signal line, the MACD is still in bearish territory and shows muted strength. Technical Research Analyst Om Mehra of SAMCO Securities stated, “The Bollinger Bands are contracting and trading nearer the midline, suggesting a potential contraction prior to a clear move.
He claims that 24,700 is where the immediate support is seen, followed by 24,650. The 25,000–25,170 range is still a crucial resistance band on the upside; a close above this level could rekindle optimism.
Senior Derivative & Technical Research Analyst Nandish Shah of HDFC Securities observed that the Nifty 50 ended the session weakly after failing to break through the critical resistance level of 25,000.
The Nifty 50 is technically still in a consolidation phase from a positional standpoint, notwithstanding this intraday pressure. Since 24,700 is probably going to be a crucial support level on the downside, traders should pay special attention to it, Shah advised.
The Nifty 50 created a Dark Cloud Cover Candlestick pattern on the daily chart, indicating a possible halt or reversal in the recent upward trend, according to VLA Ambala, co-founder of Stock Market Today.
“In today’s market session, we can anticipate that the Nifty 50 will encounter resistance close to 25,080 to 25,150 and gain support between 24,730 and 24,650,” Ambala stated.
Bank Nifty Forecast
As the geopolitical tension in the Middle East intensifies, the Bank Nifty ended the day at 55,714.15, down 230.75 points, or 0.41%, forming a bear candle on the daily chart that indicates profit booking around 56,000 levels.
Only a consistent close above the 56,000 levels could open the door for additional gains towards the 56,600 and 57,000 levels going forward. If this barrier is not overcome, there may be more range-bound price action between 56,000 and 55,000, and attention will probably turn to stock-specific movements, according to Bajaj Broking Research.
The current consolidation structure would be rendered invalid on the downside by a clear decline below the 55,000 mark, which would allow for a retest of the crucial support zone in the 54,500–54,000 range in the upcoming sessions. The brokerage firms added that the key retracement area of the previous up move (53483-57049) and the confluence of the 50-day EMA are located around 54,500-54,000 levels, which are key supports.
According to Om Mehra, the Bank Nifty index is indicating a zone of congestion with the decline trendline by hovering close to both the midline of the Bollinger Band and its 20-day EMA.
After recent peaks, the daily RSI has slowed to 52, indicating a loss of momentum but not yet a reversal. The consolidation phase is reflected in the MACD’s continued use of the negative crossover mode. The index may move toward 55,000 if it breaks below the support level, which is located at 55,350. The upper Bollinger Band is located at 56,200, after the resistance is capped around 56,100, Mehra stated.
He added that unless Nifty Bank closes decisively above 56,100, it may stay range-bound with a slight bearish tilt until there is a clear breakout on either side.
Disclaimer: Times of Dalal Street does not endorse the opinions or suggestions expressed above; rather, they are the opinions of individual analysts or broking firms. Before making any investment decisions, we encourage investors to consult with qualified professionals.