As we approach Thursday's trading session, the Indian share market seems set for a flat-to-positive opening, an outcome of conflicting messages from global markets and derivatives data. Gift Nifty, which serves as an early barometer for Nifty 50, was spotted trading in the range of 25,275—just shy of 30 points above Wednesday's Nifty futures close. This points to a marginally optimistic sentiment on Dalal Street but tempered with caution.
How the Market Fared on Wednesday
The wider market was comparatively range-bound midweek, closing with a moderate positive bias.
The Sensex rose by 63.57 points (0.08%) to close at 82,634.48
The Nifty 50 gained 16.25 points (0.06%) to close at 25,212.05
This small gain found expression on technical charts in the form of indecision—neither bulls nor bears were in full control.
Sensex Today: Key Levels and Expectations
As per Kotak Securities' Shrikant Chouhan, the Sensex has developed a narrow-range candle, reflecting market indecision. So long as the index remains above 82,300, the optimistic bias will continue.
- Support Zone: 82,300 (important support); below which way down may open towards 82,000–81,800
- Resistance Levels: Possible rebound towards 83,000, and if the momentum sustains, it may extend to 83,60
But any fall below the support level could change the sentiment to bearish in the short run.
Nifty 50 Outlook: Flat Opening but Underlying Strength
Technical analysts noticed a Doji pattern on Nifty's daily chart, which indicates indecision and volatility. But despite that, the underlying short-term trend is constructive.
- Immediate Support: Around 25,000
- Key Resistance: First barrier at 25,250, then 25,550 if momentum is sustained
As per Nagaraj Shetti of HDFC Securities, a firm breakout above 25,250 may trigger further buying interest and set the trend towards the 25,550 level.
Dr. Praveen Dwarakanath of Hedged.in adds that 25,200 continues to be a key pivot level, with option data showing both put as well as call writers hedging aggressively at this strike—implying that there could be a consolidation phase ahead. The ADX indicators also concur with this range-bound view.
VLA Ambala, Co-Founder at Stock Market Today, feels that Nifty can find some support between 25,150 to 25,040, as it will resist around 25,400 and 25,320 in today's session.
Derivatives Insight: Option Chain Trends
Open Interest (OI) data helps reinforce the case of guarded optimism:
- Call Writers are creating positions around 25,300 and 25,400
- Put Writers have developed a robust base at 25,200
As per Hardik Matalia of Choice Broking, this implies a strong resistance around the 25,500 mark. Yet, a clear breakout over that mark might consolidate bullish energy for the short term.
Bank Nifty: Stealing the Show with Robustness
The Bank Nifty leads its counterpart with yet another day in the green, ending at 57,168.95 on Wednesday—an increase of 162.30 points (0.28%). A doji candle with wicks in both directions suggests consolidation amidst stock-specific churning.
- Immediate Resistance: 57,400–57,500
- Breakout Target: In case the index crosses 57,500, a rally to 58,100 is expected, extending to 58,600
- Support Range: 56,900–56,800
Sudeep Shah of SBI Securities points out that the index is firmly placed above its short- and long-term moving averages. The RSI closing near 60 further increases bullish confidence for momentum players.
Hrishikesh Yedve of Asit C. Mehta further adds that there has been a bullish engulfing pattern, which is a sign of strength. He suggests that traders wait for a breakout above 57,370 before entering fresh long positions.
Bottom Line: What Should Traders Expect Today?
Nifty 50 and Sensex will be starting on a mildly upbeat note, supported by global stability and derivatives data.
The market seems to be in wait-and-watch mode and has solid supports and resistance levels well marked.
Although short-term volatility is possible, Bank Nifty's relative strength presents interesting possibilities for traders.
A conclusive breakdown or breakout from current levels will dictate the direction of the next move.
Disclaimer: The above analysis includes insights from multiple market experts and is intended for educational purposes. Please consult your financial advisor before making any investment decisions.
