The Indian stock market benchmark indices, Sensex and Nifty 50, are likely to open higher on Monday, tracking upbeat global market cues.
The trends on Gift Nifty also indicate a gap-up start for the Indian benchmark index. The Gift Nifty was trading around 24,515 level, a premium of nearly 115 points from the Nifty futures’ previous close.
On Friday, the domestic equity market indices ended with marginal gains, with the Nifty 50 holding above 24,300 level.
The Sensex gained 259.75 points, or 0.32%, to close at 80,501.99, while the Nifty 50 settled 12.50 points, or 0.05%, higher at 24,346.70.
Here’s what to expect from Nifty 50 and Bank Nifty today:
Nifty OI Data
Nifty options data suggests a neutral-to-cautious tone. While call writers have increased their hold at higher strikes, the absence of strong bullish footprints hints at limited confidence.
“The 24,500 call strike holds a hefty open interest of 79.09 lakh contracts, making it a formidable short-term ceiling. On the contrary, the 24,000 put strike has attracted significant writing with 69.44 lakh contracts, solidifying it as a critical near-term support level. Rising open interest in the 24,400–24,500 band reinforces the presence of stiff resistance. The co-existence of strong positioning from both bulls and bears further confirms a classic range-bound market,” said Dhupesh Dhameja, Derivatives Research Analyst, SAMCO Securities.
The Put-Call Ratio (PCR) slid from 0.71 to 0.68, highlighting a tilt toward defensive strategies as selling pressure builds. Max Pain remains steady at 24,350, reflecting an ongoing balance without a decisive breakout, he added.
Nifty 50 Prediction
Nifty 50 witnessed an attempt of an upside breakout of broader range movement on May 2 and closed the day slightly higher after erasing most of the intraday gains.
“A small bullish candle was formed on the daily chart with a long upper shadow. Technically, this market action could be an indication of an upside breakout attempt at the hurdle of 24,500 – 24,600 levels. The presence of resistance at the highs could be indicating high volatility with weak bias for the market,” said Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities.
According to him, a decisive move above 24,500 – 24,600 levels could open more upside towards 24,800 – 25,000 levels and any weakness from here could find support around 24,000 – 23,800 levels for the near term.
Puneet Singhania, Director at Master Trust Group noted that the Nifty 50 index is continuously trading above the key psychological level of 24,000, a significant technical barrier.
“Also, Nifty 50 trades above the 21-day, 55-day, and 200-day exponential moving averages (EMA), suggesting sustained bullish momentum. Gains were primarily fueled by strong performance in banking stocks. The RSI remaining above the 14-day SMA indicates ongoing strength. Immediate support levels are placed at 24,000 and 23,700 which also align with the 22DEMA,” Singhania said.
On the upside, he believes, resistance for Nifty 50 is seen at 24,600, and a move above this may open the path toward 25,000.
A buy-on-dips approach is considered favorable though caution is advised with potential market volatility, he added.
Hrishikesh Yedve, AVP Technical and Derivatives Research at Asit C. Mehta Investment Interrmediates Ltd. said that the Nifty 50 formed a spinning top candle on the daily chart, suggesting indecision at higher levels, while the weekly chart formed a strong green candle, indicating underlying strength.
“Immediate resistance is placed at 24,590, and support remains near the 200-DSMA around 24,050. A sustained move above 24,590 could push the index towards 24,800 – 24,850 levels,” Yedve said.
VLA Ambala, Co-Founder of Stock Market Today advises traders and investors to maintain a weekly closing approach.
“We could see Nifty 50 find support between 24,100 and 23,950 and experience resistance near 24,650 and 24,810 in today’s intraday session,” Ambala said.
Bank Nifty Prediction
Bank Nifty index ended 28.20 points, or 0.05%, higher at 55,115.35 on Friday, forming a doji candle on the daily chart.
“Bank Nifty index formed a small bear candle, signaling continuation of the consolidation. We expect the Bank Nifty index to extend the consolidation in the range of 54,000 – 56,000, thus working off the overbought conditions created by the recent sharp rally. Only a sustained move above the recent high of 56,098 could trigger further upside toward the 56,800 levels in the coming weeks,” said Bajaj Broking Research.
According to the brokerage house, key support for Bank Nifty on the downside is seen between 54,000 – 53,500, which corresponds to the gap-up region and the previous significant breakout zone.
Hrishikesh Yedve highlighted that on the daily chart, a doji candle has formed, while a shooting star pattern appears on the weekly chart — both indicating uncertainty on higher levels.
“Resistance for Bank Nifty is seen at 56,000, and key support lies at 54,450. A decisive break below 54,450 could lead to fresh selling pressure; otherwise, range-bound consolidation between 54,450 and 56,000 might persist,” said Yedve.
According to Puneet Singhania, a breakout above the long-term trendline confirms bullish strength, supported by the Bank Nifty index holding firmly above its 21-DEMA and 55-DEMA.
“A move above last week’s high which is near the 56,100 mark could open the door to new all time highs. Heavyweights like HDFC Bank and ICICI Bank continue to lead the rally. On the downside, 54,100 is immediate support; a breach may trigger a slide to 53,400. Overall, the setup remains bullish, favoring a ‘buy on dips’ strategy amid strong momentum,” Singhania said.
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.
