Indian stock market benchmarks Sensex and Nifty 50 are expected to open slightly higher on Thursday, taking cues from positive global trends. Gift Nifty was trading near 25,735, indicating a modest 27-point premium over the Nifty futures’ previous close. Domestic markets remained shut on Wednesday, November 5, for the Guru Nanak Jayanti holiday.
On Tuesday, both indices ended lower, with the Sensex falling 519.34 points, or 0.62%, to 83,459.15, and the Nifty 50 slipping 165.70 points, or 0.64%, to 25,597.65. Analysts note that Sensex has formed a bearish candle, suggesting weakness could persist unless it crosses 83,750. Below this level, it may fall to 83,300 or even 83,000–82,800. A move above 83,750 could trigger a rebound toward 84,100–84,400.
Nifty OI data indicates strong resistance at 25,700 and support near 25,600. Nifty 50’s long bearish candle reflects profit booking, though the medium-term uptrend remains intact. Experts expect the index to test 25,500–25,400 before rebounding, with resistance at 25,800.
Meanwhile, Bank Nifty closed 274 points lower at 57,827, signaling consolidation. Support lies at 57,600–57,500, while resistance stands near 58,150–58,300. Holding above 57,400 could keep the broader trend positive despite short-term volatility.
