The Indian stock markets are expected to open slightly on the higher side today amid mixed cues around global markets and optimism around US-Iran peace talks. GIFT Nifty also indicates a positive open, trading at 24,412 with a premium of 70.2 points from its previous Nifty futures close.
On Monday, the benchmark indices remained largely flat. The Sensex settled at 78,520.30, up 26.76 points or 0.03%. The Nifty closed at 24,364.85, up 11.30 points or 0.05%.
Brent futures fell 1% to $94.53 on Tuesday. WTI for May dropped 1.72% to $88.07.
India VIX is near 18.7. Option premiums remain elevated."
The Sensex formed a red doji candle with equal shadows on both sides on the daily chart.
Immediate support is at 77,800-78,000. A break below signals further downside.
Resistance sits at 79,000-79,200. A close above that could push the index toward 80,000. The current structure suggests a range-bound setup.
Nifty 50 formed a small bearish candle with a higher high and a higher low on the daily chart. This indicates consolidation near the 50-day EMA.
Ponmudi R, CEO of Enrich Money, said the index holds above key support levels but upside is capped at 24,450-24,500.
“From a technical perspective, a sustained breakout above 24,500 will be crucial to extend the upmove towards the 24,800-25,000 levels. On the downside, 24,300-24,250 (previous swing lows) serve as immediate support, followed by the 24,100-24,000 zone, which remains a key psychological and demand area,” Ponmudi said.
Call writing is heavy at 24,500 and 24,600. Put writing at 24,300 and 24,200 points to strong support.
Also Read: US Stock Market Today: Wall Street Slips From Record Highs as Renewed US-Iran Tensions Weigh
Bank Nifty gained 16.65 points on Monday to close at 56,582.35. The daily chart shows a bearish candle with a long upper shadow.
The index consolidates near the 56,500-56,700 zone after its recent recovery.
Resistance is at 56,800-57,000. A break above targets 57,500-58,000.
Support is at 56,000-55,800 with a stronger base near 55,500. A breakout above 57,000 is needed to regain momentum.
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