The Indian stock market is likely to open in positive territory on Monday, tracking mixed global trends. This comes amid geopolitical tensions between US-Iran continue. GIFT Nifty also indicates a gap-up start, trading at 24,465.5 with a 45.5 point premium from its previous Nifty futures close.

On Friday, the benchmark indices saw a sharp rally. The Sensex rose 504.86 points or 0.65% to 78,493.54, while the Nifty 50 advanced 156.80 points or 0.65% to 24,353.55.

Broader indices also ended the session in green. The Nifty Midcap index added 1.2%, and the Smallcap index rose 1.5%.

Also, Brent crude oil prices rose over 6% to $95.89 per barrel, while the US West Texas Intermediate (WTI) crude futures surged 7.49% to $90.13 a barrel as the Strait of Hormuz remains closed.

Sensex Outlook 

Technically, the Sensex formed a bullish candle with a lower shadow on the daily chart. It formed a higher bottom formation.

The support zone for the index can be seen at 77,500-77,000 range, a break below this zone will weaken the sentiment and drag the index toward 76,000-75,800.

On the upside, resistance is placed at 79,500-79,800, a break above these levels can take the index further toward 80,500.

Nifty 50 Outlook

The Nifty 50 for the third consecutive week formed a bullish candle on the weekly chart, which suggests a continued positive bias.

Ponmudi R, CEO of Enrich Money, said, "Nifty 50 is currently in a recovery phase, consolidating within the 24,100-24,400 range, reflecting improving sentiment along with a gradual pickup in momentum. Immediate resistance is placed near the 24,400 zone, and a sustained breakout above this level could extend the rally towards the 24,800-25,000 range”. 

He added, “On the downside, immediate support is seen near the 24,000 level, followed by a stronger base around 23,800, which continues to act as a key demand zone. Momentum indicators are improving, with RSI trending higher near the 57 mark; however, confirmation of a sustained uptrend will require a decisive breakout above resistance levels."

Derivatives data show PCR stands around 1.02; this suggests a slightly positive bias, with put writing at 24,200-24,000, which provides support.

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Bank Nifty Outlook

On Friday, Bank Nifty rose 479.30 points or 0.85% to 56,565.70 and formed a bullish candle on the weekly chart for the second straight week.

For the coming week, as long as the index holds above the 54900 and 55500 support levels, the "Buy on Dips" strategy remains approachable. On the upside, the 57100-57300 zone (aligning with the 100-day EMA) stands as the immediate overhead hurdle; a decisive breakout above this may trigger a fresh surge toward 58000," said Ravi Singh, Chief Research Officer at Master Capital Services Limited.