The Indian stock market is expected to open lower on Friday, November 7, as weak global cues and rising caution among investors weigh on sentiment. The Gift Nifty was trading around 25,507, nearly 120 points lower than Nifty futures’ previous close.

On Thursday, Sensex fell 148.14 points or 0.18% to close at 83,311.01, while Nifty 50 declined 87.95 points or 0.34% to settle at 25,509.70. Broader markets mirrored the weakness, with the Midcap index dropping 0.95% and the Small-cap index slipping 1.39%, signaling sustained profit booking.

Sensex Prediction

Sensex has formed a bearish candle on the daily chart along with a lower-top pattern on intraday charts, suggesting that near-term momentum remains volatile.

The market structure continues to indicate weakness. A fresh wave of selling may emerge if Sensex falls below 83,100. 

In that case, downside targets could extend toward 82,700-82,500. On the upside, strength above 83,700 could lift the index to 84,000-84,300 levels.

Nifty 50 Outlook

According to Nifty Open Interest (OI) data, Call writing was highest at 25,700, and Put OI was maximum at 25,500, indicating a range-bound movement.

The market continues to be in consolidation with a slight negative bias. A breakout above 25,700 is vital to revive buying interest, while a sustained breakout below 25,500 could create further weakness.

Nifty 50 has also formed a bearish candle with a long upper shadow, a pattern that often indicates selling on rallies.

Nagaraj Shetti, Senior Technical Analyst at HDFC Securities, noted that “the trend remains weak, and the index is now approaching crucial support near 25,400. Resistance is seen at 25,700.”

Bank Nifty Outlook

Bank Nifty dropped 272.80 points or 0.47% on Thursday to close at 57,554.25, forming a red candle that indicates persistent selling pressure.

A breakdown below 57,480 may lead to further decline toward 57,000, while resistance remains around 58,580.

The 57,300-57,400 level is the immediate support area. If it breaks, it could pull the index toward 56,800, while resistance sits between 57,900-58,000.

Also Read: US Stock Market Today: S&P 500 Falls 0.9% & NASDAQ Dips 1.6%, as Tech Weakness and Labor Market Slowdown Boost Fed Cut Bets

Market Outlook

Analysts predict Indian equities to be range-bound and cautious as investors evaluate global events and await important US economic data, such as the ISM Manufacturing and Services PMI readings.

Despite the IT and auto sectors providing selective support, market experts expect volatility and profit booking to persist in the short term.

Overall, traders are advised to stay selective, maintain strict stop losses, and watch for a breakout above crucial levels.