Stock Market Today: Nifty 50, Sensex Set for Positive Start as Strong Q2 GDP Lifts Sentiment

The Indian equity market is expected to begin the week on a positive note, backed by strong Q2 GDP numbers and firm cues from GIFT Nifty. The GIFT Nifty futures were trading near 26,530, up 140 points against Friday’s Nifty futures close. 

On Friday, the Nifty 50 managed to stay above 26,200, while the Sensex slipped marginally by 13.71 points to close at 85,706. Investors largely adopted a wait-and-watch approach ahead of key macroeconomic triggers.

Sensex Outlook

The Sensex formed a higher bottom on the daily chart, a positive sign for momentum traders. Analysts believe the short-term trend remains upward.

The 85,300-85,000 will act as critical support levels. On the upside, a move toward 86,100 appears likely, with further expansion potentially pushing the index into the 86,500-86,800 zone. 

However, a dip below 85,000 may raise the risk of a deeper pullback toward the 84,500-84,300 zone.

Nifty 50 Outlook

The Nifty 50 has entered a phase of narrow-range consolidation following last week’s sharp rally.

The next significant upward target for the index is 25,900, while immediate support remains at 26,050, which corresponds with the 20-day moving average near 25,900. Sustaining above this level keeps the broader uptrend intact.

The resistance between 26,250-26,300 has transitioned into a support area, and moving past this range will open the target towards 26,500.

High put open interest in the 26000-26100 range indicates significant downside protection, while call writing in the 26300-26500 range shows that there is supply pressure in the near term.

Bank Nifty Outlook

Bank Nifty ended Friday at 59,752.70, up 15.40 points, forming a doji candle, indicating temporary indecision but retaining strong momentum on higher timeframes. 

Support is seen between 58,800-58,700, while upside targets stretch toward 60,300, and potentially 61,000. 

Analysts recommend taking a "buy on dips" strategy and adding long positions around 59400-59300.

The Relative Strength Index (RSI) remains bullish, and the weekly close above the upper band of the Bollinger Bands shows continued strength in buying activity.

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Sector Moves & Market Sentiment

Auto and metal stocks continue to provide resilience for the market due to positive retail trends and improved global cues. Within the BFSI sector, India is experiencing structural expansion throughout its financial services market ecosystem, undergoing structural expansion beyond traditional banking.

The upcoming RBI policy meeting is expected to keep the upward bias due to continued positive domestic macroeconomic data and the expectation of lower interest rates in the future.