Stock Market Update: Nifty 50, Sensex Likely to Open Flat, Key Levels to Watch

The Indian stock market is set for a flat open on Friday, with GIFT Nifty trading at 24,174 — up 3 points from its previous close — as mixed global cues offset US-Iran peace talk optimism.

On Thursday, indices opened higher but gave up gains through the session on profit booking. The Sensex fell 122.56 points or 0.16% to close at 77,988.68, while the Nifty 50 settled at 24,196.75, down 34.55 points or 0.14%.

Oil prices also slipped in early trade, with Brent crude down 1.35% to $98.05 per barrel and WTI falling 1.74% to $93.40.

FIIs remained net buyers for a second straight session on Thursday, picking up equities worth Rs. 382 crore.

Sensex Outlook 

The Sensex formed a long-bodied bearish candle with a lower shadow on the daily chart.  

Shrikant Chouhan, Head Equity Research at Kotak Securities, said, "We are of the view that the 78,500-78,700 zone would act as an immediate resistance for the bulls. As long as the market is trading below this, the correction formation is likely to continue. On the downside, the market could retest levels of 77,300-77,000."

Nifty 50 Outlook

The Nifty 50 also formed a bearish candle on the daily after the index could not decisively break above the 24,300 level.

Rajesh Bhosale, Technical Analyst at Angle One, said the session can be seen as a mild pause for the bulls after a sharp rally of over 2000 points in the last few weeks. 

This was largely expected as prices moved closer to the key supply zone of 24,400-24,600, a resistance marked by key moving averages (50-89 EMA) and the 61.8% Fibonacci retracement. 

He said, "While there are no immediate signs of weakness, a fresh leg of momentum would require a decisive breakout above this resistance zone, which could pave the way for the next phase of the rally. Until then, prices are likely to consolidate within a range, which would be considered healthy after the recent sharp upmove. On the downside, the bullish gap in the 24,000-23,900 zone continues to act as immediate support.”

Also Read: US Stock Market Today: Wall Street Holds Near Record Highs as Oil Rises, Earnings Weigh

Bank Nifty Outlook

Bank Nifty dropped 215.55 points or 0.38% on Thursday to settle at 56,086.50, with the daily chart showing a bearish candle with small shadows on both sides.

Immediate resistance can be seen at 57,000; a sustained close above this level is likely to trigger further momentum, potentially leading the index towards the 58,000-59,200 zone. 

On the downside, 55,600-55,500 will act as a key support zone. A break below could drag the index further toward 55,000.