Stock Market Update: Nifty 50, Sensex Likely to Open Positively as Oil Price Declines

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."

Sensex Outlook

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 Outlook 

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 Outlook

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.