Yesterday, Nifty 50 closed at 24,364, gaining 11.30 points, which is an increase of 0.05%. This indicates that the market remained largely sideways during the session.Similarly, BSE Sensex closed at 78,520, rising by 26 points, or 0.03%, reflecting a flat to sideways market trend.
Rising geopolitical tensions in the Middle East, combined with the weekly expiry of the Nifty 50, may lead to increased market volatility. Despite these factors, Nifty 50 ended the previous session at 24,364, while BSE Sensex closed at 78,520, reflecting a cautious range-bound market environment.
Gift Nifty is trading near 24,395, up 54 points (+0.22%), indicating a positive start for the market. This suggests that the market may witness strong momentum today. However, as it is the weekly expiry of Nifty 50, traders should expect heightened volatility and sharp price action throughout the session.
Nifty 50 Today Analysis
Nifty 50 ended the previous session at 24,364, up by 11 points (+0.05%), indicating a range-bound market.
Technically, the index continues to trade above the 30 EMA on the daily chart, maintaining a bullish structure. However, the formation of a red candle suggests mild profit booking at higher levels.
On the 4-hour time frame, the structure remains intact, with RSI hovering around 65, indicating sustained momentum but also the possibility of short-term consolidation.
If we talk about the support and resistance levels, Nifty 50 has a strong support zone at 24,000, while 24,500 is acting as a key resistance level.
Overall, Nifty 50 is likely to trade sideways with a slight bullish bias in the near term.
Sensex Analysis
Sensex ended the previous session at 78,520, up by 26 points (+0.03%), reflecting a range-bound market sentiment.
Technically, the index formed a red candle on the daily chart, indicating mild profit booking. Despite this, it continues to trade above the 30 EMA, maintaining a positive bias. The RSI stands at 61.30, suggesting steady momentum.
With the weekly expiry of Nifty 50, the market is expected to remain slightly volatile with limited directional movement.
The 78,500 level remains a crucial pivot zone, acting as immediate support as well as resistance based on price behavior.
From a broader perspective, the market is expected to remain range-bound with a slight bullish bias. A decisive breakout or breakdown in the Nifty 50 may provide trading opportunities in line with individual strategies.
Meanwhile, the BSE Sensex is currently positioned in a crucial zone, requiring careful observation. Traders should rely on detailed analysis and confirmation before entering any trades.
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Top Gainers & Losers (Previous Session)
Top Gainers: Adani Enterprises, ITC, Infosys, Larsen & Toubro, Asian Paints
Top Losers: Hindalco, Tata Steel, Reliance Industries, Cipla, Bharti Airtel
Conclusion
Overall, the Indian stock market is expected to remain range-bound with a slight bullish bias in today’s session. Nifty 50 continues to hold above its important support zone near 24,000, while 24,500 remains a key resistance level. A breakout above this zone may lead to further upside momentum, whereas a breakdown below support could trigger selling pressure.
Similarly, the BSE Sensex is trading near a crucial zone and requires close observation throughout the session. With weekly expiry and ongoing global tensions, volatility is likely to remain elevated.
Traders are advised to follow support and resistance levels, monitor RSI and price action closely, and take positions only after clear confirmation according to their trading strategy.
Disclaimer
This content is for educational purposes only and not financial advice. Trading in the Nifty 50 and BSE Sensex involves risk. Please do your own research before making any trading decisions.
