The Indian stock market benchmark indices, Sensex and Nifty 50, are likely to open on a tepid note amid mixed cues from global markets.

The trends on Gift Nifty also indicate a tepid start for the Indian benchmark index. The Gift Nifty was trading around 24,948 level, a discount of nearly 19 points from the Nifty futures’ previous close.

Indian financial markets were closed on Thursday, October 2, on the account of Dussehra and Mahatma Gandhi Jayanti.

On Wednesday, the equity market ended sharply higher, snapping its eight-day losing streak, after the Reserve Bank of India’s (RBI) monetary policy announcement.

The Sensex rallied 715.69 points, or 0.89%, to close at 80,983.31, while the Nifty 50 settled 225.20 points, or 0.92%, to close at 24,836.30.

Here’s what to expect from Sensex, Nifty 50, and Bank Nifty today:

Sensex Prediction

Immediate resistance for Sensex is at 82,000 – 82,200. A convincing move above this zone could propel the index higher. On the downside, support lies at 80,000 – 79,800. A break below this zone could test the next support level at 79,500, said Om Ghawalkar, Market Analyst, Share.Market (PhonePe Wealth).

Nifty 50 Prediction

Nifty 50 formed a big bullish candle on the daily chart near the trend line support, signalling a short-term reversal.

“A long bull candle has formed on the daily chart after the range bound action with weak bias of a few sessions. This indicates formation of a short-term bottom reversal pattern in the market. Nifty 50 has bounced back sharply from near the crucial support of around 24,500 – 24,400 levels (ascending trend line and 200day EMA). This is a positive indication,” said Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities.

According to him, the larger degree higher tops and bottoms is in store as per daily and weekly timeframe chart and the recent swing low of 24,587 could now be considered as a new higher bottom of the sequence.

“The short-term trend of Nifty 50 has reversed up firmly with the formation of a near-term bottom reversal pattern. The next upside hurdles to be watched are around 25,000 and next 25,200 in the next one week. Immediate support is placed at 24,600 levels,” Shetti said.

Om Ghawalkar said that the immediate resistance for Nifty 50 is at 25,000 – 25,100, and a convincing move above this level could propel the index toward 25,500.

“On the downside, support lies at 24,400 – 24,500. A break below this zone could test the next support level at 24,000,” said Ghawalkar.

Bank Nifty Prediction

Bank Nifty index surged 712.10 points, or 1.30%, to close at 55,347.95, forming a big bullish candle, reflecting strength.

“The trend line resistance for the Bank Nifty is placed near 55,700, which will act as the immediate hurdle, followed by 56,000. On the downside, major support is placed near 54,900, where the 100-DEMA is positioned. Thus, traders are advised to adopt a buy on dips strategy in Bank Nifty,” said Hrishikesh Yedve, AVP Technical and Derivative Research, Asit C. Mehta Investment Interrmediates Ltd.

Bajaj Broking Research noted that the formation of a bullish Marubozu candle signals a strong and positive start to the month, underpinned by heavy buying interest in major private sector banks.

“Bank Nifty index is now trading above its key 21- and 50-day EMAs, currently at 54,940 and 55,120, respectively, indicating that the short- to medium-term trend remains bullish. Support levels have also shifted higher, now positioned around 54,800 and 55,000, providing a solid base for further upside. On the upside, immediate resistance is placed at 55,480, corresponding to the previous swing high, followed closely by 55,800,” said Bajaj Broking Research.

Strength is also evident on the hourly chart, reinforcing the bullish bias and suggesting a buy-on-dips strategy. The overall technical setup points to a favorable risk-reward scenario for traders looking to capitalize short-term pullbacks, it added.

Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.