Indian markets expected to see a strong start; key levels for Nifty 50, Sensex, and Bank Nifty analyzed ahead of the budget session.
January 24, 2025: Market Watch: Nifty 50, Sensex Expected to Open Higher Amid Positive Global Trends
The Indian stock market is poised for a higher opening today, with Gift Nifty indicating a positive start for the Sensex and Nifty 50. Gift Nifty was trading around the 23,303 level, a 40-point premium over the Nifty futures’ previous close.
Also Read: The Importance of Understanding EMIs for Effective Financial Planning
On Thursday, the Indian equity market ended on a positive note, with Nifty 50 closing above the 23,200 mark and Sensex rising 115.39 points, or 0.15%, to close at 76,520.38.
Key Technical Insights for January 24, 2025
Nifty 50 Outlook:
Nifty 50 formed a small positive candle on the daily chart with a minor upper shadow, signaling a gradual upward movement amidst range-bound trading.
Also Read: When Three Wealthiest Men….” Bernie Sanders Calls Out Billionaire Influence
- Support Levels: 23,150 and 23,000
- Resistance Levels: 23,400 and 23,520
According to Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities, the index remains in a range of 23,000–23,400. A decisive move above 23,400 could trigger renewed buying interest, while immediate support is at 23,000.
Sensex Prediction:
Sensex maintained positive momentum on Thursday, closing above the 76,500 level. Analysts suggest the uptrend will continue as long as Sensex trades above 76,200.
- Support Levels: 76,200 and 75,700
- Resistance Levels: 77,000 and 77,100
Shrikant Chouhan, Head of Equity Research at Kotak Securities, predicts a bounce toward the 77,000 range, provided key support levels hold.
Bank Nifty Outlook:
The Bank Nifty index closed Thursday at 48,589, slipping 135.40 points, or 0.28%. Analysts describe its current stance as non-directional, awaiting a clear breakout.
- Support Levels: 48,250
- Resistance Levels: 48,750
Om Mehra from SAMCO Securities highlights that a breakout above 48,750 could signal further upside, while a fall below 48,250 may suggest a bearish trend.
Key Indicators to Watch:
Open Interest Data:
- Call-side resistance is highest at 23,300 and 23,500.
- Put-side support is concentrated at 23,000 and 22,800, according to Hardik Matalia of Choice Broking.
India VIX:
The fear gauge settled at 16.69. A dip below 16 could provide a bullish tailwind, as noted by technical analysts.
Global Cues Driving Momentum:
- US Markets: The S&P 500 hit a new intraday high of 6,100.11, driven by optimism surrounding AI and President Donald Trump’s policies.
- Asian Markets: Mixed performance; Japan’s Nikkei was up 0.35%, while South Korea’s Kospi dropped 1.06%.
- Crude Oil: WTI and Brent crude prices traded lower, potentially easing inflation concerns.
Analyst Recommendations:
- Short-Term Strategy: Maintain strict stop-loss levels and monitor the breakout above 23,400 for Nifty.
- Long-Term Outlook: VLA Ambala from Stock Market Today advises a cautious approach with hedged portfolios, given heightened pre-budget volatility.
Stay tuned for live updates on the Indian markets and key developments impacting global financial trends.
Suggested Tags:
Nifty 50, Sensex, Indian stock market, market analysis, Bank Nifty, stock trends, global market cues, technical analysis, market prediction, budget session