Sensex, Nifty 50 Likely to Open Higher Amid Exit Poll Buzz, Positive Global Cues

Despite bearish patterns in previous sessions, Indian markets are poised for gains as Gift Nifty indicates a positive start and broader market sentiment remains upbeat.

February 6, 2025: The Indian stock market is set for a promising start on Thursday, February 6, with the Sensex and Nifty 50 expected to open higher following positive global cues and trends from the Gift Nifty. The Gift Nifty was trading at around 23,810, reflecting a 35-point premium over the previous close of Nifty futures.

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Key Highlights:

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1. Market Performance on Wednesday:
   The Sensex dropped 312.53 points to close at 78,271.28, while the Nifty 50 declined by 42.95 points to settle at 23,696.30. Despite the dip, broader market indices like the Nifty Smallcap 100 outperformed with gains of 1.86%.
2. Nifty 50 Analysis:
   The Nifty 50 formed a small bearish candle but managed to stay above the 20-day, 50-day, and 200-day EMAs. Experts suggest this indicates a neutral-to-positive bias. Analysts predict resistance at 24,000, with strong support near 23,500.
3. Sensex Outlook:
   For the Sensex, the 78,000–77,700 range serves as key support, while resistance is expected between 78,700 and 78,900. Experts recommend a levels-based trading approach for day traders.
4. Bank Nifty Prediction:
   Bank Nifty closed at 50,343.05, gaining 0.37% despite forming a small bearish candle. Analysts highlight support at 49,700–49,800 and resistance near 51,820, suggesting medium-term resilience.
5. Broader Sentiment:
   Technical indicators like the India VIX at 14.18 suggest reduced volatility, raising hopes for a rebound in the coming sessions. Short-term traders may find buying opportunities on dips, particularly in the 23,600–23,620 zone for the Nifty 50.
6. Exit Poll Influence:
   The Delhi Assembly exit poll results, favoring the BJP, may also influence market sentiment as investors evaluate the political climate’s impact on economic policies.

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Tags: stock market trends, Sensex and Nifty predictions, Gift Nifty analysis, Bank Nifty performance, Indian equity market outlook, Delhi exit polls impact, market technical analysis, Nifty resistance levels, Sensex support zones