Indian benchmark indices, the Nifty 50 and Sensex, are expected to open on a mildly positive note on Friday, supported by mixed global cues. GIFT Nifty was trading around 24,683 in early trade, reflecting a 31-point premium over the Nifty futures’ previous close.
On Thursday, Indian equities ended in the red, with the Nifty 50 slipping below the 24,700 mark. The Sensex declined 644.64 points (0.79%) to close at 80,951.99, while the Nifty 50 dropped 203.75 points (0.82%) to settle at 24,609.70.
Sensex Outlook
The Sensex has formed a bearish candle on the daily chart and is displaying a lower top pattern on intraday charts, indicating potential weakness.
“The intraday market tone is weak, and a fresh selloff may emerge if the index breaches the 80,450 mark or falls below its 20-day Simple Moving Average. Resistance is seen between 81,100 and 81,300. A breakout above this zone could push the index toward 81,500–81,800. On the downside, a break below 80,450 could lead to a retest of the 80,000–79,500 levels,” said Shrikant Chouhan, Head of Equity Research, Kotak Securities.
Nifty 50 Outlook
The Nifty formed a red candle on the daily chart, reflecting continued weakness. It briefly slipped below its 20-day EMA before closing just above it. The 9-day EMA is capping upward movement, while the index also broke below the recent swing low of 24,494, hitting an intraday low of 24,462.40.
“The RSI remains neutral at 55, while the MACD indicates fading bullish momentum without a confirmed bearish crossover,” noted Om Mehra, Technical Analyst at SAMCO Securities.
“If the Nifty breaks below the 24,378 support, it may slide further toward the 24,200–24,160 range. For a bullish reversal, the index needs to decisively close above 24,820.”
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