Nifty 50, Sensex today: What to expect from Indian stock market in trade on January 1

The Indian stock market benchmark indices, Sensex and Nifty 50, are likely to open lower on Wednesday tracking weak global cues.

The trends on Gift Nifty also indicate a negative start for the Indian benchmark index. The Gift Nifty was trading around 23,734 level, a discount of nearly 70 points from the Nifty futures’ previous close.

On Tuesday, the Indian stock market indices ended the last session of the year 2024 with minor losses amid a lackluster trade.

The Sensex fell 109.12 points, or 0.14%, to close at 78,139.01, while the Nifty 50 settled flat at 23,644.80.

Nifty 50 formed a small positive candle on the daily chart with minor upper and lower range.

“Technically, this market action is indicating counter attack by bulls after an attempt of false downside breakout of the range movement. The crucial 200-day EMA (Exponential Moving Average) is in the limelight again. After moving below this moving average on Monday, Nifty has failed to show any decisive follow -through weakness in the subsequent session and showed upside bounce from the lows,” said Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities.

Nifty 50 formed a small red candle on the weekly chart, placed beside the similar green candle of last week, which signals a broader range movement in the market.

“The upside bounce of Tuesday could be an early indication of another round of upside bounce in the market. Nifty 50 is broadly in a range of 23,500 – 24,000 levels for the near term. Having bounced back from the lower range of 23,500 levels, one may expect further upside bounce towards 24,000 levels in the coming week,” Shetti said.

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

Nifty OI Data

Nifty Open Interest (OI) data indicates the highest OI on the call side at the 23,800 and 24,000 strike prices, highlighting strong resistance levels. On the put side, OI is concentrated at the 23,500 and 23,200 strike prices, marking these as key support levels, said Hardik Matalia, Derivative Analyst at Choice Broking.

Nifty 50 Prediction

Nifty 50 showed upside recovery from the lows on December 31 and closed the day flat.

“Following a weak start, the Nifty 50 recovered smartly during the day. However, the technical setup remains unchanged as the index failed to break above any significant moving averages. Despite this, sentiment appeared to improve throughout the session. On the higher end, if Nifty 50 moves above 23,700, it could advance towards 23,900-24,000. On the lower end, support is placed at 23,550,” said Rupak De, Senior Technical Analyst, LKP Securities.

According to VLA Ambala, Co-Founder of Stock Market Today, the market is expected to remain weak in the coming weeks, turning 2025 into a more challenging year for investors compared to the uptrend in 2023 and 2024.

“Amid these developments, Nifty could expect support levels at 23,210 and 22,970 and resistance at 23,610 and 23,750. Similarly, Bank Nifty could find support at 50,350 and 49,800 and face resistance near 51,170 and 51,350,” said Ambala.

Bank Nifty Prediction

Bank Nifty index recovered from day’s low and ended 92.55 points, or 0.18%, lower at 50,860.20 on Tuesday, forming a bullish candlestick pattern on the daily chart.

“Technically, the Bank Nifty index reversed from trendline support and defended its 200-Days simple moving average (200-DSMA), which is near 50,600. Furthermore, the index has formed a green candle on the daily chart, indicating strength. On the upside, 50-Days Exponential Moving Average (50-DEMA) is placed near 51,915 which will act as resistance,” said Hrishikesh Yedve, AVP Technical and Derivatives Research at Asit C. Mehta Investment Intermediates Ltd. (A Pantomath Group Company).

In the short term, he expects Bank Nifty to trade within the 50,500 – 52,000 range, with a breakout in either direction determining its future direction.

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.