India’s main stock indices are expected to start Tuesday’s session in the red, continuing a five‑day losing streak as trading stays thin and global cues remain muted.
Market Overview
Yesterday, both the Sensex and Nifty 50 closed lower, with foreign investors selling more shares. The lack of strong buying pressure points to a short‑term consolidation phase.
Sensex Outlook
The Sensex ended Monday at 84,696, down 0.41%. It fell below the psychological 85,000 mark and could stay under that level unless it can reclaim it.
- Key support: 84,200 – 84,300
- Next resistance: 84,400 – 84,500 (heavy call‑option interest)
- Technical view: Momentum indicators are weakening, suggesting further downside risk.
Analysts say the index needs to climb above 85,100‑85,200 to break the current bearish bias.
Nifty Outlook
The Nifty 50 closed at 25,942, down 0.38%. It is trading below its 20‑day moving average and the 20‑day exponential moving average, with the relative strength index turning negative.
- Immediate support: 25,900 – 25,850
- Critical level: 25,700 (if broken, could trigger deeper falls)
- Upside trigger: 26,100 – 26,150 for a possible bounce back to previous highs
Volatility is expected to stay higher as the December futures expiry approaches, keeping the Nifty within a 25,800‑26,100 range for now.
Bank Nifty Outlook
Banking stocks are showing signs of indecision. The Bank Nifty opened higher but slipped to an intraday low of 58,809, indicating profit‑taking after recent gains.
- Resistance: 59,800 – 60,115
- Key demand zone: 58,700 – 58,800 (potential buying area)
- Current sentiment: Traders are cautious, with short‑term uncertainty reflected in a small red candle on the daily chart.
Key Levels to Watch
- Sensex: 84,200 – 84,300 support, 85,000 resistance
- Nifty: 25,850 – 25,900 support, 26,000 – 26,150 resistance
- Bank Nifty: 58,700 – 58,800 support, 59,800 – 60,100 resistance
Remember, this is just an overview, not a prediction. Do your own research or consult a certified financial advisor before making any investment decisions.