The Indian equity market is poised for a firm opening on Thursday, supported by upbeat global cues after Nvidia’s earnings fuelled a rally across technology and AI stocks worldwide. Early signals from the Gift Nifty pointed to a strong start, trading near 26,151—about 80 points above the previous Nifty futures close.
On Wednesday, the benchmarks extended gains, with the Sensex jumping 513.45 points (0.61%) to 85,186.47 and the Nifty 50 rising 142.60 points (0.55%) to 26,052.65, closing above the 26,000 mark for the first time in the week.
Sensex Outlook
The Sensex has formed a bullish candle on the daily chart, signalling the possibility of further upside.
Key supports: 85,000 and 84,700
Immediate resistance: 85,500
Upside potential: A breakout above 85,500 may drive the index toward 85,800–86,000
Downside risk: A fall below 84,700 could weaken the current uptrend
Nifty OI Trends
Derivatives data showed:
Strong call writing at the 26,200 strike — indicating overhead supply
Maximum put OI at 26,000 — suggesting firm support at lower levels
A sustained close above 26,200 is expected to strengthen bullish momentum.
Nifty 50 Technical Forecast
Nifty 50 formed a long bullish candle with a minor lower wick, reflecting aggressive buying at dips.
The index is nearing a breakout zone around 26,100
Wednesday’s low (25,856) now serves as a higher bottom
Next potential targets: 26,300–26,400
Immediate support: 25,850
Momentum indicators support the positive view:
RSI has improved from 60 to 64, showing strengthening sentiment
MACD histogram bars are shrinking, indicating fading bearish momentum
The index continues to trade above its 20-EMA and 50-EMA
Key zones to watch:
Resistance: 26,100–26,150
Support: 25,850–25,800
A decisive move above 26,150 could accelerate the rally toward the all-time high of 26,277.35.
Bank Nifty Outlook
Bank Nifty closed 316.80 points higher (0.54%) at 59,216.05, forming a bullish candle and maintaining relative strength over the Nifty.
Immediate support: 58,580
Resistance: 59,220 (key trendline hurdle)
A breakout above 59,220 may push the index toward 59,500–59,700
Broader upside target: 59,800 in coming sessions
Strong support zone: 58,500–58,200
Analysts advise waiting for a confirmed breakout before adding fresh long positions.
Overall Market View
The underlying tone remains constructive, with global tech optimism providing tailwinds. Sustaining above Nifty 25,800 and Sensex 84,700 keeps the buy-on-dip strategy intact. A breakout above the respective resistance zones could open room for further gains in the near term.
