Nifty 50, Sensex today: What to expect from Indian stock market in trade on January 2 amid US-Venezuela conflict

Trade Set-up for January 5: The Indian stock market is likely to open on a higher note on Monday, January 5, tracking gains in the Asian markets after the US attacked Venezuela and captured President Nicolas Maduro during the weekend.

The trends on Gift Nifty indicated a positive start for the Indian benchmark index. The Gift Nifty was trading at 26,542, up 76 points or 0.29% from the Nifty futures’ previous close.

In the previous session, both market indices - Sensex and Nifty - closed in green, clocking healthy gains on Friday, January 2, supported by broad-based buying and rising optimism ahead of the Q3 earnings season. The Sensex advanced 573 points, or 0.67%, to close at 85,762.01. The Nifty 50 touched an all-time intraday high of 26,340 before easing slightly to end at a record closing level of 26,328.55, up 182 points, or 0.70%.

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

Sensex Prediction

Sensex closed at 85,762.01, consolidating just below its all-time highs, on Friday, January 2.

Sharing his technical views, Ponmudi R, CEO - Enrich Money, “Compared to Nifty and Bank Nifty, the index has been relatively slower to break out, though underlying support from heavyweight banking and metal stocks remains strong. The index continues to attract buying interest in the 85,200–85,500 support band. A convincing breakout above 86,000 could accelerate momentum, opening the door for a move toward 86,500–87,500 in the coming weeks.”

Nifty OI Data

Ponmudi further added that the derivative positioning ahead of the 06 January 2026 weekly expiry reflects a mildly bullish yet cautious sentiment.

"Cumulative Put Open Interest stands significantly higher at 22.31 crore, compared to Call Open Interest of 13.61 crore, indicating strong support building below current spot levels.

Notably, heavy put writing around the 26,200–26,300 zone highlights aggressive defense of this region by market participants. Simultaneously, positive OI additions in select out-of-the-money call strikes suggest expectations of sustained upside continuation rather than immediate exhaustion.

This OI structure reinforces a buy-on-dips market, where declines toward 26,200–26,300 are likely to attract fresh buying interest, while immediate downside risk remains capped unless there is a meaningful unwinding of put positions. A further expansion in upside OI would confirm fresh momentum beyond current highs," he said.

Nifty 50 Prediction

Nifty 50 recorded its first-ever close above 26,328.55, marking a fresh all-time high while continuing to respect its long-term rising channel on the daily timeframe.

On the Nifty 50 outlook, he said, " The index remains comfortably above its 20-day and 50-day EMAs, reinforcing the strength of the medium-term uptrend. As long as Nifty holds above the 26,100–26,200 support zone, the bullish bias remains intact. A sustained move above 26,400 could open the path toward 26,600–27,000 in the near term, driven by earnings optimism and liquidity support.

Price action confirms a decisive breakout from the recent consolidation phase, with the formation of higher highs and higher lows within the upward channel. Momentum indicators suggest accumulation rather than exhaustion at elevated levels, indicating that the current rally represents a continuation of the broader trend rather than a terminal move."

Bank Nifty Prediction

Bank Nifty posted its first-ever close above lifetime highs at 60,150.95, remaining firmly within its rising channel and above key moving averages.

Offering a constructive outlook, Ponmudi said, “ Holding above the 59,800–60,000 zone keeps the near-term outlook positive, with upside potential toward 60,500–61,000, and an extension toward 62,000 supported by improving credit growth expectations and favorable liquidity conditions. A dip below 59,500 could trigger short-term consolidation; however, the primary trend continues to remain decisively upward.”

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.