Nifty 50, Sensex today: What to expect from Indian stock market in trade on October 9 after Israel-Hamas peace deal

The Indian stock market benchmark indices, Sensex and Nifty 50, are likely to open higher on Thursday, tracking gains in global markets amid cooling tensions in the Middle East.

The trends on Gift Nifty also indicate a positive start for the Indian benchmark index. The Gift Nifty was trading around 25,152 level, a premium of nearly 32 points from the Nifty futures’ previous close.

Global markets rallied after Israel and Hamas agreed to the “first phase” of the peace plan to pause fighting and release at least some hostages and prisoners. Reports said that the first phase of a ceasefire deal between Israel and Hamas in Gaza will be signed soon.

On Wednesday, the domestic equity market snapped its four-day winning streak and ended lower amid profit booking, with the Nifty 50 closing below 25,100 level.

The Sensex declined 153.09 points, or 0.19%, to close at 81,773.66, while the Nifty 50 settled 62.15 points, or 0.25%, lower at 25,046.15.

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

Sensex Prediction

Sensex formed a reversal pattern on the daily charts, indicating temporary weakness.

“We believe that as long as Sensex is trading below 82,000, the weak sentiment is likely to continue on the downside, with potential slips to 81,500 - 81,300. Further downside may also persist, which could drag the index down to 81,000. On the other hand, if Sensex moves above 82,000, it could rise to 82,300 - 82,500,” said Shrikant Chouhan, Head Equity Research, Kotak Securities.

The intraday market texture is non-directional and volatile; hence, level-based trading would be an ideal strategy for day traders, he added.

Nifty OI Data

In the derivatives segment, Nifty open interest (OI) data showed the highest call writing at the 25,100 strike, while the maximum put OI was concentrated at the 25,000 level, suggesting strong resistance around 25,100 in the near term, said Amruta Shinde, Technical & Derivative Analyst at Choice Broking.

Nifty 50 Prediction

Nifty 50 formed a red candle with a long upper shadow on the daily chart, indicating profit booking at higher levels.

“A small negative candle was formed on the daily chart with a long upper shadow. We observe two back-to-back long upper shadows in the candles that indicate sell on rise opportunity. Post sharp upmove of the previous few sessions Nifty 50 is now in a minor downward correction mode,” said Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities.

According to him, the near-term uptrend of Nifty 50 remains intact and present consolidation or weakness could be completed near the support of 25,000 - 24,900 levels in the next few sessions. The crucial overhead resistance to be watched is around 25,200 levels.

Sudeep Shah, Head - Technical Research and Derivatives at SBI Securities noted that the Nifty 50 continues to trade above the midline of the Bollinger Band and key moving averages, highlighting that the broader trend remains constructive. Overall, the index seems to be in a consolidation phase within its ongoing pullback rally.

“Looking at key levels, the 25,150 – 25,200 zone will act as an immediate resistance for the Nifty 50 index. If the index manages to give a follow through move above the level of 25,200, the pullback can continue further till 25,300 level. While, on the downside, the zone of 24,950 - 24,900 will act as a crucial support for the index,” said Shah.

Hrishikesh Yedve, AVP Technical and Derivative Research, Asit C. Mehta Investment Interrmediates Ltd. said that on the downside, the 21-DEMA is placed near 24,950, while the 50-DEMA support is positioned around 24,910 — both acting as key support levels in the short term.

“The immediate hurdle for the Nifty 50 index is placed near 25,220, and a sustained move above this level could open the path towards 25,450, where the trend line resistance is positioned. Overall, we expect Nifty 50 to consolidate within the 24,900 – 25,450 range in the short term,” Yedve said.

Bank Nifty Prediction

Bank Nifty ended 221.10 points, or 0.39%, lower at 56,018.25 on Wednesday, forming a spinning top candle on the daily chart, which reflects indecision after a strong six-session up move.

“Bank Nifty index remains positioned above all major moving averages, reaffirming its medium-term strength. However, the near-term trend may turn sideways or experience mild profit-booking if it fails to regain traction above 56,300. The RSI is currently at 61, while the MACD maintains a positive crossover, though histogram bars indicate a slight reduction in momentum. The support is seen near 55,650, followed by 55,500, whereas resistance is placed at 56,300 – 56,400,” said Om Mehra, Technical Research Analyst, SAMCO Securities.

Although the medium-term outlook remains steady, the combination of an extended rally and rejection from the upper band points to a potential cooling-off phase in the coming sessions, he added.

Bajaj Broking Research said that the Bank Nifty formed a high wave candle with a small real body and shadows in either direction signaling consolidation amid stock specific action after more than 2300 up move in the last 6 sessions.

“Going ahead, the Bank Nifty index is likely to consolidate in the range of 56,500 - 55,500, thus forming a base after the recent up move. On the higher side only a move above Tuesday’s high of 56,500 would open further upside towards the all-time high of 57,300 - 57,600 in the coming week. On the downside support is placed at 55,500 - 55,000 levels being the confluence of the 20- & 50-days EMA and the 61.8% retracement of the last up move,” said Bajaj Broking Research.

It believes the bias remains positive and dips should be used as a buying opportunity.

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.