The Indian stock market is expected to open on a positive note on Thursday, October 24, tracking strong cues from global markets and improved domestic sentiment. Trends from the Gift Nifty, trading around 26,022, indicate a 46-point premium over the previous Nifty futures close, signaling a firm start for Sensex and Nifty 50.
On Thursday, Indian markets extended gains for the sixth consecutive session, with the Sensex rising 130.06 points (0.15%) to 84,556.40, and the Nifty 50 adding 22.80 points (0.09%) to 25,891.40.
Sensex Today: Key Levels to Watch
Analysts suggest the Sensex may see temporary weakness after forming a bearish candle on daily charts, but the short-term outlook remains positive.
Nifty 50 Today: Chart Analysis and Key Supports
In the derivatives market, Nifty OI data shows heavy call writing at 26,000, while maximum put OI is concentrated around 25,850, signaling strong resistance at 26,000.
The Nifty 50 formed a large bearish candle with a small upper shadow on Thursday, suggesting profit booking at higher levels.
- Immediate support: 25,700
- Resistance zone: 26,100–26,400
Bank Nifty Today: Consolidation Expected
The Bank Nifty closed 70.85 points (0.12%) higher at 58,078.05, forming a red candle with a long upper shadow, indicating selling at higher levels.
Support is seen at 57,800–57,700, while a break below this zone could signal weakness. However, the overall trend remains bullish.
Bank Nifty to consolidate with a positive bias, with immediate support at 57,500–57,600 and strong demand near 56,800–56,500. Resistance is placed near 59,000, the 138.2% retracement level of the previous decline.
Market Outlook
Analysts maintain a cautiously optimistic view for the near term. A decisive close above 26,000 on Nifty 50 and 85,000 on Sensex could revive bullish momentum, extending the ongoing uptrend.
Disclaimer:
The information provided in this blog is for educational and informational purposes only. It does not constitute investment advice, a recommendation, or an offer to buy or sell any financial instruments. Stock market investments are subject to market risks. Past performance is not indicative of future results. Readers are advised to consult a qualified financial advisor before making any investment decisions. The author and publisher are not liable for any losses or damages arising from the use of this information.
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