Nifty 50, Sensex today: What to expect from Indian stock market in trade on October 10

“Discover what to expect from the Indian stock market on October 10. Get insights on Nifty 50, Sensex trends, market cues, and expert predictions for today’s trade.”

Nifty 50, Sensex today: The trends on Gift Nifty also indicate a muted start for the Indian benchmark index. The Gift Nifty was trading around 25,262 level, a discount of nearly 12 points from the Nifty futures’ previous close.

Nifty 50, Sensex today: Nifty 50 formed a bullish candle on the daily chart, indicating strength.

The Indian stock market benchmark indices, Sensex and Nifty 50, are likely to open lower on Friday, tracking weakness in global markets.

The trends on Gift Nifty also indicate a muted start for the Indian benchmark index. The Gift Nifty was trading around 25,262 level, a discount of nearly 12 points from the Nifty futures’ previous close.

On Thursday, the equity market indices ended with strong gains, with the benchmark Nifty 50 closing above 25,100 level.

The Sensex surged 398.44 points, or 0.49%, to close at 82,172.10, while the Nifty 50 settled 135.65 points, or 0.54%, higher at 25,181.80.

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

Sensex Prediction in India

Sensex formed a bullish candle on daily charts and a reversal formation on intraday charts, indicating a further uptrend from the current levels.

“We are of the view that as long as Sensex is trading above 81,700, the uptrend is likely to continue. For the bulls, 82,200 and 82,300 would be the immediate resistance zones. A successful breakout above 82,300 could push the index towards 83,000 – 83,200. On the other hand, below 81,700, the uptrend would become vulnerable,” said Shrikant Chouhan, Head Equity Research, Kotak Securities.

Nifty 50 Prediction

Nifty 50 formed a bullish candle on the daily chart, indicating strength.

“A long bull candle was formed on the daily chart, which indicates possible completion of consolidation or minor dip of the last two sessions. Nifty 50 is currently placed at the edge of breaking above the immediate hurdle of 25,200 levels,” said Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities.

According to him, the short-term trend of Nifty 50 continues to be positive and a decisive move above 25,200 levels could pull Nifty 50 towards another resistance of 25,450 levels in the next few sessions. Immediate support is placed at 25,000 levels.

Nilesh Jain, Head – Technical and Derivatives Research Analyst (Equity Research), Centrum Broking said that the decisive breakout above 25,200 could open the door for a fresh leg of the rally, potentially triggering short-covering and a swift move towards 25,350.

“Momentum indicators and oscillators on the daily chart remain firmly in buy mode, suggesting that any dip is likely to attract buying interest. The immediate support has now shifted higher to 25,000, and as long as the Nifty 50 holds above this level, a move towards 25,400 in the October series appears likely,” said Jain.

Dr. Praveen Dwarakanath, Vice President of Hedged.in noted that the Nifty 50 bounced from the 20-day moving average on an hourly chart; however, it didn’t break the immediate resistance at the 25,200 level, indicating the weakness to continue in the index.

“Nifty 50 index has closed near its immediate resistance at the 25,200 level, which can push the index towards its immediate support at the 25,000 level. The ADX DI+ line is sloping down, indicating a possible move on the downside in the index. The momentum indicators show negative divergence, a hint for the fall in the index towards the 20-day moving average again,” said Dwarakanath.

Bank Nifty Prediction

Bank Nifty index ended 173.80 points, or 0.31%, higher at 56,192.05 on Thursday, forming a bullish candle with a minor shadow on both ends, indicating intraday volatility but a strong close.

“Bank Nifty index is trading above its crucial moving averages, which reinforces the short-term bullish bias and suggests underlying strength in the banking space. Notably, the daily RSI has taken support near the 60.96 level and has since rebounded, signalling a potential continuation of upward momentum. This bounce from a key support zone in RSI adds conviction to the bullish setup. Overall, the price action and momentum indicators point toward a constructive outlook, provided the index sustains above its immediate support levels,” said Sudeep Shah, Head – Technical Research and Derivatives at SBI Securities.

Talking about crucial levels, he said that the zone of 55,900 – 55,800 will act as crucial support, while, on the upside, the zone of 56,400 – 56,500 will act as an immediate hurdle for the Bank Nifty index.

“Any sustainable move above the level of 56,500 will lead to a sharp upside rally upto the level of 57,200 in the short term,” Shah said.

Om Mehra, Technical Research Analyst, SAMCO Securities noted that the shorter-term moving averages continue to display strength, with a bullish crossover of the 9-EMA and 20-EMA over the 50-EMA, confirming the continuation of the near-term uptrend. The RSI has inched up to 63, reflecting sustained momentum. A close above 56,300 could open the door for a further move toward 56,550 – 56,700.

“The support remains in the 55,900 – 55,800 zone. The Bank Nifty index remains resilient, and as long as 55,800 holds this level, the short-term tone is likely to stay bullish, with a preference to add on declines,” said Mehra.

Hrishikesh Yedve, AVP Technical and Derivative Research, Asit C. Mehta Investment Intermediates Ltd. said that the next key hurdle for Bank Nifty is placed near 56,500 levels.

“If the Bank Nifty index sustains above 56,500, the rally could extend towards 57,000 – 57,500 levels. On the downside, the psychological level of 56,000 will act as immediate support for Bank Nifty, followed by the recent breakout point of 55,700. Hence, traders are advised to maintain a buy-on-dips strategy in the short term,” said Yedve.

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.

Read Also : https://localtak.com/indian-police-arrest-owner-of-cough-syrup-company-linked-to-deaths-of-19-children/