On Monday, the Sensex and Nifty 50 may open lower due to mixed signals from global markets. The weekly chart for the Sensex shows a bullish candle, and the index has maintained a higher-bottom pattern on both daily and intraday charts, indicating potential for further gains. According to Mayank Jain, a Market Analyst at Share.Market (PhonePe Wealth), immediate resistance may lie in the 82,200–82,300 range, which has consistently acted as a ceiling. A strong move beyond this range could propel the index toward 82,500. Conversely, immediate support is anticipated around 81,200–81,000, with potential correction towards 80,500 if this level is breached.
In terms of Nifty open interest, the Call OI peaks at the 25,200 strike, followed by 25,300, while the Put OI is highest at the 25,000 and 25,100 strikes. The market forecast indicates a broad range of 24,600–25,500, with an immediate band of 24,900–25,300. Call writing is observed at the 25,100 and 25,150 strikes, while Put writing occurs at 25,100 and 25,050. The daily chart for the Nifty 50 shows a double-bottom pattern, suggesting the index is targeting neckline resistance. The Bank Nifty increased by 139.70 points, or 0.26 percent, closing at 54,809.30 on Friday. The BSE Sensex has formed a green candle with a long upper shadow today, indicating bullish sentiment.
Analysts suggest that immediate resistance for Bank Nifty can be found between the 54,900–55,000 range, which coincides with a trend line barrier and the 34-day exponential moving average.
