The Indian stock market benchmark indices, Sensex and Nifty 50, are likely to open on a positive note Tuesday tracking gains in global peers.

The trends on Gift Nifty also indicate a mildly positive start for the Indian benchmark index. The Gift Nifty was trading around 23,550 level, a premium of nearly 35 points from the Nifty futures’ previous close.

On Monday, the domestic equity market indices extended losing streak to the seventh consecutive session, with the Nifty 50 closing below 23,500 level.

The Sensex declined 241.30 points to close at 77,339.01, while the Nifty 50 settled 78.90 points, or 0.34%, lower at 23,453.80.

Nifty 50 formed a bearish candle on daily charts and currently is comfortably trading below the 200 day SMA (Simple Moving Average) which is largely negative.

“Both the Nifty 50 and Bank Nifty are currently trading near their 200-day exponential moving averages (EMA). However, the Nifty 50 closed below this key level, indicating potential downside momentum. Immediate support levels are seen at 23,200 and 23,000, which could present buying opportunities for traders. Overall, the market outlook appears to be sideways-to-bearish for the near term,” said Mandar Bhojane, Research Analyst at Choice Broking.

He advises traders to avoid long positions unless the index decisively breaks above the 23,800 and 24,000 levels, as further downside risks remain. In this volatile environment, caution and strict risk management are essential.

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

Nifty OI Data

In the derivatives market, Nifty open interest (OI) data revealed the highest call OI at the 23,500 and 23,700 strike prices, while the highest put OI was observed at the 23,400 strike price. This OI distribution suggests potential resistance around the 23,500 level, with further upside likely if the Nifty can sustain above this resistance, Bhojane said.

Nifty 50 Prediction

Nifty 50 index continued its downward momentum on November 18 and closed lower by 78.90 points, or 0.34%, at 23,453.80.

“Nifty 50 exhibited some volatility during the day, slipping near a historical congestion level on the daily timeframe. On the daily chart, the index has been trading below the 200-day moving average (DMA) for the past two sessions. The RSI has entered the oversold zone, accompanied by a bearish crossover. While the overall chart setup remains weak, the selling pressure appears to have eased following a prolonged correction. In the short term, the index may recover towards 23,700 – 23,800. On the downside, support is positioned at 23,200 – 23,300,” said Rupak De, Senior Technical Analyst, LKP Securities.

VLA Ambala, Co-Founder of Stock Market Today, noted that the Nifty 50 index corrected 11% over the past eight weeks, with the weekly RSI falling from 76 to 42, indicating a downward trend.

“On the technical chart, Nifty is trading above 23,500, which is a weaker support zone than 23,000. According to the market analysis, investors should avoid short-term withdrawals and hedge portfolios to take advantage of potential short-selling opportunities,” said Ambala.

According to Dr. Praveen Dwarakanath, Vice President of Hedged.in, Nifty 50 tested its crucial support at 23,350 levels, a break that can take the index down to the 22,800 levels.

“The momentum indicators on the daily chart show positive divergence, indicating a possible dead cat bounce towards 23,800 levels before November expiry, however, it can be used as an opportunity to sell the index. Options writer’s data for the monthly expiry showed an increase in call writing in 23,500 levels, indicating weakness to continue,” said Dwarakanath.

Bank Nifty Prediction

Bank Nifty index outperformed the frontliners and closed Monday with gains of 184.25 points, or 0.37%, at 50,363.80, forming

“Bank Nifty index has broken below its consolidation between 53,000 – 51,000 levels, however, it has not retested this consolidation level, and a retest can become an opportunity to sell the index on the rise. The momentum indicators on the weekly continue to show weakness in the index,” said Dwarakanath.

According to him, options writer’s data of monthly expiry showed increased writing in the puts of 50,500 and below levels and call writing in 50,500 and above levels, indicating a pause at the present level in the index.

From a technical perspective, VLA Ambala highlighted, Bank Nifty is trading with an RSI of 40 on the daily and 41 on the weekly chart.

“Intraday traders could consider a ‘buy on dip’ strategy, while swing traders should exercise caution as broader trends point to a ‘sell on rise’ scenario. Bank Nifty could find support near 49,800 and 49,650 and meet resistance between 50,850 and 51,000,” Ambala said.

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.