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The Indian stock market benchmark indices, Sensex and Nifty 50, are likely to open on a flat note on Wednesday amid mixed global market cues.

The trends on Gift Nifty also indicate a muted start for the Indian benchmark index. The Gift Nifty was trading around 24,863.50 level, a premium of nearly 0.9 point from the Nifty futures’ previous close.

Breaking its two-day winning streak, the benchmark Sensex fell by nearly 625 points on Tuesday as investors took profits. The Sensex decreased by 624.82 points, or 0.76%, closing at 81,551.63 in a session marked by volatility. Similarly, the Nifty 50 dropped 174.95 points, or 0.70%, finishing at 24,826.20.

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

Sensex was down 625 points on Tuesday. While market is witnessing non-directional activity, traders are waiting for an either-side breakout.

“Technically, 81,100 would be the key support zone for traders, while 82,200 would act as a crucial resistance zone for the bulls. As long as Sensex trades within this range, a range-bound texture is likely to persist. On the higher side, a successful breach of 82,200 could push the index up to 82,500 - 83,000. On the downside, a fall below 81,100 could retest levels of 80,600 - 80,500,” said Shrikant Chouhan, Head Equity Research, Kotak Securities.

According to Asit C Mehta Investment Interrmediates Ltd, Nifty 50 index formed a bearish candle on the daily chart, indicating weakness. However, the index is still placed above its 21-Day Exponential Moving Average (21-DEMA), which is positioned near 24,556. As long as the index holds above this level, the probability of a pullback move can’t be ruled out. On the upside, the index is likely to face strong resistance near the 25,000–25,100 zone.

As per Bajaj Broking Research, said that Nifty 50 continues to consolidate in the range of 25,200-24,400 in the last 11 sessions. Nifty 50 will extend the consolidation, hence dips should be used as buying opportunity. On the lower side 24,700-24,650 is likely to act as immediate support while short term support is seen at 24,400–24,500 being confluence of 20 days EMA, previous breakout area and last 2 weeks lows.

According to Asit C Mehta Investment Interrmediates Ltd, Bank Nifty index opened on a negative note, witnessed volatility, and finally settled on a negative note at 55,353. Technically, the index formed a red candle with both-side shadow on the daily chart, indicating indecision. On the upside, the index is facing resistance near 56,000–56,100 levels. On the downside, 21-DEMA support is placed near 54,776. As long as the index remains above this level, it could attempt a relief rally.

Bajaj Broking Research in its report said that it expect the index to extend the last 4 weeks' consolidation in the broad range of 56,000-53,500. Only a move above 56,000 levels will signal acceleration of the up move towards 56,700 levels in the coming sessions.

In the last 23 sessions, it has retraced just 38.2% of the prior 9-session rally (49,157–56,098), indicating a shallow pullback that suggests underlying strength and potential higher bottom formation. Immediate support is placed at 54,800 levels while the short-term support is seen at 54,000-53,500 being the confluence of key retracement and 50 days EMA.

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.

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