The Indian stock market indices, Sensex and Nifty 50, are expected to open flat on Monday, mirroring mixed global cues. Gift Nifty was seen trading near the 24,445 mark, showing only a marginal 4-point premium over the previous Nifty futures close, indicating a subdued start.
On Friday, Indian markets ended sharply lower, with the Sensex falling 765.47 points to 79,857.79 and Nifty 50 slipping 232.85 points to settle at 24,363.30. Derivatives data shows significant Call Open Interest at 24,500 and 24,700 levels, suggesting strong resistance zones, while Put OI at 24,300 indicates potential near-term support.
Technically, Nifty has formed six straight red candles on the weekly chart, highlighting persistent selling pressure. Analysts suggest that while any bounce towards 24,500–24,550 could be used to sell, a drop below 24,200 may lead the index towards 24,000 or even 23,900.
Bank Nifty closed at 55,004.90, down 516 points, and remains under pressure. Key support lies near 54,850–54,000, with resistance at 55,800–56,500. Analysts believe until the index breaks above 56,400 decisively, any rallies will likely face resistance.
