Nifty 50, Sensex today: What to expect from Indian stock market in trade on January 3

The Indian stock market indices, Sensex and Nifty 50, are likely to open lower on Wednesday tracking weakness in global peers. The trends on Gift Nifty also indicate a negative start for the Indian benchmark index. The Gift Nifty was trading around 21,678 level as compared to the Nifty futures’ previous close of 21,754.

The domestic equity indices Sensex and Nifty 50 ended in negative territory on Tuesday amid concerns over escalating geopolitical tensions and a significant jump in crude oil prices. The fell 379.46 points to close at 71,892.48, while the Nifty 50 ended 76.10 points, or 0.35%, lower at 21,665.80. Nifty 50 formed a reasonable negative candle on the daily chart with minor lower shadow.

The smaller range movement of the last 3 4 sessions has been broken on the lower side. “Technically, this pattern is indicating a short term reversal pattern. Such minor weaknesses post range movements in the recent past has turned out to be a buy on dips opportunity. Positive chart pattern like higher tops and bottoms is intact on the daily chart and present consolidation or weakness is in line with the formation of new higher bottom of the sequence.

The bottom reversal needs to be confirmed at the lows," said Nagaraj Shetti, Senior Technical Research Analyst, HDFC Securities. He believes the short term trend of Nifty 50 is on a weak note and a slide below the immediate support of 21,500 could open some more weakness for the near term. A sustainable move above 21,840 could bring bulls back into the action.

Here’s what to expect from Nifty 50 and Bank Nifty today: Nifty Open Interest Data The highest OI on the call side is noted at the 21,800 level, followed by the 22,000 strike prices. On the put side, the highest OI is observed at the 21,500 strike price. This data provides insights into the levels where options traders have the greatest exposure, said Mandar Bhojane, Equity Research Analyst, Choice Broking.

Nifty 50 Predictions “A bearish candle has emerged on the daily Nifty chart, indicating a potential bearish trend in the near future. Sentiment is expected to stay bearish as long as it remains below 21,750. Any upward movement toward 21,750 could encounter selling pressure. However, a clear breakout above 21,750 could shift sentiment in favor of the bulls," said Rupak De, Senior Technical Analyst at LKP Securities.

On the lower end, support for Nifty 50 is established at 21,500. Bank Nifty Predictions The Bank Nifty witnessed sustained bearish pressure on January 2 and fell 473 points to close at 47,762, breaching the crucial support level of 48,000. “To resume the upward trend and regain positive momentum, the index needs to achieve a breakout above the resistance at 48,300, targeting levels of 49,000/50,000.

The immediate support for the index is positioned at 47,600, coinciding with its 20 day moving average (20DMA)," said Kunal Shah, Senior Technical & Derivative Analyst at LKP Securities. According to Shah, a decisive breach below this level could intensify the downward momentum. Livemint tops charts as the fastest growing news website in the world to know more.

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