The Indian stock market benchmark indices, Sensex and Nifty 50, are likely to open marginally higher amid cautious investor sentiment and mixed global market cues.

The trends on Gift Nifty also indicate a mildly positive start for the Indian benchmark index. The Gift Nifty was trading around 24,670 level, a premium of nearly 20 points from the Nifty futures’ previous close.

On Thursday, the equity market ended sharply lower on concerns over the fallout of 50% US tariffs on India’s economic growth.

The Sensex cracked 705.97 points, or 0.87%, to close at 80,080.57, while the Nifty 50 settled 211.15 points, or 0.85%, lower at 24,500.90.

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

Sensex Prediction

Sensex formed a bearish candle on daily charts, while it is showing a lower top formation on intraday charts, which is largely negative.

“We believe that the short-term market outlook is weak, but since it is oversold, a quick pullback rally from the current levels cannot be ruled out. For day traders, 80,600 would be a key level; as long as Sensex remains below this, the weak sentiment is likely to continue. On the lower side, the index could slip to 79,900 – 79,700,” said Shrikant Chouhan, Head Equity Research, Kotak Securities.

Also Read | Indian stock market: 10 key things that changed for market overnight – August 29

On the flip side, he believes if Sensex moves above 80,600, the pullback could extend up to the 20-day SMA or 81,000. Further upside may also continue, potentially lifting the index up to 81,300.

Nifty OI Data

In the derivatives segment, the highest Nifty Call Open Interest (OI) was seen at the 24,800 strike, while the highest Put Open Interest was concentrated at the 24,500 strike. This positioning suggests that resistance remains firm near 24,800, and a sustained close above this level will be crucial to revive bullish momentum, said Amruta Shinde, Technical & Derivative Analyst at Choice Equity Broking.

Nifty 50 Prediction

Nifty 50 formed a strong bearish candle on the daily chart, signaling continued selling pressure.

“Technically, this market action indicates a down trend continuation pattern. The crucial support of previous opening upside gap of 18th August has been broken decisively on the downside at 24,670 and Nifty 50 closed below it. Another support of the ascending trend line connecting April to August 25 bottom has also been broken on the downside. This is not a good sign,” said Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities.

According to him, the underlying trend of Nifty 50 continues to be negative and more weakness could be in store for the short term. The next lower supports to be watched around 24,300 – 24,250 (previous swing lows and 200day EMA), and any pullback could find strong resistance around 24,700 levels.

Also Read | Stock market today: six stocks to buy or sell on Friday — 29 August 2025

Nilesh Jain, Head – Technical and Derivatives Research Analyst (Equity Research), Centrum Broking Ltd. noted that the overall structure remains weak, suggesting the possibility of a retest of the August low near 24,350 in the immediate term.

“If this level fails to hold, the next crucial support is seen at the 200-DMA, which is positioned around 24,070. On the flip side, a sustained move back above 24,700 could change the momentum and trigger a short-covering rally, paving the way for an upside move towards the 25,000 mark,” Jain said.

Bank Nifty Prediction

Bank Nifty index declined 630.10 points, or 1.16%, to close at 53,820.35 on Thursday, forming a sizable bear candle with a lower high and lower low, signaling continuation of the corrective decline.

“Bank Nifty index is trading below its 20-day, 50-day and 100-day EMAs and is inching closer to its 200-day EMA, which lies in the 53,600 – 53,500 zone. A sustained move below the 53,500 mark could accelerate the downside momentum, paving the way for a further decline towards 52,900, followed by 52,400 in the short term,” said Sudeep Shah, Head- Technical Research and Derivatives at SBI Securities.

Also Read | Buy or sell: Vaishali Parekh recommends three intraday stocks to buy today

On the flip side, the 54,500 – 54,600 zone will act as a key hurdle, and only a decisive move above this band would indicate signs of recovery and provide some respite to the bulls, he added.

Bajaj Broking Research said that the Bank Nifty index has recently generated a breakdown below the last 3 weeks range (54,900 – 56,100) highlighting extension of the decline.

“Going ahead, failure to move above 55,000 will keep the bias down and will open downside towards 53,500 – 53,000 levels in the coming sessions. Key support is placed at 53,500 – 53,000 levels being the confluence of the 200 days EMA and the low of May 2025,” said the broking house.

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.