Indian stock market benchmark indices, Sensex and Nifty 50, are likely to open lower on Wednesday, tracking weakness in global markets. Asian markets traded lower, and the US stock market slipped overnight amid worries over rising global bond yields.

The trends on Gift Nifty also indicate a negative start for the Indian benchmark index. The Gift Nifty was trading around 24,642 level, a discount of nearly 50 points from the Nifty futures’ previous close.

On Tuesday, the equity market ended lower amid profit booking, with the benchmark Nifty 50 closing below 24,600.

The Sensex dropped 206.61 points, or 0.26%, to close at 80,157.88, while the Nifty 50 settled 45.45 points, or 0.18%, lower at 24,579.60.

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

Sensex Prediction

Sensex faced resistance near 80,700 and shed over 700 points from the day’s highs due to profit booking at higher levels on Tuesday.

“We believe that the intraday market remains volatile and non-directional; hence, level-based trading would be the ideal strategy for day traders. On the lower side, 80,000 would act as a crucial support zone. Below this, Sensex could retest levels of 79,700 – 79,500. On the higher side, the 20-day SMA (Simple Moving Average) or 80,500 and 80,700 could serve as key resistance levels for the bulls,” said Shrikant Chouhan, Head Equity Research, Kotak Securities.

A successful breakout above 80,700 could push the index up to 81,200, he added.

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On the derivatives front, the maximum Nifty Call Open Interest (OI) is placed at the 24,700 strike, followed by the 24,800 strike, marking these levels as key resistance zones. On the Put side, the highest OI is seen at the 24,500 strike, followed by the 24,400 strike, which are likely to act as strong support levels.

This OI setup indicates that the 24,500 – 24,700 range will be crucial for Nifty’s near-term movement, with a decisive break on either side expected to drive the next trend, said Hardik Matalia, Derivative Analyst at Choice Broking.

Nifty 50 Prediction

Nifty 50 formed a small red candle on the daily chart with a long upper shadow.

“Technically, this market action indicates an emergence of selling pressure from near the immediate hurdle of 24,700 levels. The short-term uptrend of Nifty 50 remains intact and the important lower supports of 24,300 – 24,200 levels could be protected in the short-term volatility. Any dips down to the said support is expected to be a buying opportunity for the next 1-2 sessions,” said Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities.

However, he believes a decisive upmove above the key resistance of 24,750 is likely to open more short covering in the near term.

Nilesh Jain, Head – Technical and Derivatives Research Analyst (Equity Research), Centrum Broking Ltd. highlighted that pullbacks are likely to attract selling pressure, with the Nifty 50 index expected to oscillate in the broader range of 24,400 – 24,750, while a decisive move above 24,750 will be crucial to pave the way for an upside towards 25,000.

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According to Sudeep Shah, Head – Technical Research and Derivatives at SBI Securities, Nifty 50 formed a bearish candlestick pattern on the daily chart, characterized by a long upper shadow and a minor lower shadow, indicating strong intraday rejection from higher levels. This pattern reflects a shift in sentiment, with bulls losing grip and bears taking control as the session progressed.

“The inability to sustain above the 20-day EMA and the formation of a bearish candle suggest caution in the near term, especially as traders reassess positions post expiry. Market participants may look for confirmation in the coming sessions to gauge whether this is a temporary pause or the beginning of a deeper pullback,” Shah said.

Talking about levels, he added that the zone of 24,450 – 24,400 will act as important support for the index, and any sustainable move below the level of 24,400 will lead to further correction in the index upto the level 24,200 in the short term. While, on the upside, the zone of 24,720 – 24,760 will act as a crucial hurdle for the index.

Bank Nifty Prediction

Bank Nifty index declined 341.45 points, or 0.63%, to close at 53,661.00 on Tuesday, forming a sizable bear with a higher and lower low, signaling selling pressure around the 54,000 levels.

“Bank Nifty index formed a red candle on a daily scale, but it is still holding above important support of 200-DEMA, which is placed around 53,575. If the index respects the 53,575 level, then short term pullback can be possible, but a decisive break below 53,575 could trigger fresh weakness in Bank Nifty,” said Hrishikesh Yedve, AVP Technical and Derivative Research, Asit C. Mehta Investment Interrmediates Ltd.

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Bajaj Broking Research said in a note that the Bank Nifty index is currently placed around the 200-day EMA.

“Going ahead, the Bank Nifty index holding above the 200-day EMA placed around 53,500 – 53,200 will lead to consolidation in the range of 53,200 – 55,000 in the coming sessions. Bank Nifty has immediate support at 53,200 – 53,500 levels being the confluence of the 200-day EMA and the low of May 2025. A breach below the same will signal acceleration of decline towards the key support area of 52,500 – 52,000 levels,” said Bajaj Broking Research.

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.