Nifty 50, Sensex today: What to expect from Indian stock market in trade on May 29 after Trump's tariffs blocked

Mint

a day ago

The Indian stock market benchmark indices, Sensex and Nifty 50, are likely to open higher on Thursday, tracking positive cues from global markets.
The trends on Gift Nifty also indicate a positive start for the Indian benchmark index. The Gift Nifty was trading around 24,843 level, a premium of nearly 80 points from the Nifty futures' previous close.
Sentiment in the global markets improved after the Manhattan-based Court of International Trade blocked President Donald Trump from imposing tariffs on countries under emergency powers law.
On Wednesday, the domestic equity market ended lower for the second consecutive session, with the benchmark Nifty 60
The Sensex dropped 239.31 points, or 0.29%, to close at 81,312.32, while the Nifty 50 settled 73.75 points, or 0.30%, to lower at 24,752.45.
Here's what to expect from Sensex, Nifty 50 and Bank Nifty today:
Sensex hovered between 81,200 and 81,600 on Wednesday and formed a small bearish candle on daily charts, which indicates indecisiveness between the bulls and the bears.
'We believe that the intraday market texture is non-directional; perhaps traders are waiting for a breakout on either side. For day traders, now, 81,600 would be the immediate breakout level. Above this, Sensex is likely to retest the levels of 82,100 – 82,500. On the other hand, below 81,200 could accelerate selling pressure, with support levels at 80,800 – 80,400,' said Shrikant Chouhan, Head Equity Research, Kotak Securities.
In the derivatives space, the highest Call open interest (OI) was at the 25,000 strike, while the highest Put OI stood at 24,500, suggesting a likely near-term range between 24,500 and 25,000. Market participants should continue monitoring global cues and domestic macro data for further direction, said Mandar Bhojane, Equity Research Analyst at Choice Broking.
Nifty 50 declined 0.30% to end at 24,752.45 on May 28, forming a modest bearish candle.
'Nifty 50 failed to reclaim the 9 EMA and drifted closer to the 20 EMA, reflecting sustained selling pressure at higher levels. A double top pattern has emerged near the 25,000 zone, where the index has repeatedly faced rejection. However, Nifty 50 has not yet breached the recent swing low of 24,460, but weakness still persists. The 23.6 percent Fibonacci retracement, placed near 24,312, may serve as a meaningful support if the decline deepens,' said Om Mehra, Technical Research Analyst, SAMCO Securities.
According to him, a decisive move above the 25,000 - 25,020 is still essential for the continuation of bullish set up. Until that occurs, the index remains vulnerable to further downside. The current tone appears cautious, with neither the bulls nor the bears taking full control.
Hrishikesh Yedve, AVP Technical and Derivatives Research at Asit C. Mehta Investment Interrmediates Ltd. highlighted that the Nifty 50 index formed a red candle on the daily chart, indicating weakness.
'However, it continues to trade above its 21-Day Exponential Moving Average (21-DEMA), which is positioned near 24,570. As long as the index holds above this level, the probability of a pullback move cannot be ruled out. On the upside, the index is likely to face strong resistance near the 25,000 – 25,100 zone,' Yedve said.
Dr. Praveen Dwarakanath, Vice President of Hedged.in said that the Nifty 50 continues to be range bound between 24,500 and 25,150 levels, with sell near higher levels and buy near dips.
'The higher timeframe momentum is still suggesting an upside, thus yesterday's fall is an opportunity to go long. The fall has pushed the stochastics on hourly charts to an oversold region suggesting a possible bounce from the current levels,' Dwarakanath said.
Bank Nifty gained 64.20 points, or 0.12%, to close at 55,417.00 on Wednesday, forming a small-bodied green candle amid a narrow trading range.
'Bank Nifty index during the current week tested the upper band of the last 4 weeks consolidation range placed around 55,800 - 56,000 levels. Overall, we expect the Bank Nifty 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,' said Bajaj Broking Research.
According to the brokerage firm, immediate support is placed at 54,800 levels, while short-term support is seen at 54,000 - 53,500 being the confluence of key retracement and 50 days EMA.
Om Mehra believes that the index remains supported above its rising trendline on the daily chart and the midline of the Bollinger Bands, indicating that short-term support is still intact. The resistance remains near the upper band, around 55,900, which may limit the upside attempts.
'The RSI stands at 59, while the MACD remains skewed to the downside. A breakout above 55,900 would signal fresh bullish momentum, with the potential to test lifetime highs. On the downside, 54,980 remains immediate support, followed by 54,400 if selling pressure intensifies,' said Mehra.
Hrishikesh Yedve said that the Bank Nifty index formed a small green candle on the daily chart, indicating strength.
'On the upside, it is still facing resistance near the 56,000 – 56,100 zone. On the downside, 21-DEMA support is placed near 54,830. As long as the index remains above this level, it could attempt a relief rally towards 56,000 levels,' Yedve said.
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