Nifty 50, Sensex prediction today: Check how Indian stock market is expected to trade on 10 July

The Indian stock market benchmark indices, Sensex and Nifty 50, are likely to open higher on Friday, tracking upbeat cues from global markets, as US and Iran continue technical-level talks, easing concerns over a broader escalation in the Middle East war.

The trends on Gift Nifty also indicate a positive start for the Indian benchmark index. The Gift Nifty was trading around 24,115 level, a premium of nearly 116 points from the Nifty futures’ previous close.

On Thursday, the Indian stock market ended higher, led by short-covering, with the benchmark Nifty closing above 23,900 level

The Sensex rose 238.22 points, or 0.31%, to close at 76,741.82, while the Nifty 50 settled 80.75 points, or 0.34%, higher at 23,962.80.

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

Sensex formed a small bodied candle with a longer upper shadow on the daily chart, indicating selling pressure at higher levels

“Sensex continues to hold above the crucial 50-Day EMA, a level that has repeatedly acted as a reliable support zone in recent sessions, reinforcing the short-term positive structure. Momentum indicator RSI is placed at 51.02, holding above the midpoint, indicating improving momentum while leaving room for further upside,” said Hitesh Tailor, Technical Research Analyst at Choice Equity Broking.

Going ahead, he believes 76,000 – 76,200 is expected to act as an immediate support zone, while 77,000 – 77,300 remains the key resistance range for Sensex.

“The broader trend remains cautiously positive as long as Sensex sustains above the 76,000 – 76,200 support zone. A decisive move above 77,000 – 77,300 could strengthen bullish momentum and pave the way for further upside, while failure to cross this hurdle may keep Sensex range-bound with intermittent profit booking,” said Tailor.

On the Nifty options front, maximum Call Open Interest (OI) is at 24,500 then 24,300 strike, while maximum Put OI is at 24,000 then 23,500 strike. Call writing is seen at 24,100 then 24,050 strike while Put writing is seen at 24,000 then 24,050 strike.

“Option data suggests a broader trading range in between 23,500 to 24,500 zones, while an immediate range between 24,800 to 24,300 levels,” said Chandan Taparia Head Derivatives & Technicals, Wealth Management, Motilal Oswal Financial Services Ltd.

Nifty 50 index formed a bullish candlestick with an upper shadow on the daily timeframe, indicating buying support at lower levels while also highlighting some resistance near higher levels.

“A small positive candle was formed on the daily chart with a long upper shadow. Technically, this market action indicates a formation of an ‘inverted hammer’ type candle pattern. Normally, such formation, after a decline, could be considered as a bullish reversal in nature post confirmation,” said Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities.

According to him, the underlying short-term trend of Nifty 50 remains choppy with weak bias, but there is an indication of a bounce back from near the support of 23,800 levels for the short term.

“Further sustainable upside above 24,200 - 24,300 levels is likely to bring more short covering in the market,” said Shetti.