Nifty 50, Sensex prediction today: Check how Indian stock market is expected to trade on 14 July

The Indian stock market benchmark indices, Sensex and Nifty 50, are likely to open lower on Tuesday, tracking weak global market cues, as the ongoing US-Iran war continues to weigh on risk sentiment.

The trends on Gift Nifty also indicate a gap-down start for the Indian benchmark index. The Gift Nifty was trading around 24,044 level, a discount of nearly 199 points from the Nifty futures’ previous close.

On Monday, the Indian stock market indices ended marginally in green amid high volatility, with the benchmark Nifty 50 holding above 24,200 level.

The Sensex gained 47.01 points, or 0.06%, to close at 77,616.40, while the Nifty 50 settled 4.10 points, or 0.02%, higher at 24,211.00.

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

Sensex formed a bullish candle on the daily chart and recovered most of its morning losses.

“We are of the view that the 20-day SMA (Simple Moving Average) or 77,000 would act as a key support zone for short-term traders. As long as Sensex trades above this level, the uptrend wave is likely to continue. On the higher side, 77,800 would act as an immediate resistance for day traders. If the index successfully breaks that level, the rally could continue till 78,000 - 78,500,” said Shrikant Chouhan, Head Equity Research, Kotak Securities.

On the flip side, he believes below 77,000, the uptrend would become vulnerable, and traders may prefer to exit their long positions.

Mayank Jain, Market Analyst, Share.Market by PhonePe said that the support range of 76,400 – 76,600 stands as a reliable safety net for Sensex, and its ability to remain well above this floor despite severe global headwinds confirms its strength as a solid base.

“The 78,300 – 78,500 zone represents the immediate technical resistance. Sensex requires a decisive daily close above this boundary to unlock the next leg of its upward rally,” said Jain.

In the derivatives segment, the Nifty PCR stands at 1.10, reflecting a mildly bullish undertone.

“Significant Call Open Interest (OI) is concentrated at the 24,200 and 24,300 strikes, while notable Put Open Interest at the 24,000 and 24,100 strikes highlights a strong support base near the psychological 24,000 level,” said Hitesh Tailor, Technical Research Analyst at Choice Broking.

Nifty 50 formed a small-bodied bullish candle on the daily chart, reflecting resilience after a gap-down opening and continued buying interest at lower levels.

“A long positive candle was formed on the daily chart at the lows, which indicates a buy on dips opportunity in the market. Nifty 50 has been hovering within a high low range of 23,800 - 24,500 levels. Having bounced back from the lows, there is a higher possibility of Nifty 50 reaching towards the upper range of 24,500 levels in the short term,” said Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities.

According to him, the immediate support for Nifty 50 is placed at 24,000 levels.