Nifty 50, Sensex prediction today: Check how Indian stock market is expected to trade on 9 July

The Indian stock market benchmark indices, Sensex and Nifty 50, are likely to open higher on Thursday amid short-covering after a sharp selloff in the previous session as investors remain cautious over the renewed US-Iran war tensions and rising crude oil prices.

The trends on Gift Nifty also indicate a positive start for the Indian benchmark index. The Gift Nifty was trading around 23,980 level, a premium of nearly 68 points from the Nifty futures’ previous close.

On Wednesday, the Indian stock market ended sharply lower, amid escalation in the US-Iran war and rising crude oil prices, with the benchmark Nifty 50 slipping below 23,900 level.

The Sensex crashed 1,677.12 points, or 2.15%, to close at 76,503.60, while the Nifty 50 settled 516.65 points, or 2.12%, lower at 23,882.05.

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

Sensex formed a long bearish candle on daily charts, indicating further weakness from the current levels.

“We are of the view that the short-term texture of the market has changed to negative from positive, and for day traders, selling on rallies would be the ideal strategy. For day traders, 77,000 and 77,100 would act as immediate resistance levels for the bulls. As long as Sensex is trading below these levels, weak sentiment is likely to continue on the downside,” said Shrikant Chouhan, Head Equity Research, Kotak Securities.

He believes Sensex could retest the level of the 50-day SMA (Simple Moving Average), around 76,000, and further downward movement may also continue, which could drag the index to 75,800.

“On the flip side, above 77,100, the sentiment could change. If Sensex moves above this level, a pullback could continue till 77,400 - 77,500. The current market texture is volatile; hence, level-based trading would be the ideal strategy for day traders,” said Chouhan.

In the derivatives segment, significant Call Open Interest (OI) was concentrated at the 24,000 and 24,200 strikes, indicating immediate resistance, while notable Put Open Interest was observed at the 24,700 and 24,800 strikes, suggesting positional support at higher levels despite the sharp decline.

Nifty 50 index formed a strong bearish candlestick on the daily chart, confirming rejection from higher levels and signalling weakness in the near term.

“A long bear candle was formed on the daily chart, which has surpassed the last five days’ up move in one session, which indicates a faster downside retracement. The short-term trend of Nifty 50 has turned down sharply, while the medium to long term trend remains positive,” said Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities.

According to him, further weakness down to the immediate support of 23,600 could offer base for the market and the Nifty 50 could bounce from the lows. Immediate resistance is placed at 24,100.

Mayank Jain, market analyst, Share.Market by PhonePe noted that the support for Nifty 50 lies at 23,500 – 23,400 levels.

“A slide below the psychological 24,000 mark may shift near-term momentum completely to the bears. A failure to hold the immediate 23,400 support could potentially open the doors for a deeper correction toward 23,000. Immediate overhead resistance may now stand at 24,000. Beyond that, the 24,250 – 24,350 corridor is likely to act as the primary supply zone,” said Jain.