Indian Stock Market Outlook: What to Expect from Nifty 50 and Sensex on March 5

Indian Stock Market Outlook for Thursday

Sensex and Nifty 50 Expected to Open Higher

The Indian stock market benchmark indices, Sensex and Nifty 50, are likely to open higher on Thursday, tracking gains in global markets. The trends on Gift Nifty indicate a positive start for the Indian benchmark index, trading around 24,725 level, a premium of nearly 140 points from the Nifty futures' previous close.

Previous Day's Performance

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On Wednesday, the Indian stock market ended sharply lower, extending its slump amid the US-Iran war jitters, with the benchmark Nifty 50 closing below 24,500 level. The Sensex crashed 1,122.66 points, or 1.40%, to close at 79,116.19, while the Nifty 50 settled 385.20 points, or 1.55%, lower at 24,480.50.

Market Predictions

Sensex Prediction

• 78,500 is expected to act as a key support zone.
• If Sensex sustains above this level, the immediate resistance would be at 79,500.
• Above 79,500, the index could move up to 80,000 - 80,500.
• Conversely, a decline below 78,500 could change the sentiment.

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Nifty 50 Prediction

• The underlying trend of Nifty 50 remains weak amidst global geo-political tension.
• The index has formed a reasonable green candle on the daily chart with gap down opening and upper and lower shadow.
• Immediate resistance is placed at 24,600.

Bank Nifty Prediction

• The immediate support is placed in the 58,200 - 58,100 zone.
• Any sustainable move below this zone could result in Bank Nifty extending its weakness towards 57,700, followed by 57,300 in the short term.
• On the upside, the zone of 59,200 - 59,300 zone is likely to act as an immediate resistance.