Nifty 50 and Bank Nifty Price Projections Amid US-Iran Tensions and Ceasefire Talks

Market Expected to Remain Positive but Range-Bound

The Indian stock market continued its northward journey for the third consecutive session on Monday, with improvement in momentum indicators. The market is expected to remain positive but range-bound, with focus on developments related to possible ceasefire talks between the US and Iran. However, the sustainability of the uptrend is key from here, given the elevated India VIX and oil prices, which are keeping sentiment cautious.

Market breadth was dominated by bulls, with a total of 2,375 shares advancing against 626 declining shares on the National Stock Exchange of India.

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Nifty Outlook and Strategy

According to experts, the Nifty 50 has provided a breakout from a falling wedge pattern, which is a bullish reversal pattern. The India VIX has also declined from 28 levels, indicating a short-term bounce. The immediate target is 23,500, which is the 20-day moving average, while 22,500 is immediate support.

Strategy: Buy Nifty Futures at CMP and on dips near 22,700, with a stop-loss of 22,450, targeting 23,200 and 23,500.

Read also: US-Iran Tensions Spark Uptick in Oil Prices Amid Global Market Decline

Bank Nifty - Outlook and Positioning

The Bank Nifty has also provided a breakout from a falling wedge pattern and is now expected to move towards the 20-day moving average at around 54,200 levels. On the downside, support is placed at 51,000, and unless this level is broken, the short-term trend remains positive.

Strategy: Buy Bank Nifty Futures at current levels and on dips near 52,000, with a target of 54,000.

Expert Views

Jay Thakkar, Vice President & Head of Derivatives and Quant Research at ICICI Securities, suggests buying Nifty Futures above 23,090, with a stop-loss at 22,990, targeting 23,290.

Aditya Thukral, Founder & Analyst of AT Research & Risk Managers, recommends buying Bank Nifty Futures above 53,000, with a stop-loss at 52,800, targeting 53,400.

Somil Mehta, Head of Retail Research at Mirae Asset ShareKhan, suggests buying Bank Nifty Futures at CMP or on dips towards 52,000, with a stop-loss at 49,955 and upside targets of 54,150–55,550.