Nifty 50, Sensex Forecasts for 29 May: Indian Stock Market Trading Outlook

Volatile Market Ahead: Sensex and Nifty 50 to Remain Cautious on Friday

The Indian stock market benchmark indices, Sensex and Nifty 50, are expected to remain volatile on Friday as investors remain cautious over the fragile US-Iran peace deal. The trends on Gift Nifty indicate a gap-down start for the Indian benchmark index, with the Gift Nifty trading around 23,887, a discount of nearly 109 points from the Nifty futures' previous close.

The BSE and NSE were closed for a stock market holiday on Thursday due to Bakri Id. On Wednesday, the Indian stock market extended losses for the second consecutive session, with the benchmark Nifty 50 holding above 23,900 level. The Sensex fell 141.90 points, or 0.19%, to close at 75,867.80, while the Nifty 50 settled 6.55 points, or 0.03%, lower at 23,907.15.

Sensex and Nifty 50 Predictions

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Sensex formed a small candle on the daily charts and showed non-directional activity on intraday charts, indicating indecisiveness between the bulls and the bears. According to Shrikant Chouhan, Head Equity Research, Kotak Securities, the short-term market texture is positive, but a fresh uptrend rally is possible only after the dismissal of 76,200. Post a 76,200 breakout, Sensex could move up to 76,800 - 77,000. On the flip side, below the 20-day SMA or 75,700, selling pressure is likely to accelerate.

Nifty 50 index formed a gravestone doji-like candlestick pattern on the daily timeframe, indicating indecisiveness at higher levels after the recent recovery. Ponmudi R, CEO, Enrich Money, noted that the 23,800 region remains an important immediate support zone, and a decisive break below this area could extend weakness toward the 23,600 – 23,500 levels. On the upside, the 24,000 – 24,100 range continues to act as a strong resistance band.

Bank Nifty Prediction

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Bank Nifty ended 239.05 points, or 0.43%, lower at 54,853.85 on Wednesday, forming a small-bodied bearish candle with a noticeable upper wick on the daily chart, indicating weakness at higher levels and an inability to sustain gains. According to Sudeep Shah, Head - Technical and Derivatives Research at SBI Securities, the immediate resistance for Bank Nifty is placed in the 55,200 - 55,300 zone.

Om Mehra, Technical Research Analyst, SAMCO Securities, highlighted that the Bank Nifty index continues to hold above the middle Bollinger Band, keeping the short-term recovery setup intact. The RSI is placed near 51, sustaining above the neutral zone. The MACD line remains in positive territory.