Nifty 50, Sensex today: What to expect from Indian stock market in trade on October 31 | Stock Market News

The benchmark indices of the Indian stock market, Sensex and Nifty 50, are likely to open flat to negative on Thursday. Among global indicators, the US stock market finished lower on Wednesday. Among major US stock indices, Dow Jones finished 0.22 per cent lower, and tech-heavy Nasdaq corrected 0.56 per cent.

The trends on Gift Nifty also indicate a sideways to negative start for the Indian benchmark index. The Gift Nifty was trading around 24,303 level, a discount of nearly 3 points from the Nifty futures’ previous close.

On Wednesday, the Indian stock market benchmark indices ended half a percent lower each, with the Sensex slipping below 80,000-mark.

The Sensex plunged 426.85 points, or 0.53%, to close at 79,942.18, while the Nifty 50 settled 126.00 points, or 0.51%, lower at 24,340.85.

Nifty 50 formed a ‘Doji’ pattern on the daily chart, highlighting uncertainty among market participants. 

“The intraday range is coiling into a symmetrical triangle, suggesting that only a decisive breakout from key levels will drive momentum. With the monthly expiry, 24,500 stands as a tough resistance, and a sustained move above this could fuel traction toward 24,600 and beyond. Conversely, 24,200 followed by 24,100 are crucial support levels. Traders should watch these key levels and plan their trades accordingly,” said Rajesh Bhosale, Equity Technical Analyst, Angel One.

For the F&O expiry session, he expects heightened volatility and adjustments in many individual stocks. Bhosale advises traders to focus on stock-specific opportunities and be selective in their choices.

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

Nifty 50 Prediction

Nifty 50 failed to sustain above its resistance zone of 24,500 levels and ended 126 points lower on October 30.

“Short term charts for index remains in the oversold zone and minor short covering moves from current levels can be seen. However, on the higher side, index will continue to see stiff resistance around the 24,480 – 24,520 range and only a close above this will trigger another round of short covering that can take it towards 24,680 / 24,740 levels,” said Aditya Agarwal, Head of Derivatives & Technical Analysis at Sanctum Wealth.

On the lower side, he believes the Nifty 50 index will find immediate support around 24,280 / 24,240 levels and can see buying interest from there.

Rupak De, Senior Technical Analyst, LKP Securities believes the sentiment may stay sideways as long as Nifty 50 remains within the range of 24,250 to 24,500. 

“A decisive breakout from this range is likely to give direction to Nifty 50. On the lower end, supports are placed at 24,250 and 24,000, while resistances are seen at 24,500 and 24,750,” De said.

Bank Nifty Prediction

Bank Nifty index underperformed the frontline indices on Wednesday and closed 513.20 points, or 0.98%, lower at 51,807.50.

“After the last three days of outperformance over Nifty 50, the Bank Nifty index saw profit booking ahead of its monthly expiry and closed with loss of 1%. Overall, Bank Nifty structure remains positive and it will find support around the 51,400 / 51,200 range and dips towards those levels can be used to enter fresh longs,” Agarwal said.

According to him, on the higher side, 52,200 / 52,500 will be a strong supply zone for the Bank Nifty index.

Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.