Breaking News:Nifty 50, Sensex today: What to expect from Indian stock market in trade on January 22– What Just Happened

The Indian stock market benchmark indices, Sensex and Nifty 50, are likely to open higher on Thursday, tracking a rally in global markets, on signs of cooling tensions over Greenland. US President Donald Trump said he has reached a framework of a deal on Greenland and backed down on his threats to impose tariffs on European countries.

The trends on Gift Nifty also indicate a gap-up start for the Indian benchmark index. The Gift Nifty was trading around 25,362 level, a premium of nearly 184 points from the Nifty futures’ previous close.

On Wednesday, the Indian stock market ended lower amid high volatility, with the benchmark Nifty closing below 25,200 level.

The Sensex dropped 270.84 points, or 0.33%, to close at 81,909.63, while the Nifty 50 settled 75.00 points, or 0.30%, lower at 25,157.50.

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

Sensex Prediction

Sensex formed a long-legged Doji candlestick on daily charts, indicating indecisiveness between the bulls and the bears.

“We believe that, given the intraday market volatility, level-based trading would be an ideal strategy for day traders. On the downside, 81,700 and 81,500 would act as key support zones, while 82,600 and 83,000 could serve as key resistance levels for the bulls. However, if Sensex falls below 81,500, sentiment could change. Below this level, traders may prefer to exit their long positions,” said Shrikant Chouhan, Head Equity Research, Kotak Securities.

Mayank Jain, Market Analyst, Share.Market (PhonePe Wealth), believes that the technical structure remains weak as Sensex continues to trade below its short-term moving averages.

“The sharp reversal from the 81,100 zone highlights this as a primary demand area. A breach below this may open the doors for a slide toward 80,500. Heavy Call Open Interest (OI) at 82,500 indicates that traders are capping the upside for now,” said Jain.

According to him, the immediate support for Sensex is at 81,000 – 81,100 levels, while immediate resistance is at 82,500 – 82,600.

Nifty OI Data

The 25,000 mark is a vital psychological base for Nifty 50.

“The highest Put OI is concentrated at 25,000, significantly increasing the level’s technical importance. Aggressive Call writing at the 25,500 strike suggests that this level will act as a major barrier to any upward momentum,” said Jain.

Nifty 50 Prediction

Nifty 50 index has formed a doji (indecision) candle with wicks on both sides, highlighting indecision and a lack of clear control by either bulls or bears at the close.

“A small green candle has been formed on the daily chart with long upper and lower shadows. Technically, this market action indicates a formation of doji type candle pattern (not a classical one), which is reflecting ongoing volatility in the market. Normally, a formation of doji after a reasonable decline calls for a reversal post confirmation,” said Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities.

According to him, the underlying trend of market continues to be weak, and Nifty 50 is finding difficulty in sustaining above the crucial support of 25,150 levels (200day EMA).

“Further weakness below 24,900 could possibly drag Nifty 50 down to 24,500 in the near term. However, a sustainable upmove above 25,200 is likely to open short term bounce back in the market,” said Shetti.

Nilesh Jain, Head – Technical and Derivatives Research Analyst (Equity Research), Centrum Broking Ltd. noted that the Relative Strength Index has entered deeply oversold territory at 28, suggesting the potential for a short-term pullback.

“However, the broader trend remains weak as long as the Nifty 50 trades below its 100-DMA at the 25,580 level. Key immediate supports are positioned at 25,120 and subsequently at 25,000. Adding to the prevailing cautious sentiment, the India VIX rose by 7%, closing at 13.60, indicating increased market uncertainty,” said Jain.

Bank Nifty Prediction

Bank Nifty ended the session 603.90 points, or 1.02%, lower at 58,800.30 on Wednesday, forming a clear lower-high, lower-low structure on intraday charts.

“Bank Nifty index finally consolidated between 58,800 – 59,000, highlighting persistent supply at higher levels. The broader technical structure remains bearish, with upside restricted unless the index decisively regains 59,200 – 59,300. Failure to hold current levels may expose the index to further downside in the near term,” said Ponmudi R, CEO of Enrich Money.

Sudeep Shah, Head – Technical and Derivatives Research at SBI Securities highlighted that the Bank Nifty index slipped below its 50-day EMA of 59,040.

“Momentum indicators continue to weaken, with the RSI in a declining mode and hovering near the 40 level. Additionally, DI- crossing below DI+ suggests that bearish momentum is gradually strengthening. Unless Bank Nifty decisively reclaims its 50-day EMA and the broken trendline, the probability of a strong pullback remains limited,” said Shah.

Going ahead, he believes, the 100-Day EMA zone of 58,200 – 58,100 will act as an immediate support for Bank Nifty, and any sustained move below the 58,100 level could lead to Index extending its down move further towards the 57,800 level. On the upside, the zone of 59,100 – 59,200 will act as an immediate resistance.

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.