Indian Stock Markets Likely to Open Higher Amid Positive Global Cues

The Indian stock market is expected to start on a positive note on Thursday, buoyed by strong global cues. Gift Nifty trends also signal a higher opening for the domestic indices, with the index trading around the 24,843 mark, roughly 80 points above the previous close of Nifty futures.
Global sentiment received a boost after the U.S. Court of International Trade in Manhattan blocked the Trump administration from enforcing tariffs on certain countries under emergency powers. This move lifted investor confidence across major markets.

On Wednesday, however, Indian equity benchmarks extended losses for a second straight session. The BSE Sensex fell by 239.31 points, or 0.29%, to close at 81,312.32, while the NSE Nifty 50 dropped 73.75 points, or 0.30%, to end at 24,752.45.

Sensex Outlook
The Sensex traded within a narrow band of 81,200 to 81,600 during the last session, forming a small bearish candlestick pattern on daily charts, indicating market indecisiveness.
Shrikant Chouhan, Head of Equity Research at Kotak Securities, observed that the market lacks clear direction for now. He stated, “If Sensex moves past 81,600, it could retest higher levels of 82,100 to 82,500. However, a break below 81,200 might trigger further selling, with potential support near 80,800 and 80,400.”

Nifty Derivatives Data
Open interest data from the derivatives market suggests that the highest call OI is at the 25,000 strike, while the highest put OI stands at 24,500. This positions the Nifty in a likely short-term trading range between 24,500 and 25,000. Analysts recommend closely watching global developments and domestic economic data for clearer trends.

Nifty 50 Forecast
The Nifty 50 index slipped by 0.30% on May 28 and formed a mild bearish candle on the daily chart. Technical indicators suggest persistent selling at higher levels, as the index failed to hold above the 9-day exponential moving average and neared the 20 EMA.

Om Mehra, Technical Research Analyst at SAMCO Securities, pointed out a double-top formation near the 25,000 level, indicating resistance. While the recent swing low of 24,460 remains intact, any breach could deepen the downtrend. He also noted that the 23.6% Fibonacci retracement at 24,312 could act as key support if selling intensifies.

“A confirmed breakout above 25,000–25,020 is essential to revive bullish momentum. Until then, the market sentiment remains cautious and directionless,” Mehra added.

Bank Nifty and Market Sentiment

While Bank Nifty-specific forecasts weren’t detailed, the overall mood remains one of watchfulness as traders await stronger signals to drive decisive moves. Both technical and macroeconomic indicators will play a crucial role in shaping the market’s short-term trajectory.