The Indian stock market has experienced significant volatility recently, with Nifty 50 and Bank Nifty showing considerable fluctuations. As the global and domestic market conditions continue to evolve, investors and traders are left wondering if Nifty 50 can reclaim 23,000 and if Bank Nifty can surpass 51,000 in the face of uncertainty.
In today’s trading session, both the Nifty 50 and Bank Nifty opened with a gap-up, indicating positive sentiment at the start. However, as the session progressed, both indices faced a sell-off, leading to a decline in their intraday gains. Currently, they are trading below their day’s opening levels, reflecting a reversal of early optimism and signaling increased market volatility.
Index Overview
The Nifty Index opened at Rs. 22,446.75, with a gap-up of up to 1.25 percent from its previous close of Rs. 22,161.60. The index reached a high of Rs. 22,577.55 but is currently trading below its opening price.
The BankNifty Index opened at Rs. 50,388.55, with a gap-up of up to 1.05 percent from its previous close of Rs. 49,860.10. The index reached a high of Rs. 50,793.70 but is currently trading below its opening price.
Experts’ Outlook on Nifty and Banknifty
According to experts, the nervousness, along with consolidation in the market, is expected to persist as long as the Nifty 50 stays below the 23,000 mark and the Bank Nifty needs to sustain above the 49,000 mark, the key support zone, to rally toward 50,500.
Jay Thakkar, VP & Head of Derivatives at ICICI Securities
He noted that Nifty opened with a gap down yesterday, hitting a fresh low of 21,744, but closed at 22,161, showing some recovery. The previous rise has been sold into, indicating a downtrend.
The short-term range is 22,000–22,500, with resistance at 22,500 and support at 21,800. India VIX has surged, signaling increased volatility. Based on these observations, the overall trend remains bearish in the short to medium term unless 23,000 levels are taken off on the upside.
The Bank Nifty is outperforming the Nifty 50, holding above key support levels and showing positive momentum. The RBI’s upcoming monetary policy and potential rate cuts could further boost market sentiment. The short-term range for the Bank Nifty is 50,000–52,000, with immediate support at 49,500. The outlook remains positive for the sector in the near term.
Jigar S Patel, Senior Manager – Equity Research at Anand Rathi
He stated that the Nifty 50 saw a sharp decline on Monday but remains above the critical support level of 21,800. This level marks the confluence of a falling channel and a rising channel. The index’s Immediate resistance is at 22,300–22,800, and a close below 21,800 would trigger a major sell-off. The major outlook depends on holding the 21,800 support.
The Bank Nifty fell over 2,000 points on Monday but held above the critical 49,000 support, which aligns with the 61.8 percent Fibonacci retracement level. If it stays above 49,000, a recovery towards 50,500–51,500 is expected. The Key resistance is at 50,000 and 50,500, and they believe a break below 49,000 would signal further weakness.
Written by Sridhar J
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