Indian Stock Market Expected to Open Higher on May 29: Sensex, Nifty50, and Bank Nifty Predictions

Market Outlook: Indian Stock Market Expected to Open Higher on May 29

The Indian stock market benchmark indices, Sensex and Nifty50, are likely to open higher on Thursday, tracking positive cues from global markets. The trends on Gift Nifty also indicate a positive start for the Indian benchmark index.

Global Market Sentiment Improves

Sentiment in the global markets improved after the Manhattan-based Court of International Trade blocked President Donald Trump from imposing tariffs on countries under emergency powers law. This development is expected to boost market sentiment and encourage investors to take on more risk.

Sensex Prediction

Sensex hovered between 81,200 and 81,600 on Wednesday and formed a small bearish candle on daily charts, which indicates indecisiveness between the bulls and the bears. According to Shrikant Chouhan, Head Equity Research, Kotak Securities, “the intraday market texture is non-directional; perhaps traders are waiting for a breakout on either side. For day traders, now, 81,600 would be the immediate breakout level. Above this, Sensex is likely to retest the levels of 82,100 – 82,500. On the other hand, below 81,200 could accelerate selling pressure, with support levels at 80,800 – 80,400”.

Nifty50 and Bank Nifty Predictions

The Nifty50 index formed a modest bearish candle on Wednesday, declining 0.30% to end at 24,752.45. According to Om Mehra, Technical Research Analyst, SAMCO Securities, “Nifty50 failed to reclaim the 9 EMA and drifted closer to the 20 EMA, reflecting sustained selling pressure at higher levels. A double top pattern has emerged near the 25,000 zone, where the index has repeatedly faced rejection”. The Bank Nifty index gained 64.20 points, or 0.12%, to close at 55,417.00 on Wednesday, forming a small-bodied green candle amid a narrow trading range.

Key Support and Resistance Levels

• Sensex: 81,600 (breakout level), 82,100 – 82,500 (resistance levels), 80,800 – 80,400 (support levels)
• Nifty50: 25,000 (resistance level), 24,500 (support level), 24,312 (23.6 percent Fibonacci retracement level)
• Bank Nifty: 56,000 (resistance level), 55,900 (resistance level), 54,800 (support level)

Conclusion

The Indian stock market is expected to open higher on Thursday, driven by positive global cues. However, market participants should continue monitoring global cues and domestic macro data for further direction. The market is likely to remain range-bound in the near term, with key support and resistance levels to watch.