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Indian stock markets opened in the green today, buoyed by easing geopolitical tensions and firm global cues. As Nifty 50 and Sensex trade higher, can the rally withstand resistance levels ahead?
Nifty 50 trades at 25,096.35, up 50.20 points
New Delhi: On October 9, Indian benchmark indices Sensex and Nifty 50 opened on a positive note, tracking firm global cues after signs of de-escalation in the Israel-Hamas conflict. The easing geopolitical risk, coupled with a favorable trend in Gift Nifty, lifted investor sentiment early in the session.
Gift Nifty was trading near 25,152, showing a 32-point premium over the previous close of Nifty futures, indicating a supportive environment for Indian equities.
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As of the latest market update, Indian benchmark indices are trading in the green, reflecting modest gains. The Nifty 50 is up by 50.20 points or 0.20%, currently hovering at 25,096.35. The BSE Sensex has advanced by 130.28 points or 0.16%, trading at 81,903.94. The Nifty Bank index is showing marginal strength, up 25.35 points at 56,043.60.
Among sectoral indices, Nifty IT is outperforming with a gain of 111 points or 0.32%, standing at 35,343.20. However, the BSE Smallcap index is slightly in the red, down by 37.26 points or 0.07%, indicating cautious sentiment in the broader market.
Sensex gains 130.28 points
Despite opening higher, technical analysts remain cautious. The Sensex recently formed a reversal pattern on the daily chart, hinting at possible short-term weakness.
Experts suggest that as long as the index remains below 82,000, downside risks persist. A drop to 81,500 or even 81,000 cannot be ruled out. On the upside, reclaiming 82,000 could push the index toward 82,300–82,500.
Intraday volatility remains a concern, with analysts advising level-based trading strategies for short-term participants.
The Nifty 50, which had snapped its four-day winning streak on Wednesday, continues to show signs of consolidation. The index formed a red candle with a long upper shadow on the daily chart, signaling profit booking at higher levels.
Technical indicators show that the index faces strong resistance around 25,150–25,200, while support is placed near 24,950–24,900. Analysts believe that only a sustained breakout above 25,220 could open the door to 25,450 in the short term.
Despite the recent dip, the broader trend remains constructive, supported by the Nifty staying above its key moving averages and the midline of the Bollinger Band.
In the derivatives segment, open interest (OI) data reflects strong resistance at 25,100, where the highest call writing is observed. Meanwhile, the maximum put OI at 25,000 suggests solid support at that level. This setup reinforces a tight range-bound movement unless a breakout occurs.
The Bank Nifty index opened steady after falling 221 points on Wednesday, following a sharp six-session rally. The index formed a spinning top pattern on the chart, indicating market indecision.
Analysts note that the index remains above all key moving averages, but unless it crosses 56,300 convincingly, further gains may be capped. Resistance is seen between 56,300–56,400, while support is placed at 55,500–55,650.
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In the broader view, Bank Nifty is expected to consolidate between 55,500 and 56,500, building a base before attempting a move toward its all-time high of 57,300–57,600.
Thursday’s early optimism is fueled by easing global risks and stable technical patterns, but caution remains. Profit booking at resistance levels, especially near 25,200 on Nifty, and volatility in Bank Nifty could limit upside in the immediate term. However, the underlying bullish structure remains intact, and any dips may offer buy-on-dip opportunities for medium-term investors.
