Nifty 50, Sensex today: What to expect from Indian stock market in trade on January 28 amid DeepSeek concerns

The Indian stock market benchmark indices, Sensex and Nifty 50, are likely to see a cautious opening on Tuesday, tracking weak global market cues amid sell-off in technology stocks in US and Asian markets.

The trends on Gift Nifty indicate a positive start for the Indian benchmark index. The Gift Nifty was trading around 22,915 level, a premium of nearly 68 points from the Nifty futures’ previous close.

On Monday, the domestic equity market indices cracked over a percent each, with the Nifty 50 drifting below 22,900 level.

The Sensex crashed 824.29 points, or 1.08%, to close at 75,366.17, while the Nifty 50 settled 263.05 points, or 1.14%, lower at 22,829.15.

Nifty 50 formed a bearish candle on the daily frame and has been making lower lows from the last two sessions.

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

Sensex Prediction

The Indian stock market benchmark indices extended their losses, with the Sensex tanking by 824.29 points to close at 75,366.17 on Monday.

“Technically, after a gap-down opening, the market consistently faced selling pressure at higher levels and formed a bearish candle on daily charts, closing below the 76,300 mark, which is largely negative. We believe that the current market texture is weak and volatile; therefore, level-based trading would be the ideal strategy for day traders. The 76,300 level for Sensex will be key to watch, as long as it trades below this threshold, weak sentiment is likely to continue,” said Shrikant Chouhan, Head Equity Research, Kotak Securities.

According to him, on the downside, the market could slip to 75,200 – 74,800, however, if it rises above 76,300, the sentiment may change. Above this level, a pullback formation is likely to continue until it reaches 76,700 – 76,900.

Nifty OI Data

Derivatives data revealed the highest Nifty Call OI (Open Interest) at the 23,000 and 23,300 levels, indicating strong resistance in this range. Meanwhile, the highest put OI was concentrated at 22,500, suggesting a tightly contested support level. This highlights the cautious stance of traders amid the current market volatility, said Mandar Bhojane, Equity Research Analyst at Choice Broking.

Nifty 50 Prediction

Nifty 50 index dropped 263.05 points, or 1.14%, to close at 22,829.15 on January 27, forming a bearish candle on the daily timeframe.

“Nifty 50 index has slipped from its recent consolidation on the daily chart, heightening pessimism across the Indian equity market. Sentiment is likely to favor bearish trades in the short term, particularly as long as the Nifty 50 index remains below 23,000. On the lower side, the prevailing weakness could potentially lead to a decline toward 22,500,” said Rupak De, Senior Technical Analyst at LKP Securities.

Mandar Bhojane highlighted that on the technical front, the Nifty 50 broke down from a 10-day consolidation phase, closing near the critical support level of 22,800.

“This indicates strong bearish momentum in the market. If the index sustains below 22,800, further corrections could take it towards the 22,500 and 22,200 levels. On the upside, immediate resistance is seen at 23,100 and 23,300, where the highest call OI is concentrated. Failure to breach these resistance levels could maintain the bearish trend,” said Bhojane.

He believes the market remains under pressure, with bearish momentum dominating near-term sentiment, and advises investors to monitor key support and resistance levels closely, as a breach of 22,800 on the downside or a breakout above 23,100 could determine the next directional move.

VLA Ambala, Co-Founder of Stock Market Today, expects the Nifty 50 index to see support levels between 22,550 and 22,350 and face resistance between 22,800 and 22,930 in today’s session.

Bank Nifty Prediction

Bank Nifty index plunged 303.15 points, or 0.63%, to close at 48,064.65 on Monday, forming a small-bodied candle on the daily scale with a long upper shadow as selling pressure was seen at higher zones.

“Bank Nifty index also opened with a gap down but showed buying interest near its previous swing low before closing negatively at 48,065. On the technical front, Bank Nifty found support near the recent swing low of 47,900. Sustaining above this level could pave the way for a pullback rally toward 49,000,” said Hrishikesh Yedve, AVP Technical and Derivatives Research at Asit C. Mehta Investment Interrmediates Ltd. (A Pantomath Group Company).

However, according to him, a breakdown below 47,900 may lead to further downside, with the potential to test 47,000 in the short term.

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.