The Indian stock market is expected to open higher on Wednesday, buoyed by positive global cues. Trends on the Gift Nifty indicate a gap-up start, trading around 25,962, nearly 150 points above the previous Nifty futures close. On Tuesday, markets extended their rally, with Sensex rising 335.97 points (0.40%) to 83,871.32 and Nifty 50 gaining 120.60 points (0.47%) to 25,694.95.
For Sensex, support levels are seen at 83,500 and 83,300, while resistance is around 84,000–84,300. A drop below 83,300 may weaken the uptrend, according to Kotak Securities. Nifty 50 shows bullish momentum with a long lower shadow on the daily chart, signaling buying interest. Analysts see the next upside target at 26,000–26,100, with support at 25,500–25,450. A decisive close above 25,800 could reinforce bullish sentiment.
Bank Nifty also formed a bullish candle, closing 200.60 points higher at 58,138.15. Support lies near 57,590, while resistance is around 58,580–59,000. Analysts advise a buy-on-dips approach, noting that sustained moves above 58,400 may trigger a sharp upside rally, while the 57,600–57,700 zone could provide short-term support.