The Indian stock market benchmark indices, Sensex and Nifty 50, are expected to open higher on Wednesday, 29 July, in line with stable global market cues.
The Gift Nifty trends also indicate a gap-up start for the Indian benchmark index. The Gift Nifty was trading around 24,215 level, a premium of 116.2 points from the Nifty futures’ previous close.
On Tuesday, the Indian stock market ended flat, with the benchmark Nifty 50 closing below 24,000 level.
The Sensex dipped 69.86 points, or 0.09%, to close at 76,765.92, while the Nifty 50 settled 10.60 points, or 0.04%, lower at 24,003 . 75.
Here’s what to expect from Sensex, Nifty 50 and Bank Nifty today:
Sensex Prediction
The Sensex ended a volatile trading session marginally lower, slipping 69.86 points, or 0.09%, to close at 76,765.92. The benchmark index traded in a narrow range during the day, hitting an intraday high of 76,988.48 and a low of 76,672.77, before settling nearly flat.
Sachin Gupta, Vice President – Technical Research at Choice Equity Broking, said the 76,200–76,300 zone remains the immediate support for the Sensex, while 77,200–77,300 is the key resistance area. According to him, the ongoing recovery attempt is likely to remain intact as long as the index sustains above the support zone.
Gupta added that a decisive breakout above 77,200–77,300 could trigger fresh buying interest and propel the Sensex towards the 77,700–78,000 zone. On the downside, a breach below 76,200 may invite renewed selling pressure, potentially dragging the index towards 75,800.
Overall, Gupta believes the Sensex remains in a consolidation phase with a sideways-to-positive bias, with a sustained hold above the 76,200–76,300 support zone and a convincing breakout above 77,200–77,300 likely to determine the next leg of the market’s upmove.
Nifty 50 Prediction
Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities, said the Nifty 50 entered a consolidation phase on Tuesday after Monday’s sharp rally, amid weak global market cues. He noted that the index formed a small bullish candlestick with a minor upper shadow on the daily chart, indicating choppy price action near the crucial 24,000–24,100 resistance zone, consistent with the concept of a change in polarity.
According to Shetti, the short-term trend for the Nifty remains positive despite the ongoing consolidation. However, with the index positioned near a key overhead resistance, he expects the market to see further consolidation or a minor pullback in the near term before attempting a decisive breakout above the 24,100 level.
Hitesh Rathi, Technical Analyst – Equity & Derivatives at Angel One, said he expects the Nifty 50 to first retest the 23,750–23,600 demand zone before attempting a meaningful move higher. According to him, only a successful defence of this support cluster would confirm that buyers have regained control of the market.
Rathi noted that the higher timeframe charts continue to indicate a broadly sideways trend, and expects the index to remain range-bound until a decisive breakout emerges.
From a technical perspective, he identified the 24,050–24,100 zone as the immediate resistance, followed by a stronger hurdle in the 24,250–24,350 range. On the downside, 23,880–23,800 is expected to act as the first support zone, while 23,700–23,600 remains a stronger support area.
Bank Nifty Prediction
The Bank Nifty opened on a weak note and traded lower during the first half of the session. Although the index staged a sharp intraday recovery, the 57,030–57,060 zone acted as a strong resistance, leading to fresh selling pressure. The banking index eventually settled at 56,756, down 0.58% for the day.
Sudeep Shah, Head – Technical and Derivatives Research at SBI Securities, said the immediate resistance for Bank Nifty is placed in the 57,200–57,300 zone. According to him, a sustained move above this hurdle could extend the ongoing pullback towards 57,700, followed by the 58,000 level in the short term.
On the downside, Shah identified the 56,200–56,300 zone as the immediate support area, which is likely to be crucial in determining the index’s near-term trend.
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.
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