The Indian stock market benchmark indices, Sensex and Nifty 50, are expected to open positively on Monday, 3 August, amid easing crude oil prices.
The Gift Nifty trends also indicated a gap-up start for the Indian benchmark index. The Gift Nifty was trading around 24,589.5, a premium of 137 points from the Nifty futures’ previous close.
On Friday, the Indian stock market ended higher, with the benchmark Nifty 50 closing below 24,400.
The Sensex jumped 166.49 points, or 0.21%, to close at 78,094.64, while the Nifty 50 settled 66.45 points, or 0.27%, higher at 24,383.60.
Here’s what to expect from Sensex, Nifty 50 and Bank Nifty today:
Sensex Prediction
The Sensex closed 166.49 points, or 0.21%, higher at 78,094.64 on Friday, extending its gains for the third straight trading session.
According to Sachin Gupta, VP – Technical Research at Choice Equity Broking, the Sensex continues to exhibit a positive technical structure, with the 77,800-77,600 zone acting as immediate support. Gupta said the broader bullish trend is likely to remain intact as long as the index holds above this support band.
On the upside, he expects the 78,300-78,500 zone to act as the immediate resistance. A sustained breakout above this range could pave the way for the next leg of the rally, with the Sensex potentially advancing towards the 78,800-79,000 levels.
Nifty 50 Prediction
The Nifty 50 extended its winning streak for the third consecutive session on Friday, ending 66 points higher as buying momentum remained intact.
According to Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities, the index is currently hovering near a crucial resistance zone of 24,350-24,400, where multiple technical hurdles converge, including the 8 July gap-down opening, the 17 July swing high, and the 200-day exponential moving average (EMA). Shetti said the Nifty 50 may witness a phase of consolidation or a minor pullback around these levels before attempting a decisive breakout.
He added that the underlying short-term trend remains positive, and a sustained move above 24,400 could trigger a sharp rally towards the 24,600-24,700 zone. On the downside, 24,200 is expected to serve as immediate support.
According to Hitesh Rathi, Technical Analyst – Equity & Derivatives at Angel One, the Nifty 50 continues to trade within a broader sideways consolidation on higher time frames. Rathi said a decisive breakout above the 24,550-24,600 resistance zone would strengthen the near-term bullish outlook, while only a sustained move beyond 24,650-24,700 would confirm a meaningful trend reversal.
He noted that such a breakout would invalidate several prevailing bearish chart patterns, decisively shift momentum in favour of the bulls, and open the door to a sustained upmove. Until then, Rathi recommends a wait-and-watch approach, given the index’s proximity to key overhead resistance levels.
On the downside, he expects the 24,200-24,250 zone to provide immediate support, followed by a stronger support band at 23,950-23,980.
Bank Nifty Prediction
Bank Nifty opened with a gap down on Friday and remained under pressure during the first half of the session, slipping to an intraday low of 56,769. However, buying interest at lower levels helped the index recover most of its losses, with Bank Nifty eventually settling at 57,148, down 0.10% for the day.
According to Sudeep Shah, Head – Technical and Derivatives Research at SBI Securities, the 57,500-57,600 zone will act as the immediate resistance for Bank Nifty. Shah said a sustained breakout above this range could extend the ongoing pullback towards 58,000, with 58,400 to follow in the near term.
On the downside, he expects the 56,600-56,700 zone to provide immediate support, likely acting as a key cushion if the index sees fresh selling pressure.
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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