The Indian stock market benchmark indices, Sensex and Nifty 50, are expected to open flat on Friday, 21 August, amid mixed global cues.
The Gift Nifty trends also indicated a muted start for the Indian benchmark index. The Gift Nifty was trading at around 24,343.5, an 50.5-point premium to the Nifty futures’ previous close.
The domestic equity indices ended positively, snapping their seven-day losing streak in the previous session, with the benchmark Nifty 50 closing above the 24,200 level.
The Sensex gained 628.04 points, or 0.82%, to close at 77,537.72 , while the Nifty 50 settled 153.55 points, or 0.64 %, lower at 24,231.85.
Here’s what to expect from Sensex, Nifty 50 and Bank Nifty today:
Sensex Prediction
The Sensex staged a strong recovery on Thursday, closing at 77,537.72, up 628.04 points, or 0.82%.
Sachin Gupta, VP – Technical Research at Choice Equity Broking, said the index opened sharply higher and found support near the previous session’s resistance around 77,400 before closing above its 50-Day EMA, improving the near-term technical structure. The 100-Day EMA now remains the next key resistance, and a sustained move above this level could further strengthen the recovery.
On the derivatives front, Gupta noted that, on the expiry day, active 77,400 PE writers and 77,600 CE writers kept the index largely confined within this range. The RSI recovered to 48.97, though it remains below the neutral 50 level and its RSI-based moving average of around 54.64, suggesting that momentum has improved but is yet to turn decisively positive. Meanwhile, the PCR at 1.13 indicates relatively supportive market positioning.
According to Gupta, the broader outlook remains sideways, although Thursday’s sharp rebound has offered relief following the recent correction. Sustaining above the 77,000–77,365 support zone will be crucial, while a decisive breakout above 77,720–78,000 could pave the way for further gains. Failure to cross the 100-Day EMA and the immediate resistance zone, however, may keep the Sensex in a consolidation phase.
Nifty 50 Prediction
Ponmudi R, CEO of Enrich Money, said the Nifty 50 is likely to remain range-bound after snapping its seven-session losing streak, as the index continues to trade below key short-term moving averages. He believes stronger follow-through buying will be necessary to confirm a sustained reversal.
According to Ponmudi, the 24,200–24,300 zone will act as immediate resistance, while a sustained move above 24,400 could strengthen the recovery and potentially push the index towards 24,500 and higher levels. Until then, the Nifty 50 may remain in a consolidation phase, with selling pressure likely to emerge at higher levels.
On the downside, 24,100–24,150 remains the immediate support zone, followed by the crucial 24,000 mark. A decisive break below 24,000 could revive the short-term bearish trend and expose the index to further downside. Overall, Ponmudi expects the near-term outlook to remain cautious to range-bound, with sustained buying above 24,400 needed to establish stronger bullish momentum.
Hitesh Rathi, Technical Analyst – Equity & Derivatives at Angel One, said the recent selling pressure appears to have paused, but it is still premature to conclude that the market has decisively turned bullish.
According to Rathi, the 24,300–24,400 zone remains a significant overhead hurdle. The hesitant buying seen after the gap-up opening, along with the formation of a Doji candle on the daily chart, indicates a lack of clear directional conviction.
He said a higher low following a successful retest of the 24,200–24,100 zone would offer stronger confirmation of a potential trend reversal. However, the near-term outlook remains cautiously positive as long as the crucial 24,050–24,000 support zone holds.
Rathi believes investors can consider accumulating on dips as long as the key support remains intact. From a technical perspective, 24,150 is the immediate support, followed by a stronger cushion at 24,040–24,000. On the upside, immediate resistance is placed at 24,250–24,350, with a stronger hurdle emerging in the 24,400–24,450 zone.
Bank Nifty Prediction
Sudeep Shah, Head – Technical and Derivatives Research at SBI Securities, said Bank Nifty continues to trade within a narrow 884-point range, reflecting a lack of clear directional momentum in recent sessions.
According to Shah, the key moving averages remain largely flat, while momentum indicators and oscillators also point to a sideways trend in the near term.
Going forward, he expects the 57,800–57,900 zone to act as a crucial resistance area, while 57,100–57,000 remains an important support zone. Shah said a decisive breakout above 57,900 could trigger fresh upside momentum, while a breakdown below 57,000 may lead to further weakness. Either move could set the tone for Bank Nifty’s next major directional 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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