The Indian stock market benchmark indices, Sensex and Nifty 50, are expected to open positively on Wednesday, 5 August, amid positive global cues, and falling crude oil prices.
The Gift Nifty trends also indicated a gap-up start for the Indian benchmark index. The Gift Nifty was trading at around 24,733, a 177.4-point premium to the Nifty futures’ previous close.
On Tuesday, the Indian stock market ended lower, with the benchmark Nifty 50 closing above 24,600.
The Sensex dropped 210.08 points, or 0.27%, to close at 78,428.95, while the Nifty 50 settled 159.40 points, or 0.64%, lower at 24,614.90.
Here’s what to expect from Sensex, Nifty 50 and Bank Nifty today:
Sensex Prediction
The Sensex ended 210.08 points, or 0.27%, lower at 78,428.95. The benchmark opened with a sharp gap-up at 79,132.97 and touched an intraday high of 79,143.15 within the first minute of trade. However, persistent profit-booking dragged the index to an intraday low of 78,211.87 before it pared losses to settle at 78,428.95.
Hitesh Tailor, Technical Research Analyst at Choice Equity Broking Pvt. Ltd., said the Sensex witnessed selling pressure after the gap-up opening, resulting in the formation of a bearish candlestick on the daily chart. He noted that the index has slipped below its 200-day exponential moving average (EMA), indicating rejection at higher levels. However, it continues to trade above its 20-, 50-, and 100-day EMAs, suggesting the short- to medium-term trend remains positive. According to Tailor, the 77,700-78,000 zone will act as immediate support, while 78,900-79,200 remains a crucial resistance area for the index.
Nifty 50 Prediction
Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities, said the near-term trend of the Nifty 50 remains positive despite the recent weakness. According to Shetti, any decline towards the 24,400-24,300 zone, which coincides with the previous breakout area, could present a buy-on-dips opportunity based on the principle of change in polarity, where earlier resistance turns into support. He sees 24,700 as the immediate resistance level for the index.
Hitesh Rathi, Technical Analyst – Equity & Derivatives at Angel One, said the 24,450-24,350 zone is likely to provide immediate support in the event of further weakness. On the upside, he identified the 24,750-24,800 range, marked by Tuesday’s closing auction session (CAS) high, as the immediate resistance area. Rathi added that a decisive move above 24,820 would be required to confirm a sustained breakout and strengthen the near-term bullish outlook.
Bank Nifty Prediction
Bank Nifty ended the session at 57,907, down 0.58%.
Sudeep Shah, Head – Technical and Derivatives Research at SBI Securities, said the 58,200-58,300 zone will remain a key resistance area for Bank Nifty in the near term. According to Shah, a sustained move above 58,300 could trigger a fresh leg of the rally towards 58,800, followed by 59,200. On the downside, he identified the 57,400-57,300 zone as a crucial support band, adding that the broader positive trend is likely to remain intact as long as the index holds above this level.
Vatsal Bhuva, Technical Analyst at LKP Securities, said 57,450, which coincides with the 200-day moving average (DMA), is the immediate support for the index. He sees the 58,000-58,100 zone as the first resistance, followed by 58,400. Bhuva believes a buy-on-dips strategy remains favourable while the support level holds, but cautioned that the RBI’s monetary policy announcement could lead to heightened volatility in the upcoming trading session.
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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