The Indian stock market benchmark indices, Sensex and Nifty 50, are expected to open flat-to-positive on Friday, 31 July, amid positive global market cues.
The Gift Nifty trends also indicate a flat-to-positive start for the Indian benchmark index. The Gift Nifty was trading around 24,428, a premium of 70 points from the Nifty futures’ previous close.
On Thursday, the Indian stock market ended higher, with the benchmark Nifty 50 closing above 24,300.
The Sensex jumped 273.55 points, or 0.35%, to close at 77,928.15, while the Nifty 50 settled 66.95 points, or 0.28%, higher at 24,317.15.
Here’s what to expect from Sensex, Nifty 50 and Bank Nifty today:
Sensex Prediction
The BSE Sensex ended Thursday’s session on a positive note, gaining 273.55 points, or 0.35%, to close at 77,928.15, after witnessing a volatile trading session marked by intraday swings.
According to Hitesh Tailor, Technical Research Analyst at Choice Equity Broking Pvt. Ltd., the Sensex appears to be consolidating within a well-defined range following its recent recovery. He said the 77,400–77,500 zone is likely to provide immediate support and cushion any near-term decline.
On the upside, 78,300–78,600 remains a key resistance or supply zone. Tailor noted that a decisive close above this range could trigger fresh buying momentum and extend the rally, while failure to break past the resistance may keep the index confined to a range in the near term.
Nifty 50 Prediction
According to Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities, the short-term trend of the Nifty 50 remains positive. He expects the index to witness minor consolidation around the 24,300 level over the next one to two sessions, following which it could attempt a decisive breakout towards the 24,600-24,700 zone. Shetti identified 24,150 as the immediate support level.
Meanwhile, Hitesh Rathi, Technical Analyst – Equity & Derivatives at Angel One, said the Nifty needs a convincing breakout above the 24,350-24,450 resistance zone to confirm a short-term trend reversal. He added that the broader market structure remains range-bound, and a sustained move above 24,600 would further reinforce bullish momentum and signal a resumption of the primary uptrend.
Rathi advised investors to avoid initiating new long positions until these key resistance levels are decisively breached, particularly as the index is trading near major overhead hurdles. On the downside, he expects 24,250-24,200 to act as immediate support, followed by a stronger support zone in the 23,970-23,900 range.
Bank Nifty Prediction
According to Sudeep Shah, Head of Technical and Derivatives Research at SBI Securities, Bank Nifty continues to maintain a positive undertone, with the 57,500-57,600 zone emerging as the immediate resistance.
Shah said a sustained move above this resistance band could extend the ongoing pullback towards 58,000, with the next upside target placed around 58,400 in the near term. On the downside, he expects the 56,700-56,600 zone to provide immediate support and act as a key cushion against any short-term weakness.
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.
