The Indian stock market benchmark indices, Sensex and Nifty 50, are expected to open lower on Thursday, 13 August, amid mixed global cues.
The Gift Nifty trends also indicated a weak start for the Indian benchmark index. The Gift Nifty was trading at around 24,446.5, a 24-point premium to the Nifty futures’ previous close.
On Wednesday, the Indian stock market ended lower, with the benchmark Nifty 50 closing below 24,500.
The Sensex dropped 187.90 points, or 0.24%, to close at 77,966.35, while the Nifty 50 settled 35.75 points, or 0.15%, lower at 24,435.95.
Here’s what to expect from Sensex, Nifty 50 and Bank Nifty today:
Sensex Prediction
The Sensex ended Wednesday’s session at 77,966.35, declining 187.90 points, or 0.24%.
Sachin Gupta, VP – Technical Research at Choice Equity Broking, said the Sensex formed a bearish red candle on the daily chart, although the long lower wick indicated buying interest at lower levels. After failing to sustain above 78,000 during the opening phase, the index recovered from around 77,500 and found support near its 20- and 100-day EMAs, indicating underlying resilience.
Gupta noted that the RSI stood at 52.86, remaining above the neutral 50 level, while the PCR of 1.04 indicated a relatively balanced derivatives setup. He added that sustained support from the key EMAs could help limit further downside.
“From a broader perspective, the Sensex continues to trade in a sideways range between key support and resistance levels,” Gupta said. He highlighted 77,250–77,500 as the crucial support zone and 78,200–78,400 as the immediate resistance band. A sustained move above the resistance zone could help revive positive momentum, while a break below support may increase selling pressure.
Nifty 50 Prediction
Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities, said the downside pressure continued in the market amid concerns over rising international crude oil prices and the depreciation of the Indian rupee against the US dollar. The Nifty 50 witnessed volatility during the session, falling sharply in the first half before staging a sustained recovery later in the day. A 74-point surge during the closing call auction session helped the index recover most of its intraday losses and close well off the day’s low.
Shetti noted that the Nifty 50 formed a small negative candle with a long lower shadow on the daily chart, resembling a bullish hammer pattern. The index also managed to hold above the crucial support zone around 24,300 after briefly slipping below it on Wednesday, indicating buying interest at lower levels.
“The short-term trend of Nifty 50 continues to remain choppy with a weak bias,” Shetti said. He added that any further decline towards 24,300 could provide a buying-on-dips opportunity in the near term, while 24,600 remains the immediate resistance level to watch for a potential trend reversal.
Osho Krishan, Chief Manager – Technical & Derivative Research at Angel One, said the 24,350 level, corresponding to the 20-DEMA, is likely to act as the immediate support zone for the Nifty. The intraday swing low of 24,265 remains a crucial near-term support, and a decisive break below this level could intensify selling pressure and turn the short-term outlook bearish.
On the upside, Krishan highlighted the 24,550–24,600 zone as a key resistance area. He said a decisive and sustained move above this band would be required to revive bullish momentum and reinforce the positive bias.
“Until such a breakout materialises, maintaining a cautious stance on the benchmark index remains prudent,” Krishan said.
Bank Nifty Prediction
Bank Nifty recovered from its initial weakness and moved higher, supported by strong buying interest in PSU banks. However, the index faced resistance in the 57,750–57,790 zone and subsequently pared gains, slipping to an intraday low of 57,470.
Sudeep Shah, Head – Technical and Derivatives Research at SBI Securities, said the 58,300–58,400 zone is likely to act as the immediate resistance for Bank Nifty. A sustained move above this range could extend the index’s pullback towards 58,800, followed by 59,200 in the short term.
On the downside, Shah identified the 57,400–57,500 zone as the index’s immediate support area.
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.
