The Indian stock market benchmark indices, Sensex and Nifty 50, are expected to open lower on Thursday, 27 August, amid mixed global cues.
The Gift Nifty trends also indicated a red start for the Indian benchmark index. The Gift Nifty was trading at around 24,358.5, a 70-point discount to the Nifty futures’ previous close.
The domestic equity indices ended lower in the previous session, with the benchmark Nifty 50 closing below 24,250 level.
The Sensex fell 183.15 points, or 0.24%, to close at 77,472.94, while the Nifty 50 settled 126.80 points, or 0.52%, lower at 24,207.75.
Here’s what to expect from Sensex, Nifty 50 and Bank Nifty today:
Sensex Prediction
The BSE Sensex closed at 77,472.94, down 183.15 points, or 0.24%, on Wednesday, 27 August.
According to Sachin Gupta, VP – Technical Research at Choice Equity Broking, the index continues to trade below its 200-Day EMA, while the RSI stands at 48.40, indicating subdued momentum.
“Immediate support for the Sensex is placed in the 76,900–77,000 zone, while resistance is seen between 77,700 and 78,000,” Gupta said.
He added that the overall market bias remains sideways to cautious. Sustaining above the 76,900–77,000 support zone could help the index maintain its ongoing consolidation, while a decisive breakout above the 77,700–78,000 resistance range would be needed to strengthen bullish momentum.
Mayank Jain, Market Analyst at share.market by PhonePe, said the 76,300–76,500 zone remains a key structural support area for the Sensex. Holding above this range would help preserve the broader medium-term recovery as the index continues to consolidate around current levels.
On the upside, Jain sees 78,400–78,600 as the primary resistance zone. According to him, the index will first need to absorb selling pressure around the 78,000 mark and then decisively move above the 78,400–78,600 range to trigger a fresh upmove.
Nifty 50 Prediction
Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities, said the market failed to sustain the sharp recovery seen on Tuesday and closed lower on Wednesday. A long negative candle was formed on the daily chart following a 68-point decline during the closing auction session (CAS).
However, Shetti noted that despite the reversal in the benchmark index, the broader market breadth remained positive, with broad-based indices outperforming.
“The underlying trend of Nifty remains subdued within the broader range of 24,100–24,400. A decisive move above 24,400–24,500 would confirm a breakout and could pave the way for a more sustainable upside in the near term. On the downside, a fall below the 24,100–24,000 support zone could trigger fresh weakness,” he said.
Rupak De, Senior Technical Analyst at LKP Securities, said the Nifty continues to trade in a range, with selling pressure emerging at higher levels. He noted that the RSI has once again entered a bearish crossover, indicating weakening momentum.
“A fall below 24,130 could trigger a sharper correction, potentially dragging the Nifty towards 23,900 and 23,700. On the upside, 24,350 remains a strong resistance. Only a sustained move above this level could improve the near-term outlook; until then, choppy and range-bound trading is likely to continue,” De said.
Bank Nifty Prediction
According to Sudeep Shah, Head – Technical and Derivatives Research at SBI Securities, the Bank Nifty witnessed buying interest in the opening minutes but failed to sustain gains as profit-booking emerged at higher levels.
As a result, the banking index formed a bullish candle with an upper shadow on the daily chart, indicating selling pressure at elevated levels. Shah said Bank Nifty continues to trade within a range from a positional perspective, and a decisive breakout on either side is likely to determine its next directional move.
Going ahead, 57,300–57,200 will act as the immediate support zone, while 58,100–58,200 is expected to be a key hurdle. A sustained move above 58,200 could trigger a fresh rally towards the 58,600 level, Shah said.
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.
