The Indian stock market benchmark indices, Sensex and Nifty 50, are expected to have gap-down start on Monday, 31 August, amid weak global cues.
The Gift Nifty trends also indicated a weak start for the Indian benchmark index. The Gift Nifty was trading at around 24,232, a 110-point discount to the Nifty futures’ previous close.
The domestic equity indices ended positive in the previous session, with the benchmark Nifty 50 closing above 24,100 level.
The Sensex jumped 330.92 points, or 0.43%, to close at 77,264.51, while the Nifty 50 settled 84.80 points, or 0.35%, higher at 24,175.65.
Here’s what to expect from Sensex, Nifty 50 and Bank Nifty today:
Sensex Prediction
The Sensex closed at 77,264.51 on Wednesday, gaining 330.92 points, or 0.43%.
Hitesh Tailor, Technical Research Analyst at Choice Equity Broking Pvt. Ltd., said the index is holding above the 76,800–77,000 support zone, while 77,680–78,000 remains the immediate resistance area. The RSI stood at 46.84, indicating that momentum remains below the midpoint, although there are signs of stabilisation.
Mayank Jain, Market Analyst at Share.Market by PhonePe, said the 76,300–76,500 range remains the key structural support zone. According to him, defending this base would help sustain the broader medium-term recovery as the index establishes a stronger foundation above 77,000.
On the upside, Jain identified 78,400–78,600 as the primary resistance zone. He said the index would need to first overcome the intermediate supply near 78,000 and then decisively cross the 78,400–78,600 resistance cluster to trigger a stronger upward breakout.
Nifty 50 Prediction
Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities, said the Nifty 50 bounced back on Friday after two sessions of choppy trading, closing 84 points higher. A small bullish candle with upper and lower shadows was formed on the daily chart, indicating a minor recovery from the key support around 24,000.
Shetti noted that after breaking below the ascending trendline support near 24,150 on Thursday, the Nifty 50 did not see strong follow-through selling on Friday. According to him, this is a positive signal, as false downside breakouts can often lead to sharp rebounds.
The underlying trend remains range-bound with a positive bias, with the index moving within the 24,000–24,400 range. A sustained rebound from the lower end of this range could trigger an upside move towards 24,300–24,400 in the near term, while 24,000 remains the crucial support level.
Osho Krishan, Chief Manager – Technical & Derivative Research at Angel One, said the technical setup continues to indicate hesitation and uncertainty over the Nifty 50’s near-term direction. The index is currently oscillating between strong structural support around 24,050, marked by the golden retracement, and resistance near 24,370, represented by the 200-DEMA.
On the downside, Krishan said a decisive break below the 24,050–24,000 support zone could trigger further weakness towards 23,890–23,820, where the existing bullish gap is expected to provide support.
On the upside, the 24,350–24,370 zone is likely to act as an immediate resistance cluster. A sustained breakout above this range could strengthen the outlook and pave the way for a move towards 24,500 in the near term.
For now, Krishan said the broader bias remains sideways to positive, as long as the Nifty 50 holds above the 24,050 golden retracement.
Bank Nifty Prediction
Sudeep Shah, Head – Technical and Derivatives Research at SBI Securities, said the banking benchmark index has remained in a consolidation phase for nearly 18 trading sessions. On the daily chart, the index formed a neutral candle with upper and lower wicks and closed marginally lower by 0.02%, indicating indecision and a lack of a clear directional trend.
Shah noted that the daily RSI remains in the neutral zone, further indicating a lack of strong momentum on either side.
Going forward, the 57,000–56,900 zone is expected to serve as a crucial support level. A sustained hold above this region could keep the ongoing consolidation intact. On the upside, the 57,900–58,000 zone is likely to remain an immediate resistance hurdle.
According to Shah, a decisive breakout above 58,000 or a breakdown below 57,000 could mark the end of the current consolidation phase and trigger a meaningful trending move in the respective direction.
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.
