The Indian stock market benchmark indices, Sensex and Nifty 50, are expected to open flat on Wednesday, 1 September, amid rising crude oil prices.
The Gift Nifty trends also indicated a muted start for the Indian benchmark index. The Gift Nifty was trading at around 24,028, a 62.3-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 24,100.
The Sensex declined 12.99 points, or 0.02%, to close at 76,944.28, while the Nifty 50 settled 24.60 points, or 0.10%, lower at 24,055.80.
Here’s what to expect from Sensex, Nifty 50 and Bank Nifty today:
Sensex Prediction
The BSE Sensex closed at 76,944.28, down 12.99 points or 0.02%.
Sachin Gupta, VP – Technical Research at Choice Equity Broking, said the broader outlook for the Sensex remains sideways with a cautious bias, as the index continues to face resistance at higher levels and trades below key moving averages. He said the 76,400–76,600 zone will be crucial support, with a break below it potentially increasing downside pressure. On the upside, a sustained move above 77,300–77,500 could improve the short-term trend. Until a decisive breakout or breakdown occurs, Gupta expects the index to remain volatile and range-bound, with selling pressure at higher levels remaining a key concern.
Nifty 50 Prediction
Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities, said weakness and lacklustre movement continued in the market on Tuesday, with the Nifty 50 closing 24 points lower after recovering some losses during the closing auction session.
According to Shetti, the Nifty 50 formed a small negative candle with long upper and lower shadows, indicating a high-wave candle pattern following Monday’s hammer formation. He said the pattern reflects heightened volatility in the market.
Shetti noted that the underlying trend remains weak amid choppy trading, with the index yet to show a sustainable recovery from the crucial 24,000 support level. A further decline could drag the Nifty 50 towards the next support at 23,800. On the upside, a move above 24,150 could trigger further gains in the near term.
Hitesh Rathi, Technical Analyst – Equity & Derivatives at Angel One, said the Nifty 50 continues to trade in a cautious zone, with 24,000 emerging as a key immediate support. A stronger support area is evident in the 23,700–23,800 range. On the upside, 24,150–24,200 is likely to act as an immediate resistance zone, followed by a stronger hurdle at 24,300–24,360.
Rathi said markets are currently “on a knife’s edge”, with the defence of the psychological 24,000 level adding to its significance. While market breadth has improved considerably following the August correction, he advised investors to wait for a confirmed reversal of the ongoing downtrend before taking aggressive positions.
Bank Nifty Prediction
Sudeep Shah, Head – Technical and Derivatives Research at SBI Securities, said the Bank Nifty has remained range-bound over the past 20 trading sessions, moving within a band of around 1,075 points. He said the technical setup continues to indicate a consolidation phase, with momentum indicators and oscillators pointing towards a sideways market structure.
Going forward, Shah expects the 57,900–58,000 zone to act as immediate resistance. On the downside, the 57,000–56,900 range remains an important support zone.
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.
