The Indian stock market benchmark indices, Sensex and Nifty 50, are expected to open weak on Tuesday, 11 August, as a sharp rise in Brent crude oil prices continues to weigh on investor sentiment.
The Gift Nifty trends also indicated a negative start for the Indian benchmark index. The Gift Nifty was trading at around 24,616.5, a 43.2-point discount to the Nifty futures’ previous close.
On Monday, the Indian stock market ended flat, with the benchmark Nifty 50 closing below 24,600.
The Sensex gained 43.27 points, or 0.06%, to close at 78,542.44, while the Nifty 50 settled 13.15points, or 0.05%, higher at 24,583.80.
Here’s what to expect from Sensex, Nifty 50 and Bank Nifty today:
Sensex Prediction
The Sensex ended Tuesday’s session at 78,542.44, gaining 43.27 points, or 0.06%.
Sachin Gupta, VP – Research, Technical Research, at Choice Broking Private Ltd, said the Sensex formed a green candle on the daily chart, indicating modest buying interest. However, the index faced resistance near the 200-Day EMA at 78,624, capping the upside. A decisive close above this level could improve the technical setup and pave the way for further upward momentum.
He noted that the RSI stands at 59, reflecting healthy momentum and remaining comfortably above the neutral 50 mark. However, stronger confirmation would emerge only if the index sustains above the 200-Day EMA.
According to Gupta, the broader outlook remains sideways to bullish, with the index consolidating near a key technical hurdle. Sustained buying above 78,680–78,800 could trigger a fresh upward move, while a break below 78,160–78,300 may weaken the near-term structure. Until a decisive breakout emerges, a buy-on-dips strategy near support levels remains preferable, with the 200-Day EMA likely to be a key indicator for the next directional move.
Nifty 50 Prediction
The Nifty 50 ended Monday’s session on a muted note, gaining 0.05% to settle around the 24,580 mark.
Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities, said the choppy movement continued, with the Nifty trading within a narrow range of around 110 points during the session. A small candle with minor upper and lower shadows was formed on the daily chart, resembling a doji pattern. However, Shetti noted that the formation carries limited significance as it occurred within a broader range-bound movement.
According to Shetti, the 24,300–24,400 zone remains a crucial support area based on the change-in-polarity concept. As long as the index holds above this zone, the probability of a decisive rebound remains high, making any further weakness a potential buying opportunity. On the upside, a decisive breakout above 24,775 could trigger a sharp upmove in the near term.
Osho Krishan, Chief Manager – Technical & Derivative Research at Angel One, said the 24,500–24,450 zone is expected to provide immediate support, while the 20-DEMA around 24,340 remains a key positional support.
On the upside, Krishan identified 24,650–24,700 as an important resistance band, followed by 24,760, which coincides with the 200-DSMA. A decisive breakout above these levels could revive bullish momentum and potentially push the index towards 25,000. Until then, traders should closely monitor these key levels.
Bank Nifty Prediction
Sudeep Shah, Head – Technical and Derivatives Research at SBI Securities, said the 58,000–58,100 zone is likely to act as an immediate resistance for the index. A decisive breakout above 58,100 would signal a resumption of the prevailing uptrend and could pave the way for a fresh rally towards 58,600, followed by 59,200 in the short term.
On the downside, Shah said the 50-day EMA, currently placed around the 57,100–57,000 zone, is expected to provide strong support. As long as the index sustains above this support band, the broader bullish structure is likely to remain intact despite the ongoing consolidation.
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.
