The Indian stock market benchmark indices, Sensex and Nifty 50, are expected to open lower on Monday, 17 August, in line with global cues.
The Gift Nifty trends also indicated a weak start for the Indian benchmark index. The Gift Nifty was trading at around 24,393.5, a 56.1-point discount to the Nifty futures’ previous close.
The domestic equity indices ended flat-to negative in the previous session, with the benchmark Nifty 50 closing below 24,400 level.
The Sensex fell 70.71 points, or 0.09%, to close at 78,009.25, while the Nifty 50 settled 29.85 points, or 0.12 %, lower at 24,366.
Here’s what to expect from Sensex, Nifty 50 and Bank Nifty today:
Sensex Prediction
Sensex ended the session at 78,009.25, declining 70.71 points, or 0.09%, amid a cautious market environment.
Hitesh Tailor, Technical Research Analyst at Choice Equity Broking Private Limited, said the Sensex remains range-bound with a cautious bias, trading above its 50-day EMA but below the 200-day EMA.
Tailor said the 77,400–77,600 zone remains an important support area, and holding above this range could keep the recovery structure intact. On the upside, a decisive move above 78,300–78,500 could strengthen the index’s near-term outlook.
For now, he recommended a buy-on-dips approach, while keeping a close watch on geopolitical developments and crude oil prices.
Nifty 50 Prediction
Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities, said the Nifty 50 continued to trade in a range-bound consolidation phase on Friday, closing 29 points lower. He noted that the broader chart structure has indicated a gradual weakening trend over the past nine sessions.
On the weekly chart, the Nifty 50 formed a negative candle after a doji-like pattern at the highs in the previous week, signalling a possible false breakout above the key 24,500–24,600 resistance zone, Shetti said.
However, he noted that the index has maintained a higher-bottom formation over the past couple of months, suggesting that the current weakness could be part of another higher-bottom formation.
Shetti expects some further consolidation in the coming sessions. A sustained decline could drag the Nifty 50 towards 24,200–24,000, while 24,500 remains the immediate resistance level.
Osho Krishan, Chief Manager – Technical & Derivative Research at Angel One, said the Nifty 50 has retraced 38.20% of its recent rally, which coincides with the breakout neckline of a sloping trendline. This suggests that the current decline remains a healthy retracement rather than a reversal, he said.
However, Krishan cautioned that a sustained move below the weekly low of 24,265 could weaken the technical setup and shift the outlook from cautious to bearish. Such a breakdown could drag the index towards the 24,200–24,150 support zone, which aligns with the 50% Fibonacci retracement level and the 50- and 100-day DEMAs.
On the upside, Krishan said that a decisive, sustained move above 24,500 could strengthen the underlying trend and trigger a bullish reversal. Such a move could pave the way for a resumption of the primary uptrend, with the 200-day SMA at 24,730 emerging as the next target.
Bank Nifty Prediction
Bank Nifty recovered from its initial weakness but faced resistance around 57,681 before declining to an intraday low of 57,380. A steady recovery in the second half of the session helped the index pare some losses, with Bank Nifty closing at 57,491, down 0.25%.
Sudeep Shah, Head – Technical and Derivatives Research at SBI Securities, said the immediate resistance for Bank Nifty is placed in the 57,900–58,000 zone. A sustained move above this range could extend the index’s pullback towards 58,400, followed by 58,800 in the short term, he said.
On the downside, Shah identified 57,100–57,000 as the immediate support zone for Bank Nifty.
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.
