The Indian stock market benchmark indices, Sensex and Nifty 50, are expected to open flat on Wednesday, 19 August, in line with weak global cues.
The Gift Nifty trends also indicated a muted start for the Indian benchmark index. The Gift Nifty was trading at around 24,210, an 20.1-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 24,200 level.
The Sensex dropped 492.70 points, or 0.63%, to close at 77,235.46, while the Nifty 50 settled 132.75 points, or 0.55 %, lower at 24,154.90.
Here’s what to expect from Sensex, Nifty 50 and Bank Nifty today:
Sensex Prediction
The BSE Sensex settled at 77,235.46 on Tuesday, declining 492.70 points, or 0.63%, amid broad-based weakness.
Sachin Gupta, VP – Technical Research at Choice Equity Broking, said the Sensex opened with a 309-point gap-down, followed by sustained selling pressure around the 77,500 level during the morning session. The index remained cautious and volatile in the second half but failed to attract meaningful buying at lower levels.
Gupta noted that the daily chart formed a bearish candle with little recovery from the day’s low, while the close below the 50-Day EMA signals a deterioration in the short-term technical structure. The index is now trading below its key moving averages, while the RSI at 44.82 has slipped below the neutral 50 mark, indicating weakening momentum.
He said the broader technical setup has turned more cautious, with 76,800–77,000 emerging as a crucial support zone. Holding this range could trigger a technical rebound towards 77,600–77,800, while a decisive break below it could extend the ongoing corrective phase.
“For now, the market favours a wait-and-watch approach, with traders likely to seek confirmation of buying strength before taking aggressive positions on the upside,” Gupta said.
Nifty 50 Prediction
Hitesh Rathi, Technical Analyst – Equity & Derivatives at Angel One, said the Nifty 50 closed at 24,154, down 0.55%, with the technical structure continuing to weaken after the index slipped below the crucial 50-DEMA. He said the move signals a shift in control from buyers to sellers, pointing to further near-term weakness.
Rathi highlighted the 24,050–24,040 zone as a crucial support area, supported by the 61.8% Fibonacci retracement of the previous upswing from 23,600 and a bullish gap near 24,040. Renko charts also reinforce the importance of this zone. A break below 24,090 could trigger a brick reversal on the 1% one-minute Renko chart, signalling further deterioration.
He cautioned that the presence of technical support does not guarantee a rebound or trend reversal. A decisive breakdown below 24,050–24,040, particularly alongside a Renko reversal, could accelerate the decline and push the index towards the late-July lows.
Rathi placed immediate support at 24,100–24,000, while resistance is seen at 24,250–24,300, followed by a stronger hurdle at 24,400.
Meanwhile, Ponmudi R, CEO of Enrich Money, said the Nifty 50 is likely to remain under selling pressure at higher levels, with the near-term technical structure continuing to weaken.
He identified 24,250–24,300 as the immediate resistance zone and said a sustained move above 24,400 could stabilise the index and trigger a recovery towards 24,500–24,600. Until then, recovery attempts are likely to face selling pressure.
On the downside, Ponmudi said a decisive break below 24,150 could intensify selling and drag the index towards 24,000–23,800. He added that holding above 24,000 will be important to prevent further deterioration, with the overall near-term outlook remaining cautious to bearish.
Bank Nifty Prediction
Bank Nifty closed lower on Tuesday, extending its recent consolidation phase. The index has remained range-bound between 57,119 and 58,077 over the past 10 trading sessions, reflecting a lack of clear directional momentum.
Sudeep Shah, Head – Technical and Derivatives Research at SBI Securities, said the 57,500–57,600 zone, where the 20-day EMA is currently placed, will act as a key resistance area for Bank Nifty in the near term.
On the downside, Shah identified 56,900–56,800 as an important support zone, coinciding with the 100-day EMA. He said a decisive breakout above the resistance zone or a breakdown below the support zone would determine the index’s next directional move and could trigger a sustained trending phase in 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.
