The Indian stock market benchmark indices, Sensex and Nifty 50, are expected to open higher on Thursday, 20 August, in line with positive global cues.
The Gift Nifty trends also indicated a positive start for the Indian benchmark index. The Gift Nifty was trading at around 24,208, an 90.4-point premium to the Nifty futures’ previous close.
The domestic equity indices ended lower in the previous session for the seventh straight session, with the benchmark Nifty 50 closing below 24,100 level.
The Sensex dropped 325.78 points, or 0.42%, to close at 76,909.68, while the Nifty 50 settled 76.60 points, or 0.32 %, lower at 24,078.30.
Here’s what to expect from Sensex, Nifty 50 and Bank Nifty today:
Sensex Prediction
Sensex ended Wednesday’s session at 76,909.68, declining 325.78 points (-0.42%).
Sachin Gupta, Vice President – Technical Research at Choice Equity Broking, said the Sensex has closed lower for three consecutive trading sessions, indicating persistent bearish pressure in the market.
According to Gupta, Wednesday’s session formed another bearish candle, with the index closing below the crucial 77,000 level and remaining under all key moving averages on the daily chart. Momentum indicators have also weakened significantly, with the Relative Strength Index (RSI) at 41.78, well below its RSI moving average of around 55.34, signalling increasing bearish momentum. Meanwhile, the Put-Call Ratio (PCR) at 0.88 reflects cautious market positioning and reinforces the near-term negative bias.
Gupta added that the broader outlook remains sideways with a cautious-to-bearish bias. The Sensex needs to reclaim the 77,270–77,400 resistance zone to regain stability and improve the near-term technical setup. On the downside, maintaining the 76,500–76,750 support band will be crucial to prevent further weakness.
Nifty 50 Prediction
Vatsal Bhuva, Technical Analyst at LKP Securities, said the Nifty 50 found support near the lower band of its rising channel. The index also filled a gap on the daily timeframe, while the 61.80% Fibonacci retracement level coincided with the key support zone where the index registered its low.
Bhuva said the immediate support for the Nifty 50 is placed at 24,000–24,050. If this zone holds, the index could stage a meaningful recovery. However, a sustained break below 24,000 could intensify bearishness and drag the index towards lower levels. He advised investors holding long positions to maintain a strict stop-loss at 24,000.
Hitesh Rathi, Technical Analyst – Equity & Derivatives at Angel One, said the 24,040–24,000 zone remains an immediate and crucial support band for the Nifty 50, followed by stronger support at 23,900. On the upside, immediate resistance is seen in the 24,200–24,300 range, followed by a stronger hurdle at 24,400.
Rathi said the brokerage has maintained a cautious outlook for some time, which has played out as the market corrected from highs around 24,800. Despite the index approaching crucial support levels, he believes caution remains warranted. Market participants should wait for a clear trend reversal before taking aggressive long positions.
Key levels to watch
Support: 24,040–24,000
Resistance: 24,250–24,350
Bank Nifty Prediction
Sudeep Shah, Head – Technical and Derivatives Research at SBI Securities, said that Bank Nifty opened on a negative note and drifted lower before moving within a narrow range for most of the session. The index closed at 57,158 at 3:15 PM.
Looking ahead, Shah said the immediate support for Bank Nifty is placed in the 56,800–56,700 zone. A sustained move below this range could extend the index’s weakness towards 56,300, followed by 56,000 in the short term.
On the upside, the immediate resistance for Bank Nifty is seen in the 57,600–57,700 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.
