The Indian stock market benchmark indices, Sensex and Nifty 50, are expected to open higher on Wednesday, 26 August, amid positive global cues.
The Gift Nifty trends also indicated a green start for the Indian benchmark index. The Gift Nifty was trading at around 24,559.5, a 88-point premium to the Nifty futures’ previous close.
The domestic equity indices ended higher in the previous session, with the benchmark Nifty 50 closing above 24,300 level.
The Sensex rose 286.98 points, or 0.37%, to close at 77,656.09, while the Nifty 50 settled 115.50 points, or 0.48%, higher at 24,334.55.
Here’s what to expect from Sensex, Nifty 50 and Bank Nifty today:
Sensex Prediction
The BSE Sensex closed 286.98 points, or 0.37%, higher at 77,656.09 on Tuesday, 26 August, following a strong recovery in the latter half of the trading session.
According to Sachin Gupta, VP – Technical Research at Choice Equity Broking, the broader market outlook remains sideways, although Tuesday’s sharp rebound has improved the immediate technical structure.
“Sustaining above the 77,000–77,125 support zone will be crucial to maintain the positive undertone. On the upside, a sustained move above the 77,800–78,000 resistance zone, along with a decisive crossover of the 20-day EMA, could further strengthen the recovery,” Gupta said.
Until then, the Sensex is likely to remain range-bound, with traders closely watching the resistance zone for confirmation of a stronger directional move.
Nifty 50 Prediction
Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities, said the consolidation seen over the previous couple of sessions appears to have ended, with the Nifty 50 staging a sustained rebound from the key support zone around 24,100 on Tuesday and closing with gains of 115 points.
“A long bullish candle was formed on the daily chart, engulfing the choppy price movement of the previous two sessions in a single day. Technically, this indicates the formation of a bullish engulfing pattern,” Shetti said.
According to him, the short-term trend of the Nifty appears to have turned positive following the formation of a new higher bottom on Tuesday. “The next upside levels to watch are around 24,500–24,600 in the near term, while immediate support is placed at 24,100,” he added.
Meanwhile, Rupak De, Senior Technical Analyst at LKP Securities, said the Nifty 50 remained sideways to negative for most of the session before staging a sharp recovery in the final hour to move firmly into positive territory.
“A strong CAS closing added further points to the positive finish. The index also climbed back above the 20-day EMA after a few days of underperformance, while the RSI has entered a bullish crossover, indicating improving momentum,” De said.
He added that the short-term trend could remain strong, with potential for further upside. “On the higher side, resistance is placed at 24,400–24,480, while immediate support is seen at 24,240,” De said.
Bank Nifty Prediction
Sudeep Shah, Head of Technical and Derivatives Research at SBI Securities, said the banking benchmark remained range-bound, moving within a nearly 400-point band during the session. The index formed a neutral candlestick pattern with shadows on both sides, indicating indecision among market participants at current levels.
“A decisive breakout on either side of the range will be crucial in determining the next directional move,” Shah said.
According to him, the 57,100–57,000 zone will act as immediate support, while 57,900–58,000 will serve as a key resistance area. “A sustained move above 58,000 could trigger a fresh rally towards the 58,400 level,” he added.
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