The Indian stock market benchmark indices, Sensex and Nifty 50, are expected to open flat-to-negative on Friday, 28 August, amid weak global cues.
The Gift Nifty trends also indicated a muted start for the Indian benchmark index. The Gift Nifty was trading at around 24,266.5, a 15.4-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 24,100 level.
The Sensex dropped 539.35 points, or0.70%, to close at76,933.59 , while the Nifty 50 settled116.90 points, or0.48 %, lower at24,090.85.
Here’s what to expect from Sensex, Nifty 50 and Bank Nifty today:
Sensex Prediction
According to Chandan Taparia, Head of Derivatives & Technicals, Wealth Management at Motilal Oswal Financial Services, the Sensex opened on a positive note but came under selling pressure almost immediately, with bears remaining in control through the session.
The index failed to sustain above the 77,500 level and gradually slipped towards the 77,000 zone. Attempts at a recovery were met with fresh selling, while the selling pressure intensified during the final hour of trade, pushing the index below the 77,000 mark.
Taparia noted that the Sensex formed a bearish candle on the daily chart and is now trading below its short-term moving averages, indicating weak momentum at higher levels.
According to the technical analyst, as long as the index remains below 77,000, further weakness could drag it towards 76,700 and 76,500. On the upside, immediate resistance is seen at 77,300, followed by 77,500.
Nifty 50 Prediction
Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities, said the Nifty continued to witness choppy trading with a weak bias for the second consecutive session on Thursday, closing 116 points lower. He noted that market breadth remained negative, indicating profit booking across select stocks.
According to Shetti, a long bearish candle was formed on the daily chart, with the index slipping marginally below the crucial support of its ascending trendline near the 24,150 level during the closing auction session. On the weekly chart, Nifty is now approaching the key support zone around 24,000.
Shetti said the underlying trend remains choppy with a negative bias. A sustained move below the 24,000 mark could trigger further weakness in the near term, while 24,380 remains a key resistance level.
Meanwhile, Hitesh Rathi, Technical Analyst – Equity & Derivatives at Angel One, said a similar bearish setup is emerging on the Point & Figure charts, with the index nearing a potential breakdown below the 24,075 level on a closing basis.
According to Rathi, a decisive break below this level could accelerate the ongoing weakness and push Nifty initially towards the recent swing-low zone of 23,650–23,600.
He identified immediate support in the 24,050–24,000 range, followed by a stronger support zone at 23,850–23,800. On the upside, immediate resistance is seen between 24,200 and 24,250, while the 24,340–24,400 zone could act as a stronger hurdle.
Bank Nifty Prediction
According to Sudeep Shah, Head of Technical and Derivatives Research at SBI Securities, the banking benchmark index has remained in a prolonged consolidation phase, moving within the 57,001–58,077 range for the past 17 trading sessions.
This extended sideways movement has caused key moving averages to flatten, signalling the absence of a clear directional trend. The daily RSI has also remained range-bound for the last 37 sessions, reflecting neutral momentum and a lack of significant buying or selling pressure.
Looking ahead, Shah sees the 57,100–57,000 zone as a crucial support area. A sustained hold above this range could help the index continue its consolidation. On the upside, the 57,900–58,000 zone is likely to act as an immediate and significant resistance hurdle.
According to the technical expert, a decisive breakout above 58,000 or a breakdown below 57,000 could mark the end of the current consolidation phase and trigger a meaningful directional move.
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.
