The Indian stock market benchmark indices, Sensex and Nifty 50, are expected to open flat on Thursday, 6 August, amid mixed global cues.
The Gift Nifty trends also indicated a muted start for the Indian benchmark index. The Gift Nifty was trading at around 24,666, an 18.3-point premium to the Nifty futures’ previous close.
On Wednesday, the Indian stock market ended flat to positive, with the benchmark Nifty 50 closing below 24,630.
The Sensex rose 152.05 points, or 0.19%, to close at 78,581, while the Nifty 50 settled 9.75 points, or 0.04%, up at 24,624.65.
Here’s what to expect from Sensex, Nifty 50 and Bank Nifty today:
Sensex Prediction
The Sensex ended 152.05 points, or 0.19%, higher at 78,581.00 on Wednesday. After opening flat at 79,055.38, the benchmark came under selling pressure and slipped to an intraday low of 78,285.74 before recovering in the latter half of the session to close in positive territory.
Hitesh Tailor, Technical Research Analyst at Choice Equity Broking Pvt. Ltd., said the Sensex continues to maintain a constructive short-to-medium-term trend as it trades above its 20-day, 50-day, and 100-day exponential moving averages (EMAs), although it remains below the 200-day EMA, indicating that a decisive long-term breakout is still awaited.
Tailor said the Relative Strength Index (RSI) has strengthened to 61.13, remaining above the midpoint and signalling sustained positive momentum. He expects the 77,800–78,100 zone to act as immediate support, with buying likely to emerge on declines. On the upside, the 79,000–79,300 range remains the key resistance area, and a sustained move above this zone could reinforce the ongoing recovery.
Nifty 50 Prediction
The Nifty 50 started Wednesday’s session on a cautious note and remained under pressure for most of the day after a gap-down opening. Profit booking intensified after the Reserve Bank of India (RBI) kept policy rates unchanged, but a sharp late-session recovery helped the index recoup most of its intraday losses. The benchmark eventually settled at 24,625, up 0.04%.
Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities, said the Nifty 50 is currently retracing towards its previous breakout zone of 24,300–24,400 after decisively breaking above this key resistance in recent sessions. According to him, the pullback could present a buying opportunity, in line with the technical concept of change in polarity, where a previous resistance level turns into support.
Shetti said the near-term trend for the Nifty 50 remains positive. On the upside, the index could face immediate resistance around 24,800, while any further decline is expected to find support in the 24,300–24,400 zone, from where a fresh rebound could emerge.
Hitesh Rathi, Technical Analyst – Equity & Derivatives at Angel One, said chasing momentum at current levels may not offer a favourable risk-reward opportunity. He advised investors to wait for either a decisive breakout or a pullback towards stronger support levels before taking fresh positions.
According to Rathi, the 24,450–24,350 zone is likely to provide immediate support. On the upside, the 24,750–24,800 range, marked by the previous day’s closing auction session (CAS) high, remains the immediate resistance area. He added that a sustained move above 24,820 would be required to confirm a meaningful breakout and strengthen the bullish outlook.
Bank Nifty Prediction
Bank Nifty opened with a gap-up on Wednesday but encountered strong resistance in the 57,920–57,940 zone during the first hour of trade. The index gradually drifted lower throughout the session, closing at 57,630 at 3:15 PM, then settled at 57,740 after the closing auction.
Sudeep Shah, Head of Technical and Derivatives Research at SBI Securities, said the 58,100–58,200 zone will act as the immediate resistance for Bank Nifty. He added that a sustained move above this range could extend the ongoing pullback towards 58,600, followed by 59,000 in the short term.
On the downside, Shah expects the 57,300–57,400 zone to provide immediate support and said the broader technical structure is likely to remain constructive as long as the index holds above this support band.
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.
