The Indian stock market benchmark indices, Sensex and Nifty 50, are expected to open lower on Tuesday, 25 August, amid weak global cues. The Gift Nifty trends also indicated a red start for the Indian benchmark index. The Gift Nifty was trading at around 24,170, a 60-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 24,300 level. The Sensex dropped 171.72 points, or 0.22%, to close at 77,369.11, while the Nifty 50 settled 32.95 points, or 0.14%, lower at 24,219.05.
Here’s what to expect from Sensex, Nifty 50 and Bank Nifty today:Sensex PredictionThe BSE Sensex closed 171.72 points, or 0.22%, lower at 77,369.11 in a volatile trading session on Monday, 24 August. According to Sachin Gupta, VP – Technical Research at Choice Equity Broking, the immediate support zone for the Sensex is placed between 76,800 and 76,970, while the 77,800–78,000 range remains a key resistance area.“The broader trading range stands at 76,800–78,000, with the near-term bias remaining sideways.
A sustained move below the support zone could extend the weakness, while a recovery above the resistance zone would be required to improve the short-term market structure,” Gupta said. Nifty 50 PredictionNagaraj Shetti, Senior Technical Research Analyst at HDFC Securities, said the Nifty 50 resumed its choppy movement with a weak bias on Monday, amid sharp weakness in Asian markets, and ended the session 32 points lower.“After bouncing back from the key support of 24,000 on 20 August, the market was unable to sustain at higher levels over the last couple of sessions, resulting in minor weakness,” Shetti said.
According to him, the Nifty 50's underlying short-term trend remains choppy. “Any further weakness towards the key support zone of 24,100–24,000 could be viewed as a buying opportunity, while a sustained move above the 24,300 hurdle could signal a reversal in the short-term trend,” he added.
Osho Krishan, Chief Manager – Technical and Derivative Research at Angel One, said the Nifty 50’s technical setup remains tentative, with the 20-day exponential moving average (20-DEMA) emerging as a strong hurdle that has repeatedly triggered selling pressure.“Recent signs of bearish exhaustion have raised hopes of a potential reversal, although momentum remains subdued.
Market participants are likely to await a decisive trigger to revive buying interest and restore the underlying momentum,” Krishan said. On the downside, he expects the 24,150–24,100 zone to provide immediate support, while the 24,050–24,000 region remains a crucial support area.
On the upside, the 24,300 level, which coincides with the 20-DEMA, is likely to act as an intermediate hurdle.“A sustained breakout above 24,300 could strengthen the technical setup and pave the way for an extended recovery towards the 24,500 mark in the coming sessions,” he added.
Bank Nifty PredictionBank Nifty also opened with a gap-up but failed to sustain gains, reversing sharply as the session progressed. A late recovery in the second half helped the index recoup some of its losses, but it eventually closed at 57,526, down 0.41%.
According to Sudeep Shah, Head of Technical and Derivatives Research at SBI Securities, the immediate support for Bank Nifty is placed in the 57,100–57,000 zone.“A sustained move below this support zone could extend the weakness towards 56,600, followed by 56,200 in the short term.
On the upside, the immediate resistance is placed in the 57,900–58,000 zone,” Shah said. 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.