Nifty 50, Sensex: India’s main stock market indices, Sensex and Nifty 50, are expected to start cautiously on Monday due to mixed signals from global markets. However, the Gift Nifty suggests a positive opening. It was trading near 24,675 – about 48 points higher than the previous closing of Nifty futures.
On Friday, Indian stock markets fell sharply. The Nifty50 ended below 24,600. The Sensex dropped by 585.67 points (0.72%) to finish at 80,599.91, and the Nifty 50 fell by 203.00 points (0.82%) to close at 24,565.35.
Table of Contents
Sensex Prediction
The Sensex fell by 1.08% last week, making it the fifth week in a row it has gone down. It’s currently struggling to rise above the 81,500–81,700 range, which used to be a strong support area.
“A steady rise above this range is needed to turn the market positive again, possibly pushing it up to 82,200,” said Mayank Jain, Market Analyst at Share.Market. “On the other hand, if it falls below the 80,000–79,800 level, more selling could happen, bringing the Sensex down to around 79,200–79,000 in the near future.”
Nifty 50 Prediction
On August 1, the Nifty 50 index showed a High Wave candlestick on the daily chart, indicating market uncertainty. On the weekly chart, it formed an Inverted Hammer pattern, which could suggest a possible trend reversal.
Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities, said that a strong red candle appeared on the daily chart Friday, showing weakness after a previous bullish move. This means the market is struggling to hold any gains. Nifty 50 is close to a key support level at 24,500, but so far, there hasn’t been a strong bounce back. The market continues to form a bearish pattern of lower highs and lower lows.
On the weekly chart, the Nifty 50 formed its fifth straight red candle, showing a steady downward trend. Last month’s breakout has been fully reversed, and the index has dropped below the support level of 24,600, Shetti added.
He believes the trend is still weak. If Nifty 50 breaks below 24,500, it could fall further to the 24,100–24,000 range. The next resistance is around 24,950.
Mayank Jain said that 24,800–25,000 is a key resistance zone. The index has failed to move past this area several times. A clear breakout above this range is needed to regain bullish momentum and aim for 25,200–25,350. On the downside, there’s support between 24,400–24,200, and a break below this may lead to a drop toward 24,000.
Dr. Praveen Dwarakanath from Hedged.in pointed out that Nifty 50 has formed a Head and Shoulders pattern on the daily chart, with the neckline at 24,500. A drop below this level could quickly send the index down to 24,000. He also mentioned that momentum indicators and options data show further weakness, and global signals are also negative.
VLA Ambala, Co-Founder of Stock Market Today, suggests traders should stick with a ‘sell on rise’ strategy until Nifty 50 tests the 24,000–24,150 support zone. She added that a breakout above 24,850 could lead to new buying opportunities. For today’s session, she expects support between 24,530 and 24,400 and resistance near 24,820–24,950.
Bank Nifty Prediction
On Friday, Bank Nifty fell by 344.35 points (0.62%), closing at 55,617.60. This formed another red candle on the daily chart, showing that selling pressure continues near the 56,000 mark, which earlier acted as a support level.
Sudeep Shah from SBI Securities noted that Bank Nifty is trading below its 20-day and 50-day moving averages, both of which are sloping down – a sign of ongoing weakness. The RSI (Relative Strength Index) has dropped below 40, showing falling momentum and rising bearish pressure. The MACD indicator is also bearish, suggesting that the downward trend is gaining strength.
He said the support zone is between 55,200 and 55,100. If the index drops below 55,100, it could fall further to 54,600. On the upside, the 56,300-56,400 range will act as resistance.
Om Mehra from SAMCO Securities also pointed out that the index remains in a short-term downtrend, with the RSI at 39 and moving lower. He said the support at 55,150-55,000 is important, as it held up during mid-June. If the index breaks below this zone, more losses could follow. Resistance levels are now at 56,000 and 56,200, and a close above these would be needed to reduce current weakness. He also warned of possible increased volatility in upcoming sessions.
Important Links
| BSE | Click Here |
| NSE | Click Here |
| Home Page | Click Here |
