3 weeks ago

Sensex, Nifty set for weak open as oil prices spike

Sensex, Nifty set for weak open as oil prices spike
Nifty 50, Sensex prediction today: Check how Indian stock market is expected to trade on 7 August · livemint.com

The stock market is like a big store where people buy tiny pieces of big companies.

In India, two famous stock market indexes are the Sensex and the Nifty 50.

On Thursday, these indexes went up a little bit, which made investors happy.

But on Friday morning, the market is expected to start weakly.

This is because the price of oil went up a lot, and expensive oil can make it harder for companies to earn money.

The price of Brent crude oil, which is used around the world, went up by more than 1% to $83.45 for one barrel.

There is also tension happening in the Middle East, which worries investors about energy supplies.

Market experts watched a signal called the Gift Nifty, and it suggested the market would open lower.

However, the experts still believe the market's overall trend is positive.

They are watching certain numbers, like support and resistance levels, to guess where the market might go next.

Key facts

Brent crude price
$83.45 per barrel, up more than 1%
Gift Nifty level
Around 24,651.5 (88-point discount to Nifty futures' previous close)
Sensex close (Thursday)
78,954.76, up 373.76 points (0.48%)
Nifty 50 close (Thursday)
24,636, up 11.35 points (0.05%)
Bank Nifty close
Closed above 58,000, up 0.56%
Nifty support zone
24,300–24,450 (buy-on-dips area)
Nifty resistance zone
24,750–24,850; breakout above 24,800 could lead toward 25,150
Sensex support zone
78,300–78,600

Quotes

Nagaraj Shetti

Senior Technical Research Analyst at HDFC Securities

“He noted that after the recent decisive breakout above the 24,300–24,400 zone, the index has retraced towards the previous breakout area, in line with the change-in-polarity concept.”
livemint.com
“The Sensex witnessed some profit booking after approaching the 79,000 mark but recovered from lower levels, indicating sustained buying interest.”
livemint.com

Sources

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