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Sensex, Nifty 50 Expected to Open Flat on 6 August
The stock market is like a big scoreboard that shows how much India's most important companies are worth together.
The Sensex and the Nifty 50 are two famous scoreboards people watch to see how the market is doing.
On Wednesday, both scoreboards went up just a tiny bit after buyers showed up near the end of the day.
Earlier, many people were selling their shares because the Reserve Bank of India decided to keep interest rates the same.
Experts think the market will start Thursday without moving much, because news from around the world is mixed.
Some experts believe the market could dip a little but then find buyers who think prices are good.
Others say investors should wait for a bigger sign before buying new shares.
The Bank Nifty, which tracks banks, also ended slightly lower before recovering a little.
In the end, the stock market is hard to predict, and experts can only make their best guesses based on patterns.
Sensex and Nifty 50 are expected to open flat on 6 August amid mixed global cues, with Gift Nifty trading around 24,666.
On Wednesday, the Sensex rose 152.05 points (0.19%) to 78,581.00, while the Nifty 50 edged up 9.75 points (0.04%) to 24,624.65.
Profit booking intensified after the Reserve Bank of India kept policy rates unchanged, but a late-session recovery lifted the indices.
Ahead of 5 August, markets were expected to open higher on positive global cues and falling crude oil prices after Tuesday's losses.
Analysts see Nifty support at 24,300–24,450 and resistance at 24,750–24,800, with a move above 24,820 needed to confirm a breakout.
- Who
- Indian stock market investors, with technical analysts from firms such as HDFC Securities, Angel One and SBI Securities offering outlooks.
- What
- Trading predictions for the Sensex, Nifty 50 and Bank Nifty for 5–6 August, following a flat-to-positive close on Wednesday.
- Where
- India (Indian stock market, with Gift Nifty futures as an early signal).
- When
- 5–6 August (trading sessions).
- Why
- Mixed global cues, falling crude oil prices and technical levels, while profit booking followed the RBI's decision to keep policy rates unchanged.
Key facts
- Sensex close (Wed)
- 78,581.00, up 152.05 points (0.19%)
- Nifty 50 close (Wed)
- 24,624.65, up 9.75 points (0.04%)
- Sensex close (Tue)
- 78,428.95, down 210.08 points (0.27%)
- Nifty 50 close (Tue)
- 24,614.90, down 159.40 points (0.64%)
- Gift Nifty signal
- ~24,666, an 18.3-point premium for 6 August
- RBI policy
- Policy rates kept unchanged
- Bank Nifty close
- 57,740 after closing auction (57,630 at 3:15 PM)
- Nifty key levels
- Support 24,300–24,450; resistance 24,750–24,800
Quotes
Nagaraj Shetti
Senior Technical Research Analyst, HDFC Securities
“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. 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.”
livemint.com
“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, although it remains below the 200‑day EMA, indicating that a decisive long‑term breakout is still awaited.”
livemint.com
Sources
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