2 weeks ago
Sensex, Nifty expected to open lower amid mixed global cues
The stock market in India is like a big store where people buy and sell pieces of companies, called stocks.
Two famous lists of companies are called the Sensex and the Nifty 50.
The article tells us what experts think will happen to these lists on Thursday, 13 August.
They think the market will open a little lower, which means share prices may dip when trading starts.
On Wednesday, the market ended lower — the Sensex dropped by almost 188 points and the Nifty by about 36 points.
Experts think this may happen because oil prices are rising and the Indian rupee is getting weaker against the US dollar.
Still, the market showed some strength by recovering from its lowest points of the day.
Experts say the Nifty has support around 24,300-24,350, which means prices may stop falling there and bounce back.
They advise caution until the market clearly moves above its resistance levels.
So, overall, investors should watch the key price levels and be careful.
Sensex and Nifty 50 are expected to open lower on Thursday, 13 August, amid mixed global cues.
The Gift Nifty was trading at around 24,446.5, a 24-point premium to Nifty futures' previous close, indicating a weak start.
On Wednesday, the Sensex fell 187.90 points, or 0.24%, to close at 77,966.35, while the Nifty 50 settled 35.75 points, or 0.15%, lower at 24,435.95.
Analysts cited rising international crude oil prices and rupee depreciation against the US dollar as downside pressures, with Nifty support seen near 24,300-24,350.
Bank Nifty recovered from initial weakness on Wednesday but faced resistance in the 57,750-57,790 zone; SBI Securities sees immediate resistance at 58,300-58,400 and support at 57,400-57,500.
- Who
- Indian stock market analysts, including Sachin Gupta of Choice Equity Broking, Nagaraj Shetti of HDFC Securities, Osho Krishan of Angel One, and Sudeep Shah of SBI Securities.
- What
- Analysts predicted a lower opening for the Sensex, Nifty 50, and Bank Nifty and identified key support and resistance levels for the trading day.
- Where
- Indian stock market, specifically the Sensex, Nifty 50, and Bank Nifty indices.
- When
- Thursday, 13 August, based on Wednesday's closing session and overnight Gift Nifty trends.
- Why
- Because of mixed global cues, rising international crude oil prices, and the depreciation of the Indian rupee against the US dollar.
Key facts
- Sensex previous close
- 77,966.35 (down 187.90 points, 0.24%)
- Nifty 50 previous close
- 24,435.95 (down 35.75 points, 0.15%)
- Gift Nifty
- Trading around 24,446.5, a 24-point premium to Nifty futures' previous close
- Sensex support/resistance
- Support 77,250-77,500; Resistance 78,200-78,400
- Nifty support/resistance
- Support 24,300-24,350; Resistance 24,550-24,600
- Bank Nifty support/resistance
- Support 57,400-57,500; Resistance 58,300-58,400
- Downside pressure factors
- Rising international crude oil prices and rupee depreciation against the US dollar
Quotes
Nagaraj Shetti
Senior Technical Research Analyst at HDFC Securities
“"From a broader perspective, the Sensex continues to trade in a sideways range between key support and resistance levels,"”
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“"Until such a breakout materialises, maintaining a cautious stance on the benchmark index remains prudent,"”
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