2 weeks ago

Sensex, Nifty expected to open lower amid mixed global cues

Sensex, Nifty expected to open lower amid mixed global cues
Nifty 50, Sensex prediction today: Check how Indian stock market is expected to trade on 13 August · livemint.com

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.

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,"”
livemint.com
“"Until such a breakout materialises, maintaining a cautious stance on the benchmark index remains prudent,"”
livemint.com

Sources

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