2 days ago
Indian Stocks Seen Flat to Lower Amid Weak Global Cues
Indian shares were expected to begin Tuesday, 1 September, slightly lower or nearly unchanged.
This was because markets around the world were weak.
Gift Nifty also suggested that the Nifty 50 might start below its earlier level.
The Sensex and Nifty 50 had fallen during the previous trading session.
Analysts said 24,000 was an important level that could help the Nifty stop falling.
If the Nifty stays above that level, it might bounce upward.
If it falls clearly below 24,000, it could decline further.
Bank Nifty has been moving sideways for many trading sessions.
Its next big move may depend on whether it breaks above resistance or below support.
Sensex and Nifty 50 were expected to open flat to negative on 1 September amid weak global cues.
Gift Nifty traded near 24,197.5, indicating a 54-point discount to the previous Nifty futures close.
The Sensex fell 307.24 points to 76,957.27, while the Nifty 50 declined 95.25 points to 24,080.40.
Analysts identified 24,000 as crucial Nifty support, with resistance around 24,150–24,200 and 24,300–24,360.
Bank Nifty remained range-bound but closed above 58,000, with support at 57,500–57,400 and resistance at 58,200–58,300.
- Who
- The Sensex, Nifty 50 and Bank Nifty, with forecasts from analysts at Kotak Securities, HDFC Securities, Angel One and SBI Securities.
- What
- Indian benchmark indices were expected to start flat to negative, while analysts assessed possible support, resistance and near-term trends.
- Where
- The Indian stock market.
- When
- The forecast was for Tuesday, 1 September, following losses in the previous session.
- Why
- Weak global cues and a discounted Gift Nifty pointed to a muted opening, while technical analysts highlighted key support and resistance levels.
Potential rebound
Continued weakness
Nifty 50 direction
Potential rebound
Nagaraj Shetti said the Nifty could bounce if the 24,000 support level holds, while a close above 24,130 could confirm a bullish setup.
Continued weakness
Hitesh Rathi said sellers continued to dominate and that the broader technical structure remained tilted toward the bears.
Key support levels
Potential rebound
Shrikant Chouhan said a Nifty holding above 24,000 and a Sensex holding above 76,600 could lead to a quick technical pullback.
Continued weakness
Chouhan warned that breaks below those levels could drag the Nifty toward 23,850–23,800 and the Sensex toward 76,300–76,000.
Bank Nifty trend
Potential rebound
Bank Nifty’s close above 58,000 and 0.92% gain could support a move toward the 58,200–58,300 resistance zone.
Continued weakness
Sudeep Shah said the index remained range-bound for 19 sessions, with momentum indicators pointing to continued consolidation.
Key facts
- Expected opening
- Sensex and Nifty 50 were expected to have a flat-to-negative start on 1 September.
- Gift Nifty
- Trading around 24,197.5, or 54 points below the previous Nifty futures close.
- Sensex previous close
- 76,957.27, down 307.24 points or 0.40%.
- Nifty 50 previous close
- 24,080.40, down 95.25 points or 0.39%.
- Nifty support
- 24,000 was identified as crucial support; stronger support was placed at 23,800–23,700.
- Nifty resistance
- Immediate resistance was identified at 24,150–24,200, followed by 24,300–24,360.
- Bank Nifty levels
- Support was seen at 57,500–57,400 and resistance at 58,200–58,300.
Quotes
Nagaraj Shetti
Senior Technical Research Analyst at HDFC Securities
“As long as the 24,000 support holds, there is a possibility of a bounce in the market in the near term.”
livemint.com
Sources
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