1 week ago
Indian Stocks Seen Opening Higher After Nifty Rebound
Indian stocks were expected to start higher because signals from overseas markets and Gift Nifty were positive.
The Sensex and Nifty 50 both rose in the previous reported session.
The Nifty bounced strongly after staying near an important support level around 24,100.
Some experts believe this could mean the market may continue moving up.
They are watching 24,400 to 24,600 as possible levels where gains could slow.
The Sensex may still move sideways unless it rises above 77,800 to 78,000.
Bank Nifty did not show a clear direction and stayed inside a trading range.
The articles contain a date inconsistency, referring to 26 August as both Tuesday and Wednesday.
Gift Nifty traded near 24,559.5, indicating an 88-point premium and a higher opening for Indian benchmarks.
The Sensex rose 286.98 points, or 0.37%, to 77,656.09, while the Nifty 50 gained 115.50 points, or 0.48%, to 24,334.55.
Analysts said the Nifty’s rebound from around 24,100 formed a bullish engulfing pattern and improved short-term momentum.
Nifty resistance was identified between 24,400 and 24,600, while support estimates ranged from 24,240 to 24,100.
Bank Nifty remained range-bound, with support at 57,100–57,000 and resistance at 57,900–58,000.
- Who
- The Sensex, Nifty 50 and Bank Nifty, with views from analysts Sachin Gupta, Nagaraj Shetti, Rupak De and Sudeep Shah.
- What
- Indian benchmark indices were expected to open higher after the Sensex and Nifty 50 ended the previous reported session with gains.
- Where
- The Indian stock market.
- When
- The forecast article refers to 26 August, but describes that date as both Tuesday and Wednesday; it follows a separate forecast for 25 August.
- Why
- Positive global cues, a higher Gift Nifty, the Nifty’s rebound from support and improving technical indicators supported the more positive outlook.
Cautious and Range-Bound View
Recovery and Upside View
Nifty short-term direction
Cautious and Range-Bound View
The broader outlook may remain sideways, and the market could face resistance around 24,400–24,480 or higher levels.
Recovery and Upside View
The rebound from around 24,100, bullish engulfing pattern, move above the 20-day EMA and bullish RSI crossover suggest potential further upside.
Sensex outlook
Cautious and Range-Bound View
The Sensex may remain range-bound unless it decisively clears the 77,800–78,000 resistance zone.
Recovery and Upside View
A sustained move above 77,800–78,000 and a decisive 20-day EMA crossover could strengthen the recovery.
Bank Nifty direction
Cautious and Range-Bound View
The nearly 400-point range and neutral candlestick indicate indecision, with a breakout needed before the next trend becomes clear.
Recovery and Upside View
A sustained move above 58,000 could trigger a fresh rally toward 58,400.
Key facts
- Gift Nifty
- Around 24,559.5, an 88-point premium to the previous Nifty futures close.
- Sensex close
- 77,656.09, up 286.98 points or 0.37%.
- Nifty 50 close
- 24,334.55, up 115.50 points or 0.48%.
- Sensex levels
- Support at 77,000–77,125 and resistance at 77,800–78,000.
- Nifty 50 levels
- Analysts cited support at 24,240 or 24,100, with resistance ranging from 24,400 to 24,600.
- Bank Nifty levels
- Support at 57,100–57,000 and resistance at 57,900–58,000; a sustained move above 58,000 could target 58,400.
- Prior-session comparison
- The separate 25 August article reported the Sensex at 77,369.11 and the Nifty 50 at 24,219.05 after declines.
Quotes
Nagaraj Shetti
Senior Technical Research Analyst at HDFC Securities
“The broader trading range stands at 76,800–78,000, with the near-term bias remaining sideways. A sustained move below the support zone could extend the weakness, while a recovery above the resistance zone would be required to improve the short-term market structure.”
livemint.com
“Sustaining above the 77,000–77,125 support zone will be crucial to maintain the positive undertone. On the upside, a sustained move above the 77,800–78,000 resistance zone, along with a decisive crossover of the 20-day EMA, could further strengthen the recovery.”
livemint.com
Sources
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