3 weeks ago

Sensex, Nifty 50 expected to open flat as crude surges

Sensex, Nifty 50 expected to open flat as crude surges
Nifty 50, Sensex prediction today: Check how Indian stock market is expected to trade on 10 August · livemint.com

This story is about the stock market in India, where people buy and sell parts of big companies called shares.

Lists of the biggest and most important companies are called indices, and India has two famous ones: the Sensex and the Nifty 50.

Last Friday, these indices went down a little, which means most shares ended the day worth slightly less.

Something called Gift Nifty, which gives an early hint about how trading may start, suggested Monday could begin without big changes.

One reason for the caution is the price of crude oil, which is used to make fuel like petrol and diesel.

Crude oil became more expensive, and when that happens, companies may need to spend more on running their business.

Experts called analysts study the market and point out special price levels, like support where prices may stop falling and resistance where they may stop rising.

Analysts said if the Nifty 50 falls, it could find support near 24,400, and even stronger support near 24,000.

They also said the market could go up if it crosses resistance levels around 24,700.

So on Monday, investors will be watching these numbers closely to see which way the market moves.

Key facts

Market Outlook
Flat open expected for Sensex and Nifty 50 on Monday
Brent Crude
$84.30 per barrel, up 0.9%; surged over 5% in last three sessions
Sensex Friday Close
78,499.17, down 455.59 points (0.58%)
Nifty 50 Friday Close
24,570.65, down 65.35 points (0.27%)
Gift Nifty
~24,667, a 12-point premium to Nifty futures' previous close
Bank Nifty Settlement
57,746, 55 points lower
Nifty Key Support
24,450–24,350, with stronger support near 24,000
Nifty Key Resistance
24,650–24,750, followed by 24,800–24,850

Quotes

Nagaraj Shetti

Senior Technical Research Analyst at HDFC Securities

“the Sensex continues to trade above its 20-day, 50-day and 100-day EMAs, indicating that the broader trend remains positive”
livemint.com
“Nifty 50 witnessed choppy movement for the fourth consecutive session on Friday”
livemint.com

Sources

Related news