3 weeks ago
Sensex, Nifty 50 expected to open flat as crude surges
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.
Sensex and Nifty 50 are expected to open flat on Monday, 10 August, with crude oil price gains weighing on investor sentiment.
Brent crude rose 0.9% to $84.30 per barrel, extending a surge of more than 5% over the last three sessions.
On Friday, the Sensex fell 455.59 points (0.58%) to 78,499.17, while the Nifty 50 slipped 65.35 points (0.27%) to 24,570.65.
Gift Nifty traded near 24,667, a 12-point premium to Nifty futures' previous close, indicating a muted start.
Analysts see Nifty support at 24,450–24,350 and near 24,000, with resistance at 24,650–24,750 followed by 24,800–24,850.
- Who
- Indian stock market investors and technical analysts, including Hitesh Tailor of Choice Equity Broking, Nagaraj Shetti of HDFC Securities, Hitesh Rathi of Angel One and Sudeep Shah of SBI Securities.
- What
- Sensex, Nifty 50 and Bank Nifty are expected to open flat on Monday, according to analysts, as a spike in crude oil prices weighs on sentiment.
- Where
- The Indian stock market, including the BSE and NSE.
- When
- Monday, 10 August, following a negative close on Friday.
- Why
- A 0.9% rise in Brent crude to $84.30 per barrel, extending a surge of over 5% in the last three sessions, is weighing on investor sentiment.
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





