The Indian stock market opened on a positive note Thursday, tracking mixed global cues. The benchmark Nifty 50 index opened 16.35 points, or 0.07%, higher at 24,641, while the Bank Nifty climbed 75.05 points, or 0.13%, to start at 57,815. The Sensex opened 201.43 points above the previous close of 78,581, reaching 78,782.43.
Among broader indices, the Nifty midcap index rose 0.18%, while the smallcap index gained 0.76%. The Indian rupee opened flat at Rs. 95.13 per dollar against the previous close of Rs. 95.13.
Foreign institutional investors (FIIs) turned net sellers on August 5, offloading shares worth Rs. 943.42 crore. In contrast, domestic institutional investors (DIIs) remained net buyers, investing Rs. 2,883.17 crore.
Sensex Outlook
Technically, the Sensex witnessed range-bound activity. Short-term support is placed at 78,200–78,000, while 78,900–79,000 remains the crucial resistance area for the bulls. According to Shrikant Chouhan, Head of Equity Research at Kotak Securities, “We believe that, as long as the market is trading between these ranges, a range-bound texture is likely to continue. On the higher side, a breakout above 79,000 could push the market towards 79,300–79,500. On the flip side, a dismissal of 78,000 could push the market towards 77,500.”
Nifty 50 Outlook
The Nifty 50 formed a bullish hammer-like candle on the daily chart, indicating buying interest at lower levels. Bajaj Broking Research stated, “We expect the index to extend the last two sessions’ consolidation and form a base at higher levels. The overall structure is positive; we believe the current breather should be used to accumulate quality stocks in a staggered manner.” The brokerage expects the benchmark index to gradually move towards the 25,000–25,200 zone over the coming weeks. Immediate support is placed in the 24,400–24,500 range. As long as the Nifty remains above this zone, analysts expect a pullback towards 24,720 and 24,800 in the near term. Stronger short-term support is now seen around 24,200–24,000, where key Fibonacci retracement levels coincide with the 20-day and 50-day exponential moving averages (EMAs).
Bank Nifty Outlook
Bank Nifty traded within a narrow range during Wednesday’s session and formed an inside-bar candle, reflecting indecision after recent profit booking. Bajaj Broking noted, “The index continues to consolidate within the broader 56,500–58,700 range that has been in place over the past seven weeks. A decisive breakout above 58,700 would signal a resumption of the uptrend, opening the door towards 59,300 and 60,000 in the coming sessions. Until then, the index is likely to remain range-bound with a stock-specific bias.” According to the brokerage, immediate support for Bank Nifty is near 57,400, followed by the 57,000–56,800 zone. On the upside, resistance is seen around 58,000–58,100, while a sustained move above the 58,500–58,700 range could strengthen bullish momentum.
Disclaimer: This article is for informational purposes only and does not constitute investment advice. Please conduct your own research before making any financial decisions.
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