Nifty 50, Sensex Today: What to Expect from Indian Stock Market in Trade on August 14 Ahead of Weekly F&O Expiry
The Indian stock market benchmark indices, Sensex and Nifty 50, are likely to open on a tepid note on Thursday, tracking mixed cues from global markets.
The trends on Gift Nifty also indicate a muted start for the Indian benchmark index. The Gift Nifty was trading around 24,694 level, a discount of nearly 18 points from the Nifty futures’ previous close.
Sensex and Nifty 50 Performance
On Wednesday, the equity market ended with decent gains, with the benchmark Nifty 50 closing above 24,600 level.
The Sensex rose 304.32 points, or 0.38%, to close at 80,539.91, while the Nifty 50 settled 131.95 points, or 0.54%, higher at 24,619.35.
Sensex Prediction
Sensex reached 80,700 level on Wednesday, but failed to sustain that level and closed marginally above the opening levels.
“The activity is indicating indecisiveness; however, the positive thing is that Sensex closed above the 10-day EMA, which could pull the market towards the 20-day SMA, which is at 81,200. Support is present at 80,300, below which Sensex could gradually decline to 80,000 or 79,800 levels. It is advised to trade as per the given levels,” said Shrikant Chouhan, Head Equity Research, Kotak Securities.
Nifty OI Data
In the derivatives segment, the highest Nifty call open interest was observed at the 24,700 strike, while the highest put open interest was concentrated at the 24,600 strike.
This positioning suggests that while resistance remains near 24,700, traders are anticipating potential upside, with a sustained close above this level required to keep bullish momentum intact, said Amruta Shinde, Technical & Derivative Analyst at Choice Equity Broking.
Nifty 50 Prediction
Nifty 50 formed a bullish inside bar candlestick pattern on the daily time chart.
“A small positive candle was formed on the daily chart with upper and lower shadow. Technically, this market action indicates gradual upmove in the market with lack of strong momentum. The short term trend of Nifty remains positive. A decisive move above the crucial hurdle of 24,700 levels could open further upside towards 25,000 levels in the near term. Immediate support is placed at 24,465 levels,” said Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities.
Bank Nifty Prediction
Bank Nifty index ended 137.75 points, or 0.25%, higher at 55,181.45 on Wednesday, forming a Homing Pigeon candlestick pattern on the daily chart, which is typically considered a bullish reversal signal when it appears after a downtrend.
“This pattern suggests that selling pressure may be easing, and a potential rebound could be on the horizon. However, the confirmation of this pattern is necessary in the next trading session. Going ahead, the 100-day EMA zone is expected to act as a key support area for Bank Nifty. A sustained hold above this zone could help maintain the current consolidation and potentially set the stage for a recovery,” said Sudeep Shah, Head – Technical and Derivatives Research by SBI Securities.
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