Stock Market Trends for Nifty 50 and Sensex:

The Indian stock market, represented by indices like Nifty 50 and Sensex, is expected to open cautiously on Monday. This will be based on mixed cues from global markets.

Stock Market Trends for Nifty 50 and Sensex:

The trends from the Gift Nifty show a positive start. It is trading around the 24,675 level. This is a premium of about 48 points from the Nifty futures’ last close.

On Friday, the market had a tough day. The Nifty 50 closed below 24,600. The Sensex fell by 585.67 points, or 0.72%, and ended at 80,599.91. The Nifty 50 closed 203 points, or 0.82%, lower at 24,565.35.

What to Expect from Sensex

Sensex saw a decline of 1.08% last week. This marks its fifth consecutive weekly drop. The index has resistance between 81,500 and 81,700. This range used to be support but now acts as resistance.

If Sensex stays above this resistance, it may rise to 82,200. But if it falls below the 80,000-79,800 zone, it could drop further. The next levels to watch would be 79,200-79,000.

Nifty 50 Prediction

On August 1, Nifty 50 formed a High Wave candlestick pattern. This pattern shows indecision in the market. It indicates that the market is uncertain.

The Nifty 50 also formed an Inverted Hammer pattern on the weekly chart. This suggests a potential reversal.

Last Friday, a long negative candle formed on the daily chart. This suggests weakness in the market. The Nifty 50 is at a crucial support level of 24,500. However, it has not shown any significant recovery from this support yet. The index is still in a bearish trend, with lower highs and lower lows.

On the weekly chart, Nifty 50 formed its fifth consecutive negative candle. The breakout from the previous month has been reversed. The index has slipped below the 24,600 level.

If Nifty 50 falls below the 24,500 level, it may drop to 24,100-24,000 in the short term. Resistance for Nifty 50 is at 24,950.

Bank Nifty Prediction

Bank Nifty ended Friday down by 344.35 points, or 0.62%. The index is facing pressure near the 56,000 mark, which had earlier acted as support.

The Bank Nifty is trading below both its 20-day and 50-day moving averages. These averages show a downward slope, which signals weakness. The Relative Strength Index (RSI) is below 40, showing fading momentum. The MACD also remains bearish.

The important support for Bank Nifty is in the 55,200-55,100 range. If it falls below 55,100, the next support is at 54,600. Resistance is at 56,300-56,400.

Disclaimer:

The views and predictions in this article are those of the analysts or broking companies and not of Big TV. We advise investors to consult certified experts before making any investment decisions.

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