Stock market today: What to expect from Nifty, Sensex, Bank Nifty today

The trends on Gift Nifty indicate a flat-to-positive start for the Indian benchmark index. The Gift Nifty was trading around 19,669 level as compared to the Nifty futures’ previous close of 19,650.

The benchmark equity indices Sensex and Nifty ended higher for the third consecutive session on Tuesday amid positive domestic macroeconomic data.

“Strong domestic factors are providing crucial support for Indian equities, allowing them to maintain their strength despite attempts by weak global peers to disrupt the mood,” said Vinod Nair, Head of Research at Geojit Financial Services.

The Sensex ended 152.12 points higher at 65,780.26, while the Nifty gained 46.10 points to close at 19,574.90 amid narrow range movement.

Nifty formed a small positive candle on the daily chart, that closed above the high of doji candle of Monday. 

“This is a positive indication and signals uptrend continuation for the market in the short term. After moving above the crucial hurdle of down sloping trend line at 19,450 levels on Monday, the Nifty continued its upside momentum on Tuesday, without disturbing an upside breakout of the resistance,” said Nagaraj Shetti, Technical Research Analyst, HDFC Securities.

Nifty is currently placed at another resistance of 19,600 levels and one may expect this to be taken out soon on the upside, he added.

Also Read: 6 things that changed for market overnight: Gift Nifty, oil price rally to global market cues for Sensex today

Here’s what to expect from Nifty and Bank Nifty today:

Nifty

Nifty sustained a breakout from a descending channel on the daily chart. 

“The trend will remain favorable as long as the bulls can maintain Nifty above 19,440. A ‘buy on dips’ strategy should be the preferred approach until Nifty falls below 19,440. Resistance on the upper end is positioned at 19,600, and if breached, the index could potentially move higher,” said Rupak De, Senior Technical analyst at LKP Securities.

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Bank Nifty 

The Bank Nifty index witnessed consolidation and settled 46 points lower at 44,532.

“The Bank Nifty index is currently consolidating within a defined range, with support at 44,500 and resistance at 44,650. Despite the consolidation, a bullish undertone is observed, and traders are encouraged to consider buying on dips, with strong support around 44,300-44,200,” said Kunal Shah, Senior Technical & Derivative analyst at LKP Securities.

Shah believes a breakout above 44,700 could lead to further upside moves, especially towards the 45,000 level where significant open interest is seen on call options.

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Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before taking any investment decisions.

Updated: 06 Sep 2023, 07:38 AM IST