Nifty 50, Sensex today: What to expect from Indian stock market in trade on August 30

Indian stock market benchmark indices, Sensex and Nifty 50, are likely to open with minor gains amid positive cues from global markets.

The trends on Gift Nifty also indicate a mildly positive start for the Indian benchmark index. The Gift Nifty was trading around 25,285 level, a premium of nearly 15 points from the Nifty futures’ previous close.

On Thursday, the domestic equity market indices ended higher after hitting record highs during the session.

The Sensex rallied 349.05 points to close at 82,134.61, while the Nifty 50 settled 99.60 points, or 0.4%, higher at 25,151.95.

Nifty 50 formed a long bull candle on the daily chart at the new highs, which is indicating that the market is preparing for a decisive upside breakout of the hurdle around 25,100 levels.

“This is a positive indication. The short-term uptrend of Nifty continues to be positive. The next upside levels to be watched are around 25,360 – 25,400 (1.382% Fibonacci extension),” said Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities.

Here’s what to expect from Nifty 50 and Bank Nifty today;

Nifty OI Data

Open Interest (OI) data showed the highest OI on the call side at the 25,300 and 25,500 strike prices, while on the put side, it was concentrated at the 25,000 strike price, said Hardik Matalia, Derivative Analyst at Choice Broking.

Nifty 50 Prediction

Nifty 50 witnessed a sustainable upmove on August 29 amidst high volatility and closed the day higher 99 points above the 25,100 level.

“The Nifty moved up to achieve its highest-ever closing following a volatile session. Besides, the index has undergone a brief consolidation breakout. The RSI is in a bullish crossover, indicating strong price momentum. In the short term, the index might move towards 25,300, with support on the lower end placed at 25,000,” said Rupak De, Senior Technical Analyst, LKP Securities.

VLA Ambala, Co-Founder of Stock Market Today suggests investors keep a cautious approach as Nifty is currently trading in an overbought zone, with RSI readings at 67 daily and 71 on the weekly timeframe, forming a bullish Marubozu candlestick pattern. She expects some potential correction in the next 3-6 months.

“However, I advise focusing on dip-buying opportunities and avoiding making decisions due to FOMO. Based on these aspects, the benchmark index Nifty can expect support levels between 25,070 and 25,000, while resistance could be noticed around 24,250 and 24,320 in today’s session,” Ambala said.

Bank Nifty Prediction

Bank Nifty index underperformed the frontliners and ended just 8.90 points higher at 51,152.75 on Thursday, forming a small-bodied candle on the daily chart.

“Bank Nifty continued its consolidation and traded in a narrow band of 51,350 – 51,000 with no clear direction. Currently, Bank Nifty is in no trade zone and only a close above 51,300 or below 50,900 will further set the direction for the index,” said Aditya Agarwal, Head of Derivatives and Technical at Sanctum Wealth.

Above 51,300, he expects the Bank Nifty index can move towards 51,800 / 52,200 levels, whereas on the lower side, 50,700 will be a strong support zone for Bank Nifty.

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 making any investment decisions.