Sensex and Nifty 50 Likely to Open Lower Today: What to Expect in the Stock Market on August 29

The Indian stock market, represented by the Sensex and Nifty 50, is expected to open lower on Thursday, influenced by losses in global markets. Early indicators from Gift Nifty suggest a negative start, with the index trading around 25,002, down 55 points from its previous close.

On Wednesday, the Indian stock market closed slightly higher. The Sensex gained 73.80 points, closing at 81,785.56, while the Nifty 50 rose by 34.60 points, ending at 25,052.35. Although Nifty 50 hit a record high during the session, it faced resistance and formed a small positive candle on the daily chart, signaling potential challenges ahead.

Nifty 50 Outlook:

According to Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities, Nifty 50 may face strong resistance around the 25,100 level. However, the overall trend remains positive, and a minor dip could create space for a breakout towards 25,360 in the near term.

Rupak De, Senior Technical Analyst at LKP Securities, noted that Nifty 50 is showing signs of indecision at higher levels, with doji-like candles appearing on the daily chart. A decisive move above 25,100 could confirm a further rally, while a lack of sustained buying might trigger a dip, with immediate support at 24,800.

VLA Ambala, Co-Founder of Stock Market Today, highlighted that Nifty formed a ‘Spinning Top’ candlestick pattern, suggesting caution due to high trading volumes. She expects support levels around 24,920, 25,040, or 24,870, with resistance at 25,180 and 25,230.

Aditya Agarwal, Head of Derivatives and Technical at Sanctum Wealth, believes Nifty 50 will likely consolidate between 24,950 and 25,100, with high volatility expected due to the monthly derivatives settlement. He suggests that moves towards 25,100 – 25,140 could be opportunities for profit booking, with strong support between 24,920 and 24,880.

Bank Nifty Outlook:

The Bank Nifty index fell by 134.90 points, closing at 51,143.85 on Wednesday. It formed a small bearish pattern on the daily chart. Aditya Agarwal mentioned that Bank Nifty is facing selling pressure around 51,300 and is stuck in a range of 50,900 – 51,300. The index’s next direction will be determined by whether it can break out of this range.