Nifty 50, Sensex today: What to expect from Indian stock market in trade on August 14 ahead of weekly F&O expiry

Mint

5 hours ago

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.
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.
Here's what to expect from Sensex, Nifty 50 and Bank Nifty today:
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.
According to Om Ghawalkar, Market Analyst, Share.Market, the support for Sensex lies at 78,800 - 79,000 and 79,400 - 79,600 levels, while the index may face resistance at 80,800 – 81,000 and 81,500 – 81,700 levels.
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 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.
According to Hrishikesh Yedve, AVP Technical and Derivative Research, Asit C. Mehta Investment Intermediates Ltd, Nifty 50 formed a small green candle on the daily chart with shadows on either side, indicating indecision.
'If the Nifty 50 index maintains above the 100-DEMA level of 24,590, the pullback rally could extend towards 24,840, where the 34-DEMA hurdle is located. On the downside, last week's low around 24,340 will act as a major support,' said Yedve.
VLA Ambala, Co-Founder of Stock Market Today believes that the market is likely to experience a short-term pullback, and traders are advised to continue following the buy-at-support strategy.
'We can expect Nifty 50 to find support near 24,560 and 24,480, and meet resistance near 24,750 and 24,860 in today's market session,' Ambala said.
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.
According to him, on the upside, the 55,500 – 55,600 zone will be a crucial resistance, and a decisive breakout above 55,600 may trigger a sharp trending move to the upside, while a break below 54,850 could lead to renewed selling pressure, opening the door for a deeper correction.
Om Mehra, Technical Research Analyst, SAMCO Securities said that the Bank Nifty index is finding support in the 54,950 – 55,000 band, where the 100-SMA is currently placed. However, the index remains trapped beneath the 9-EMA, 20-SMA, and 50-SMA, all of which are sloping downward and capping any meaningful rebound.
'Momentum indicators have shown marginal improvement — the RSI has edged above 40, while the MACD is beginning to flatten, signalling early signs of recovery. On the hourly chart, the index is attempting to base out, but a decisive close above 55,350 – 55,450 would be needed to extend on the higher side,' Mehra said.
For now, he believes, 55,050 – 54,950 remains the immediate support zone, followed by 54,700 on further weakness. Unless the index reclaims the overhead resistance cluster, Bank Nifty may remain range-bound with a slight positive outlook as long as the 100-SMA continues to hold.
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.