Indian stock market: Nifty 50 above 24,400 level. Can it rise further this week?
As of 9:44 am, the BSE Sensex had risen 54 points, or 0.07 per cent, to 79,912, while the Nifty50 was up 15 points, or 0.06 per cent, at 24,378.
Last week, the Nifty and Sensex each declined by nearly 1%, extending their longest weekly losing streak in five years, as concerns over U.S. tariffs and lacklustre corporate earnings weighed on market sentiment.
U.S. President Donald Trump has announced a 50% tariff on Indian imports, with half already implemented and the remaining 25%—imposed as a penalty for India's purchase of Russian oil—scheduled to take effect on August 28.
Market participants are now focused on the August 15 meeting in Alaska between Trump and Russian President Vladimir Putin, where discussions are expected to centre on finding a possible resolution to the war in Ukraine.
" Indian equity indices ended the week on a weak note, reacting to a combination of global uncertainties and sustained foreign fund outflows. The Nifty 50 slipped below the crucial 24,400 mark, closing at 24,363.30, down 232.85 points or 0.95%, while the Sensex declined 765.47 points or 0.95% to settle at 79,857.79. Concerns over elevated global interest rates, weak global market cues, and consistent profit-booking in heavyweight sectors continued to weigh on investor sentiment throughout the week, said Mandar Bhojane, Senior Technical & Derivative Analyst - Research at Choice Equity Broking Private Limited.
Bhojane believes that the Nifty has now formed six consecutive red candles on the weekly chart — a rare and notable pattern that indicates sustained selling pressure.
' The index is approaching a key support zone of 24,200–24,000, which also aligns with the 100-day EMA on the daily chart. Any reversal near this zone could present a strong buying opportunity. On the upside, immediate resistance is placed at 24,590, and a decisive close above this level may open the path towards 25,000 and 25,250 in the short term. A breakout on either side will likely determine the next decisive move in the index,' Bhojane said.
Last week, Banking stocks tracked the overall market downturn and finished the week lower, with the Bank Nifty falling below the key 55,000 level. The index ended at 54,904.90, down 612.70 points or 1.10%.
Persistent selling in major private sector banks, coupled with weak global cues, weighed on investor sentiment. After a period of strong performance, the Bank Nifty is now exhibiting initial signs of fatigue near its recent peaks.
' From a technical standpoint, the index is taking support at the 20-EMA and is currently retesting the critical 54,900–55,000 zone. On the daily chart, the price is also holding above the 100 EMA, which stands near 54,935 — making it an immediate and crucial support level. A sustained move above this zone could trigger fresh buying momentum with upside potential towards 55,600–56,000. The next directional move will depend on how the index reacts around these pivotal levels,' he added.
Disclaimer: This story is for educational purposes only. The views and recommendations above are those of individual analysts or broking companies, not Mint. We advise investors to check with certified experts before making any investment decisions.
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