Stock market today: Indian benchmark indices, Sensex and Nifty, opened higher on Monday, supported by gains in Reliance Industries and IT stocks, as Asian markets tracked Wall Street’s rally following U.S. Federal Reserve Chair Jerome Powell’s hint at a possible rate cut next month.
The BSE Sensex rose 207.24 points, or 0.25 per cent, to start at 81,514.09, while the NSE Nifty opened 54.05 points, or 0.22 per cent, higher at 24,924.15.
The Nifty and Sensex gained nearly 1 per cent each last week, driven by proposed revisions to goods and services tax (GST) rates and S&P’s upgrade of India’s sovereign rating. Meanwhile, investors remain attentive to India-U.S. trade discussions, as a new 25 per cent U.S. tariff on Indian goods is set to take effect on August 27.
“Indian equity benchmarks ended the week under pressure as persistent selling wiped out the gains of the previous four sessions. The Nifty 50 closed at 24,870.10, losing 213 points (-0.85 per cent), while the Sensex slipped 693.86 points (-0.85 per cent) to settle at 81,306.85. On the weekly chart, Nifty formed an inverted hammer, a bearish signal indicating sustained selling pressure at higher levels. Despite briefly reclaiming the 25,100 mark during the week, the overall tone remained cautious as investors preferred to book profits amid heightened volatility,” said brokerage firm Choice Broking in a note.
Key technical levels to watch out this week –
Nifty 50
The brokerage firm said that the index is currently hovering around its short-term support at 24,840, which coincides with the 50-day EMA.
“ A decisive breakdown below this level could open the way for further declines toward24,650, where a recent gap is placed, and subsequently to 24,500, which serves as a broader support zone. On the upside, the index faces resistance in the 25,150–25,350 band. A strong close above this zone could shift market momentum in favor of the bulls and trigger a fresh rally,” it added.
Support Levels:- 24840-24500
Resistance Levels :- 25160-25350
Overall Bias :- Sideways To bearish
Bank Nifty
Bank Nifty ended lower on Friday, closing near 55,149 after facing resistance and rejection in the 56,000–56,160 zone, highlighting strong selling pressure. The index broke down from its recent range-bound movement, filled a gap on down side, and wiped out more than 800 points of weekly gains, according to Choice Broking.
“A strong bearish candle formed on the daily chart, closing below the key support level of 55,500, which reinforced the prevailing downside momentum. If this selling pressure continues and the index breaks below 55,000, it could trigger a deeper corrective move toward 54,900 (20-week EMA) and 54,450. On the upside, immediate resistance is seen around 55,500. A sustained breakout above this level could attract fresh buying, with potential targets at 55,750 and 56,000. Given the current price action and uncertain momentum, traders are advised to remain cautious and maintain strict risk management. A decisive close above the 56,160 resistance or a breakdown below the 55,000 support will be crucial in determining the next significant directional move in Bank Nifty,” it added.
Bias– Sideways to Bearish
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