Today’s Nifty 50 and Sensex: How will the Indian stock market move on August 27

Today’s Nifty 50 and Sensex: Tuesday’s opening of the Indian stock market indexes, the Sensex and Nifty 50, is probably going to be muted due to poor signals from their international counterparts.

The Indian benchmark index has had a subdued start, according to Gift Nifty’s trends. The Gift Nifty was trading at a discount of around 20 points from the previous closing of the Nifty futures, at the 25,025 level.

The domestic equities market indexes rose strongly on Monday, as the Nifty 50 recovered the 25,000 milestone.

The Nifty 50 closed 187.45 points, or 0.76%, higher at 25,010.60, while the Sensex gained 611.90 points, or 0.75%, to end at 81,698.11.

On the daily chart, the Nifty 50 created a lengthy bull candle with a little upper shadow.

The pattern technically suggests an attempt at an upward breakthrough of the last down gap resistance on August 2nd, which was located between 24,950 and 25,000 levels. As a result, the two significant down gaps from August 2 and August 5 have been fully filled, with Nifty closing higher at 24,950 and 24,680, respectively. According to HDFC Securities Senior Technical Research Analyst Nagaraj Shetti, “this is a positive indication.”

He thinks the Nifty 50’s short-term trend is still favorable and that the market is about to break out to new all-time highs after passing through significant resistance around the 24,700 and 24,950 levels.

“In the near term, the upside target of 25,300–25,400 levels could be opened by a decisive move above the 25K mark,” Shetti said.

Here is how Bank Nifty and Nifty 50 will move today:

Good Open Interest Information

According to Mandar Bhojane, Research Analyst at Choice Broking, the largest Open Interest (OI) on the call side was detected between the 25,200 and 25,500 strike prices, while the highest OI on the put side was at the 24,800 strike price. This information was obtained via analysis of the Nifty OI data.

Nifty 50 Forecast

On August 26, the Nifty 50 index resumed its upward trajectory, finishing the day with respectable gains of 187 points above the 25,000-mark.

“A prominent green candle has developed on the daily chart after two straight minor red candles, indicating increasing mood. But resistance is seen around 25,080, and a move in the right direction is required to see a surge toward 25,300. However, if the index is unable to rise over 25,080, selling may occur in the market, which might push the index down around 24,800, according to Rupak De, Senior Technical Analyst at LKP Securities.

Co-founder of Stock Market Today VLA Ambala observed that during Monday’s session, increased market liquidity encouraged DII and mutual fund companies to see any decline as a chance to purchase, which continued the positive trend of FOMO purchasing.

On the daily period, Nifty created a bullish Marubozu candlestick pattern throughout the session. The mood of the market was also reflected in the index’s RSI readings, which were 61 on the daily time frame and 72 on the weekly time frame. Even if the Nifty index is getting close to its peak, Ambala said that several equities are consolidating and might break shortly, offering fresh chances for purchase.

She predicts that in the next session, Nifty will find resistance between 25,105 and 25,180 and support at 24,980 and 24,910.

According to Aditya Agarwal, Head of Derivatives and Technical at Sanctum Wealth, the Nifty 50 index may see some profit booking before to the monthly expiration and may encounter some modest resistance in the vicinity of 25,050 to 25,100 levels.

But the general trend is still solid, according to Agarwal, and any declines towards 24,940–24,860 may be leveraged to start new long positions in Nifty with upside goals of 25,180–25,240.

Forecast for the Bank Nifty

The Bank Nifty index formed an Inverted Hammer candlestick pattern on the daily timeframe, rising 214.65 points, or 0.42%, to finish at 51,148.10 on Monday.

“Monday’s session saw Bank Nifty start the day well, but it was unable to hold above 51,200 levels as profit booking put the indexes under pressure all day. According to Agarwal, “we anticipate Bank Nifty to consolidate between 50,900 and 51,300, and a breakout of this range can further set the direction.”

He says that a short covering move over 51,300 may occur and push the index up to levels between 51,700 and 51,900.