Nifty-Sensex Today: How will the Indian stock market move on September 2
Nifty-Sensex Today: Benchmark indexes for the Indian stock market, the Sensex and Nifty 50, are probably going to open quietly, following a variety of global market indications.
The Indian benchmark index seems to have had a flat morning, according to Gift Nifty’s statistics. The Gift Nifty was trading at a premium of around eighteen points from the previous closing of the Nifty futures, at about 25,415 points.
The local equities market finished Friday’s trading session higher, with the benchmark Nifty 50 reaching a new all-time high.
The Nifty 50 closed 83.95 points, or 0.33%, higher at 25,235.90, while the Sensex gained 231.16 points to conclude at 82,365.77.
On the daily chart, the Nifty 50 created a little negative candle with a slight upper and lower shadow.
From a technical perspective, this suggests that at the new highs, a doji-style candle pattern will appear. Such doji forms at new highs often signal a trend reversal, but lately, a small number of them haven’t caused the market to move much in either direction, according to HDFC Securities Senior Technical Research Analyst Nagaraj Shetti.
He thinks the Nifty’s short-term trend is still good, but the market isn’t able to achieve a strong enough upswing to hit new highs. It is possible to anticipate another consolidation or a little decline from the resistance of the 25,300–25,400 levels.
What to anticipate from Bank Nifty and Nifty 50 today is as follows
Forecast for the Nifty 50 Forecast
On August 30, the Nifty 50 index maintained its follow-through rally in tight range trading, closing the day higher by 83 points at 25,268—an all-time high.
The market is expected to continue to be strong as long as the index remains over 25,000. A severe correction might be triggered with a decline below this level. Positively, the present optimism can push the index closer to 25,500 in the near future, according to Rupak De, a LKP Securities senior technical analyst.
The Sanctum Wealth Head of Derivatives and Technical, Aditya Agarwal, predicts that the Nifty 50 will encounter immediate resistance near 25,300 levels and may see some consolidation in the vicinity of those levels.
“The short-term structure appears positive overall, and any pullback in profit booking towards 25,100 – 25,000 can be leveraged to initiate new long positions,” said Agarwal.
With the Nifty 50 now in an overbought zone with RSI readings of 67 on a daily basis, 74 on a weekly basis, and 81 on a monthly basis, which point to a potential correction over the next three to six months, Stock Market Today co-founder VLA Ambala feels that prudence is required.
“The Nifty index should expect resistance to be between 25,300 and 25,410 during these situations, while support should be around 25,170, 25,080, or 25,000,” Ambala said.
Forecast for the Bank Nifty
The Bank Nifty index formed a bearish candlestick pattern as it increased 198.25 points, or 0.39%, to settle at 51,351.00.
“Compared to the Nifty index, Bank Nifty has been generally sluggish. The 50 EMA zone at 50,800 levels has been maintained as a significant support, and a clear breach above the 51,800 zone would be necessary to establish strength on the upside.” Once the 50,800 zone is resolutely maintained, the index has further goals of 53,500 and 55,000 levels, according to Vaishali Parekh, Vice President of Technical Research at PL Capital – Prabhudas Lilladher.
She said that the weekly range for Bank Nifty will be between 50,300 and 52,500 levels.
The immediate resistance zone for the Bank Nifty would be the 50-day SMA (Simple Moving Average), or 51,550, according to Amol Athawale, VP-Technical Research at Kotak Securities. After the 51,500 breakout, it can rise to 52,000 or 52,500.
Conversely, the critical support zone would be 51,000 or 10 day SMA. Below the same, the attitude can shift. Below there, it may drop to 50,625 to 50,500, or the 20-day SMA, according to Athawale.
