Nifty-Sensex today: How will the Indian stock market move today on 28 August
Nifty-Sensex today: The key indexes of the Indian stock market, the Sensex and Nifty 50, are anticipated to begin on a cautious tone on Wednesday, mirroring the erratic mood in international markets.
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 2 points from the previous close of the Nifty futures, at the 25,003 level.
In the midst of erratic global signals on Tuesday, the local equities indexes concluded the bumpy day flat.
The Nifty 50 closed 7.15 points, or 0.03%, higher at 25,017.75, while the Sensex increased 13.65 points, or 0.02%, to conclude at 81,711.76.
On the daily chart, the Nifty 50 produced a little negative candle, suggesting the creation of a doji-type candle pattern rather than a traditional one.
In the last few sessions, the market has been exhibiting consolidation behavior close to its all-time highs. Therefore, this move might be seen as a brief hold before a clear upward breach of earlier all-time highs above 25,078 levels, according to HDFC Securities Senior Technical Research Analyst Nagaraj Shetti.
He thinks the Nifty’s short-term trend is still bullish and that the market may continue to consolidate over the course of the next one to two sessions before seeing a dramatic upward breakout into new all-time highs. He said that a clear break over 25,100 may allow for an upside objective of 25,360, or a 38.2% Fibonacci extension.
What to anticipate from Bank Nifty and Nifty 50 today is as follows:
Good OI Information
According to Mandar Bhojane, a research analyst at Choice Broking, the greatest Open Interest (OI) data on the call side was found at the 25,300 and 25,500 strike prices, while the highest OI on the put side was found at the 24,800 strike price.
The CEO of Hedged.in, Rahul Ghose, claims that a significant build-up of put and call options near 25,000 levels for the August monthly expiration suggests that Nifty 50 would likely trade in a limited range this week and may try to hit all-time high (ATH) levels.
Forecast Nifty 50
On August 27, Nifty entered a consolidation phase and ended the day slightly higher, maintaining its above-25,000 mark.
“The Nifty finished with a Doji formation on the daily chart, signaling the beginning of an uncertain period in emotions. The technical setup is strengthened by the notable presence of put and call option writers near the 25,000 strike price. Because of this, the Nifty is probably going to stay in a range or even take a little decline in the near future, according to Rupak De, Senior Technical Analyst at LKP Securities.
He thinks that 24,800 might provide immediate support at the lower end, and that a move over 25,100 could take the Nifty closer to 25,300.
The Nifty 50 index finished over the 25,000 level after trading in a narrow range of 100 points, creating a Spinning Top candlestick pattern close to its all-time high, according to VLA Ambala, co-founder of Stock Market Today.
“For today’s session, the’sell-on-the-rise’ strategy could be appropriate if the price opens between 25,200 and 25,150.” In the meanwhile, particularly in the morning session, a gap-down opening may provide a purchasing chance around the 24,850–24,900 zone. These factors suggest that the benchmark market Nifty may see resistance at 25,120 and 25,200, and support between 24,930 and 24,850, according to Ambala.
Before experiencing a new breakthrough, Aditya Agarwal, Head of Derivatives and Technical at Sanctum Wealth, anticipates that Nifty will first stabilize between 24,950 and 25,100 for a while.
A rise towards 24,950–24,920 may be leveraged as a purchasing opportunity for goals of 25,070–25,100. The market is still “buy on dips,” according to Agarwal.
Forecast Bank Nifty
On Tuesday, the Bank Nifty index closed at 51,278.75, up 130.65 points or 0.26%, and formed a modest bullish candlestick pattern on the daily chart.
Vaishali Parekh, Vice President – Technical Research, PL Capital Group – Prabhudas Lilladher, stated, “Bank Nifty now moving past the 51,000 zone has improved the bias and with a gradual rise is slowly and steadily strengthening the trend expecting further upward move with targets of 52,500 and 53,400 levels anticipated with significant 50-EMA (Exponential Moving Average) zone of 50,800 level maintained as the immediate near-term support.”
She said that the daily range for Bank Nifty will be between 50,900 and 51,800 levels.
Agarwal anticipates that Bank Nifty will do better than other markets in the near run. A closing above 51,300 may set off a strong short covering move that may push the index as high as 51,800 or as low as 52,240.
The index is expected to conclude today at 51,500 for the August monthly expiration, according to the increased writing of the Bank Nifty call options at 51,500 levels, Ghose said. If not, there may be a reaction from the resistance levels.
