Nifty 50, Sensex prediction today: Check how Indian stock market is expected to trade on 10 August

The Indian stock market benchmark indices, Sensex and Nifty 50, are expected to open flat on Monday, 10 August, as a spike in Brent crude oil prices weighs on investor sentiment. The global benchmark for crude oil, Brent, increased by 0.9% to $84.30 per barrel, continuing a surge of over 5% over the last three sessions.

The Gift Nifty trends also indicated a muted start for the Indian benchmark index. The Gift Nifty was trading at around 24,667, a 12-point premium to the Nifty futures’ previous close.

On Friday, the Indian stock market ended on a negative note, with the benchmark Nifty 50 closing below 24,600.

The Sensex slumped 455.59 points, or 0.58%, to close at 78,499.17, while the Nifty 50 settled 65.35 points, or 0.27%, down at 24,570.65.

Here’s what to expect from Sensex, Nifty 50 and Bank Nifty today:

Sensex Prediction

The BSE Sensex ended the session at 78,499.17, down 455.59 points, or 0.58%.

According to Hitesh Tailor, Technical Research Analyst at Choice Equity Broking Private Limited, the Sensex continues to trade above its 20-day, 50-day and 100-day EMAs, indicating that the broader trend remains positive despite the recent weakness. He noted that the RSI stands at 58.68, suggesting that momentum continues to favour the bulls. Tailor placed immediate support for the index in the 77,900–78,100 zone, while 78,800–79,000 remains the key resistance area.

Nifty 50 Prediction

Nifty 50 outlook remains cautious amid choppy trade

Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities, said Nifty 50 witnessed choppy movement for the fourth consecutive session on Friday, closing 65 points lower in a range-bound session.

He noted that the index appears to be attempting a downside breakout from a triangle pattern formed on the daily chart. However, the lack of strong momentum during the breakdown raises the possibility of a false breakout if follow-through weakness fails to emerge in the coming sessions.

According to Shetti, the underlying trend remains choppy with a weak bias. The 24,400–24,300 zone, which marks the previous breakout area based on the change-in-polarity concept, remains a crucial support zone. Any decline towards these levels could offer a buying opportunity, while 24,700 remains the immediate resistance level for a trend reversal.

Key support and resistance levels

Hitesh Rathi, Technical Analyst – Equity & Derivatives at Angel One, said immediate support for Nifty 50 remains at 24,450–24,350, followed by stronger support near the psychological 24,000 level. On the upside, resistance is placed at 24,650–24,750, followed by a stronger hurdle in the 24,800–24,850 zone.

Rathi added that the broader market continues to see profit-booking, with the Midcap index showing hesitation near its all-time highs. He maintained a wait-and-watch approach until greater clarity emerges on the market's near-term direction.

Bank Nifty Prediction

Bank Nifty opened on a weak note and initially attempted to recover towards the day’s high but failed to sustain the gains. The index subsequently drifted lower, hitting an intraday low of 57,698. It turned volatile after State Bank of India (SBI) announced its quarterly results and later settled at 57,801 at 3:15 PM. Following the Closing Auction Session (CAS), the settlement price stood 55 points lower at 57,746.

Sudeep Shah, Head - Technical and Derivatives Research at SBI Securities, said that the immediate resistance for Bank Nifty is placed in the 58,200–58,300 zone. A sustained move above this range could extend the index’s pullback towards 58,700, followed by 59,100 in the short term. On the downside, Shah expects immediate support in the 57,300–57,200 zone.

Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.