Nifty 50, Sensex prediction today: Check how Indian stock market is expected to trade on 7 August

The Indian stock market benchmark indices, Sensex and Nifty 50, are expected to open weak on Friday, 7 August, as a sharp rise in Brent crude oil prices weighs on investor sentiment. Brent crude climbed more than 1% to $83.45 a barrel amid escalating tensions in the Middle East, raising concerns over energy supplies and inflation.

The Gift Nifty trends also indicated a negative start for the Indian benchmark index. The Gift Nifty was trading at around 24,651.5, an 88-point discount to the Nifty futures’ previous close.

On Thursday, the Indian stock market ended positively, with the benchmark Nifty 50 closing above 24,630.

The Sensex rose 373.76 points, or 0.48%, to close at 78,954.76, while the Nifty 50 settled 11.35 points, or 0.05%, up at 24,636.

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

Sensex Prediction

The Sensex ended 373.76 points, or 0.48%, higher at 78,954.76.

Hitesh Tailor, Technical Research Analyst at Choice Equity Broking Private Ltd., said the Sensex witnessed some profit booking after approaching the 79,000 mark but recovered from lower levels, indicating sustained buying interest on declines.

According to Tailor, the index continues to hold above the crucial 78,300–78,600 support zone, keeping the near-term trend constructive. On the upside, the 79,100–79,300 range remains the immediate resistance area, and a sustained move above this zone could strengthen the ongoing recovery momentum.

Nifty 50 Prediction

Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities, said the Nifty 50 traded in a narrow range of around 75 points on Thursday and ended with marginal gains after witnessing weakness and sharp moves during the Closing Auction Session (CAS) over the previous three sessions.

According to Shetti, the formation of a small-bodied candlestick on the daily chart indicates a phase of consolidation following the sharp rally seen on August 3. He noted that after the recent decisive breakout above the 24,300–24,400 zone, the index has retraced towards the previous breakout area, in line with the change-in-polarity concept.

Shetti believes the underlying trend remains positive despite the ongoing consolidation. He expects the 24,400–24,300 zone to act as a strong buy-on-dips area, while a decisive move above 24,800 could pave the way for an advance towards 25,150 in the near term.

Hitesh Rathi, Technical Analyst – Equity & Derivatives at Angel One, also maintained a constructive outlook on the benchmark index. However, he said a decisive daily close above the 24,800–24,850 zone is required to confirm that buyers have regained control.

Rathi advised investors to accumulate on declines rather than chase the rally at higher levels, as this offers a more favourable risk-reward setup. He sees immediate support in the 24,450–24,350 range, while the 24,750–24,800 zone remains the first resistance. According to him, a sustained move above 24,820 would confirm a breakout and reinforce the prevailing bullish trend.

Bank Nifty Prediction

Bank Nifty traded in a narrow range of 362 points on Thursday and ended the session 0.56% higher, closing above the 58,000 mark.

Sudeep Shah, Head of Technical and Derivatives Research at SBI Securities, said the 58,500–58,600 zone is likely to act as the immediate resistance for the index. According to Shah, a decisive breakout above 58,600 could trigger a fresh leg of the rally, with 59,100 and 59,600 emerging as the next upside targets in the short term.

On the downside, he expects the 290-day exponential moving average (EMA), positioned in the 57,600–57,500 zone, to provide strong support and serve as a key cushion for the Bank Nifty, helping preserve the broader positive trend.

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.