Nifty 50, Sensex today: What to expect from Indian stock market in trade on August 13

Indian stock market benchmark indices, Sensex and Nifty 50, are expected to open on a tepid note Tuesday amid mixed global cues.

The trends on Gift Nifty also indicate a muted start for the Indian benchmark index. The Gift Nifty was trading around 24,330 level, a discount of nearly 30 points from the Nifty futures’ previous close.

On Monday, the domestic equity market benchmark indices ended marginally lower, with the Nifty 50 holding above 24,300 level.

The Sensex fell 56.99 points to close at 79,648.92, while the Nifty 50 settled 20.50 points, or 0.08%, lower at 24,347.00.

Nifty 50 formed a small positive candle on the daily chart with upper and minor lower shadow.

“Technically, this pattern indicates a formation of a high wave type candle pattern, which is signaling high volatility in the market. The last 5-6 sessions candle pattern is indicating a formation of ascending triangle type pattern (consistent higher lows and horizontal hurdle). Normally, such ascending triangle formations after a reasonable decline indicates possible upside breakouts,” said Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities.

He believes the near-term uptrend status of Nifty 50 remains intact and the short-term trend is choppy. A decisive upmove only above 24,400 - 24,500 could bring bulls back into the market.

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

Nifty 50 Prediction

Nifty 50 shifted into consolidation at the highs on August 12 and closed the day with minor loss of 20 points.

“The sentiment is sideways to weak, with the Nifty 50 index closing below the 21-day EMA (Exponential Moving Average). The RSI is in a bearish crossover, indicating weak momentum. The market might continue to be a sell-on-rise as long as it stays below 24,500,” said Rupak De, Senior Technical Analyst, LKP Securities.

On the lower end, he believes the support is placed at 24,150.

Bank Nifty Prediction

Bank Nifty with some fluctuations seen, ended 93.45 points, or 0.19%, higher at 50,577.95 on Monday.

“Bank Nifty overall is witnessing a sluggish move with gradual rise seen and as mentioned earlier, would need a decisive breach above the 51,000 zone to trigger for fresh upward move in the coming days. The 100 period MA zone at 49,600 level would be the crucial support zone for the index failing which a fresh slide can be anticipated,” said Vaishali Parekh, Vice President - Technical Research at Prabhudas Lilladher Pvt. Ltd.

According to her, Bank Nifty would have the daily range of 50,200 - 51,000 levels.

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