Nifty 50, Sensex today: What to expect from Indian stock market in trade on July 8

  • Stock Market Today: The trends on Gift Nifty indicate a tepid start for the Indian benchmark index. The Gift Nifty was trading flat at around 24,385 level.

Ankit Gohel
First Published8 Jul 2024, 07:25 AM IST
Stock Market Today: Nifty 50 formed a reasonable bullish candle on the daily chart after opening lower and with minor upper and lower shadow.
Stock Market Today: Nifty 50 formed a reasonable bullish candle on the daily chart after opening lower and with minor upper and lower shadow.

The Indian stock market benchmark indices Sensex and Nifty 50 are likely to see a muted opening on Monday amid mixed global cues.

The trends on Gift Nifty also indicate a tepid start for the Indian benchmark index. The Gift Nifty was trading flat at around 24,385 level.

On Friday, the domestic equity benchmark indices ended mixed amid selling in heavyweights.

The Sensex eased 53.07 points to close at 79,996.60, while the Nifty 50 settled 21.70 points, or 0.09%, higher at 24,323.85.

Also Read | Indian stock market: 8 key things that changed for market over weekend

Nifty 50 formed a reasonable bullish candle on the daily chart after opening lower and with minor upper and lower shadow.

“Technically, this market action signals formation of a bullish counterattack type candle pattern, which signals possible comeback of bulls after a small dip. Previously, a similar type of formation on 24th June has resulted in a sustainable upmove for the subsequent week. This is a positive indication,” said Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities.

He believes the underlying trend of Nifty continues to be positive and there is a possibility of an upside breakout hurdle around 24,400 - 24,500 levels in the next few sessions.

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

Nifty 50 Prediction

Nifty 50 index witnessed buy on dips action on July 5 and closed on a sharp intraday upside recovery note.

“After the initial weakness on Friday, Put writers returned heavily. The 24,200 level witnessed heavy writing on the put side, marking a short-term support for Nifty. The last-hour spike in the Nifty shows the resilience of the bullish trend. This strength is likely to prevail in the market until it breaks below 24,200 decisively. A fall below 24,200 might induce profit booking in the market,” said Rupak De, Senior Technical Analyst, LKP Securities.

Also Read | Buy or sell: Vaishali Parekh recommends three stocks to buy today — July 8

VLA Ambala, Co-Founder of Stock Market Today noted that in Friday’s market session, the Nifty formed a Bullish Marubozu pattern on the daily chart which indicates strong buying interest throughout the day. The RSI reading showed 71 daily, 74 weekly, and 79 monthly indicating that the market is in an overbought zone.

“For swing traders, I would suggest hedging their positions and considering any dips between 5-12% as a healthy buying opportunity as the underlying trend remains bullish. Stocks with monopoly qualities should be focused, as they might outperform this week,” Ambala said.

According to her, Nifty is expected to find support between 24,180 and 24,050 levels, with expected resistance between 24,350 and 24,450 levels.

Bank Nifty

Bank Nifty index fell 443 points to close at 52,660 on Friday, forming a small-bodied bullish candlestick pattern with a long lower shadow on the daily chart.

“The Bank Nifty index witnessed a volatile trading session, mainly declining due to a fall in HDFC Bank. The index is currently stuck in a range with resistance visible at 53,000 - 53,200, where aggressive call writing is observed, and support at the 52,300 - 52,100 zone. The index needs to break decisively on either side for trending moves,” said Kunal Shah, Senior Technical & Derivative Analyst at LKP Securities.

However, within the range, the view remains bullish, and declines should be utilized to buy the index, Shah added.

Also Read | Bandhan Bank, GNFC, Piramal Enterprises among 6 stocks in F&O ban list today

Rahul Ghose, CEO of Hedged.in noted that the Bank Nifty Index saw increased writing of the call OI (Open Interest) at 52,500 levels & the short covering of the put OI at 53,000 levels, indicating Bank Nifty likely to trade in a narrow range for the week.

“The Bank Nifty PCR opened at 1.06 levels and dropped to 0.69 levels in the first half of the session & traded steadily around that throughout the day on Friday, indicating this index has fading momentum at the resistance zone, however at lower levels value buying is emerging. Market participants must exercise extreme caution on the long side especially seeing the price action emerging out of HDFC Bank in the past few days,” Ghose said.

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.

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First Published:8 Jul 2024, 07:25 AM IST
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