Friday, July 19, 2024

Expectations from Indian stock market trade on July 8: Nifty 50 and Sensex insights

Stock Market Update: Sensex and Nifty 50 Set for Muted Opening Amid Mixed Global Cues

The Indian stock market is likely to see a muted opening on Monday, with the Sensex and Nifty 50 indices expected to open flat amid mixed global cues. On Friday, the Sensex closed lower by 53.07 points at 79,996.60, while the Nifty 50 ended slightly higher at 24,323.85.

Technical analyst Nagaraj Shetti from HDFC Securities believes that the Nifty’s underlying trend is positive, with a potential upside breakout around 24,400 – 24,500 levels in the coming sessions. The Nifty 50 index witnessed buy on dips action on July 5, with strong support seen at the 24,200 level.

VLA Ambala, Co-Founder of Stock Market Today, noted that the Nifty formed a Bullish Marubozu pattern on Friday, indicating strong buying interest. He suggests hedging positions and focusing on stocks with monopoly qualities for swing traders.

In terms of Bank Nifty, the index closed lower on Friday at 52,660, forming a small-bodied bullish candlestick pattern. Analyst Kunal Shah from LKP Securities mentioned that the index is currently range-bound, with resistance at 53,000 – 53,200 and support at 52,300 – 52,100 levels.

CEO Rahul Ghose of Hedged.in highlighted increased call writing at 52,500 levels for Bank Nifty, indicating a narrow trading range for the week ahead. Market participants are advised to exercise caution, especially with the price action of HDFC Bank in recent days.

It’s important to note that the views and recommendations mentioned in the article are individual analysts’ opinions and not of Mint. Investors are advised to consult certified experts before making any investment decisions.

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