Nifty 50, Sensex today: What to expect from Indian stock market in trade on July 24

Indian stock market benchmark indices, Sensex and Nifty 50, are likely to open lower on Wednesday following weak global market cues.

The trends on Gift Nifty also indicate a negative start for the Indian benchmark index. The Gift Nifty was trading around 24,410 level, a discount of nearly 40 points from the Nifty futures’ previous close.

On Tuesday, the domestic market indices ended marginally lower after the Union Budget 2024 was presented in the Lok Sabha.

The Sensex fell 73.04 points, or 0.09%, to close at 80,429.04, while the Nifty 50 settled 30.20 points, or 0.12%, lower at 24,479.05.

Nifty 50 formed a small negative candle on the daily chart with a long lower shadow.

“Technically, this pattern indicates a formation of bullish hammer type candle pattern and this signals an attempt of comeback of bulls from the lower levels. A sustainable upmove from here could confirm a short term reversal pattern on the upside. The market continued to sustain above daily 10- and 20-day EMA. Nifty has been sustaining above these moving averages since past 5-6 weeks and have formed few minor bottom reversals around these supports in the past,” said Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities.

He believes the short term trend of Nifty 50 remains negative with high volatility. Emergence of sharp buying and the formation of a positive candle pattern on Tuesday is signaling the occurrence of a bullish reversal pattern in the coming sessions.

According to Shetti, a sustainable move above 24,650 – 24,700 could open the next upside towards 24,850 – 24,900 levels in the near term.

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

Nifty 50 Prediction

Nifty 50 witnessed high volatility on July 23, the Union Budget 2024 day, and closed lower by 30 points.

“The Nifty remained highly volatile on budget day as traders adjusted their positions in accordance with the budget announcements. On the daily chart, a hammer kind of pattern has formed. On the other hand, the RSI is emerging from the overbought zone with a bearish crossover. On the lower end, immediate support is placed at 24,400. Heavy call writing at 24,500 indicates that the selling pressure will remain prevalent in the market until Nifty decisively breaches above 24,500,” said Rupak De, Senior Technical Analyst, LKP Securities.

On the lower end, he believes a fall below 24,400 might trigger a correction towards 24,200 – 24,000.

Bank Nifty Prediction

Bank Nifty index declined 502.10 points, or 0.96%, to close at 51,778.30 on Tuesday.

“The Bank Nifty index experienced a correction during the day due to weakness in the market. Additionally, the index slipped below the 21-day exponential moving average, indicating a weakening trend. Sentiment might remain weak in the short term or until the index stays below 52,100,” De said.

On the lower end, Bank Nifty might move towards 51,200 – 51,000 and on the higher end, resistance is placed at 52,100 – 52,550, he added.

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