- Sensex and Nifty 50 snapped a two-day losing streak on Friday, with Sensex closing 331 points higher (up 0.4%) at 77,264.51 and Nifty 50 closing 84 points higher (up 0.35%) at 24,175.65.
- Gift Nifty was trading at around 24,232, reflecting a 110-point discount to Nifty futures' previous close.
- For Monday, 31 August, the market is expected to have a gap-down start amid weak global cues.
Indian stock market benchmarks Sensex and Nifty 50 are anticipated to open lower on Monday, 31 August, due to unfavorable global cues.124
The Gift Nifty is currently trading at a 110-point discount to the Nifty futures' previous close, suggesting a challenging start for investors.3
On Friday, the Sensex closed at 77,264.51, up 330.92 points or 0.43%, while the Nifty 50 settled at 24,175.65, gaining 84.80 points or 0.35%. Despite this, analysts express caution regarding the market's near-term direction.
Hitesh Tailor, a Technical Research Analyst, noted that the index is maintaining support above 76,800-77,000, with resistance at 77,680-78,000. Mayank Jain emphasized the 76,300-76,500 range as a critical support zone.
Osho Krishan pointed out ongoing uncertainty in the Nifty 50's trajectory, while Sudeep Shah mentioned that the banking index has been in a consolidation phase for nearly 18 trading sessions.
The market's recent performance has been mixed, with IT, pharma, and metal shares leading the recovery, but concerns about rising valuations persist as investor interest shifts towards popular stocks and index funds.
“Gift Nifty was trading at around 24,232, a 110-point discount to Nifty futures' previous close, signaling a weak start. Analysts see support at 76,800-77,000 and resistance at 77,680-78,000, while the banking index has been consolidating for nearly 18 sessions.”
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