Opening Bell: BSE Sensex, Nifty50 Open Lower Amid Mixed Global Cues; Key Levels To Watch In Today’s Trade

Amid mixed global cues, Indian equity benchmarks opened lower on Thursday, August 8. The Sensex fell 172.67 points, or 0.21%, to 80,450.59, while the Nifty dropped 41.20 points, or 0.17%, to 24,554.95. Market breadth was slightly positive with 1,260 shares advancing, 978 declining, and 139 remaining unchanged in early trade.

On the Nifty, Trent, Bajaj Finance, NTPC, Hero MotoCorp, and Titan Company emerged among the top gainers, while Bharti Airtel, HDFC Bank, Hindalco, HCL Tech, and Axis Bank led the losers’ pack.

Expert View: Support and Resistance Levels for the Day
Sudeep Shah, Vice President and Head of Technical & Derivative Research at SBI Securities, noted that despite the gap-down opening on weekly expiry day, markets staged a strong recovery.

“On the weekly expiry day, Indian equity markets opened on a weak note, with the benchmark Nifty index witnessing a sharp gap-down start. Despite the jittery start, the Nifty found strong support near the 24,344 level, which turned out to be the intraday low. From there, the index staged a remarkable recovery, driven by aggressive short covering,” Shah said.
The rebound lifted the Nifty over 250 points from the day’s low, closing the session near 24,600, up 0.09%.

Nifty Outlook:
Support: 24,480–24,450
Resistance: 24,700, then 24,850

“As long as Nifty trades above the 24,450 mark, the momentum is likely to remain positive, paving the way for a further pullback rally,” Shah added.

Bank Nifty: Recovery from Crucial EMA Support
The Bank Nifty index showed strength after testing its 100-day EMA, which acted as a strong support.
Bank Nifty Outlook:
Support: 55,200–55,100

Resistance: 55,800–55,900
“A sustained move above 55,900 could open the gates for a rally towards 56,300 and eventually 56,800 in the short term,” Shah said.

Key levels to watch - Sensex
The Sensex touched a low of 79,811 before recovering nearly 900 points to close above 80,600 with a gain of 0.10%.
Sensex Outlook:
Support: 80,400–80,300
Resistance: 81,100–81,200

Sectors to watch today 
According to Shah, “Technically, Nifty Auto, Consumer Durable, Metal and PSU Bank are likely to outperform in the short term.”

Institutional Activity
Foreign institutional investors (FIIs) sold equities worth Rs 4,997.19 crore, while domestic institutional investors (DIIs) bought shares worth Rs 10,864.04 crore in the cash segment on Thursday.

Global Cues: Wall Street Ends Mixed
In the US, all three major indices ended Thursday’s session on a mixed note. The Dow Jones Industrial Average fell 0.51%, the S&P 500 slipped 0.08%, while the Nasdaq Composite gained 0.32%.

“The major trend of the S&P 500 is bullish as it trades above crucial moving averages. Going ahead, the zone of 6,230–6,200 will act as important support, while 6,380–6,400 will be the crucial hurdle,” Shah noted.

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Commodities and Currency
Brent crude: Fell for the sixth consecutive session, trading below key moving averages, with support at $65.80–65.50 and resistance at $68.70–68.90.
US Dollar Index (DXY): Closed lower, with resistance at 99.20–99.40 and support at 97.80–97.50.

Disclaimer

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