Indian benchmark indices Sensex and Nifty 50 were expected to open lower on Monday, 17 August, in line with weak global cues. Gift Nifty pointed to a muted start, trading around 24,393.5 with a discount of 56.1 points to the Nifty futures previous close. Investors tracking their stock investment portfolios closely were watching for direction following a flat-to-negative close in the previous session.
In the prior session, the Sensex closed at 78,009.25, down 70.71 points or 0.09%, while the Nifty 50 settled at 24,366, lower by 29.85 points or 0.12%, finishing below the 24,400 level.
Sensex Outlook: Range-Bound With Cautious Bias
Hitesh Tailor, Technical Research Analyst at Choice Equity Broking Private Limited, noted that the Sensex remains range-bound with a cautious bias. The index was trading above its 50-day EMA but below its 200-day EMA, indicating a mixed technical setup.
Tailor identified 77,400 to 77,600 as a key support zone for Sensex, stating that holding above this range could keep the recovery structure intact. On the upside, he noted that a decisive move above the 78,300 to 78,500 zone could improve the near-term technical picture. Tailor also highlighted the importance of monitoring geopolitical developments and crude oil price movements as key external factors.
Nifty 50: Gradual Weakening Over Recent Sessions
Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities, observed that Nifty 50 continued its range-bound consolidation phase, closing 29 points lower in the previous session. He noted that the broader chart structure has reflected a gradual weakening trend over the past nine sessions.
On the weekly chart, Shetti noted that Nifty 50 formed a negative candle following a doji-like pattern at the highs recorded in the previous week. He said this pattern signals a possible false breakout above the 24,500 to 24,600 resistance zone. Despite this, the index has maintained a higher-bottom formation over the past couple of months, which Shetti regards as a structural positive.
Shetti expects further consolidation in the near term. He stated that a sustained decline could pull Nifty 50 towards the 24,200 to 24,000 zone, while 24,500 remains the immediate overhead resistance.
Fibonacci Levels and Key Technical Zones for Nifty 50
Osho Krishan, Chief Manager Technical and Derivative Research at Angel One, said Nifty 50 has retraced 38.20% of its recent rally, coinciding with the breakout neckline of a sloping trendline. He described the current decline as a healthy retracement rather than a trend reversal, provided key levels hold.
Krishan noted that a sustained move below the weekly low of 24,265 could weaken the technical setup and shift the outlook from cautious to bearish. A breakdown below this level, he said, could pull the index towards the 24,200 to 24,150 support zone an area that also aligns with the 50% Fibonacci retracement level and the 50- and 100-day DEMAs.
On the upside, Krishan said a decisive and sustained move above 24,500 could strengthen the underlying trend. He added that such a move could pave the way for a resumption of the primary uptrend, with the 200-day SMA at 24,730 as the next technical reference point. Participants using a reliable trading platform with real-time charting tools may find these Fibonacci and moving average levels useful for tracking price action.
Bank Nifty: Resistance Capped Recovery
Bank Nifty experienced a volatile session, recovering from early weakness before facing resistance around 57,681. The index subsequently fell to an intraday low of 57,380, though a partial recovery in the second half helped limit losses. Bank Nifty ultimately closed at 57,491, down 0.25%.
Sudeep Shah, Head Technical and Derivatives Research at SBI Securities, identified the immediate resistance for Bank Nifty in the 57,900 to 58,000 zone. He said a sustained move above this range could extend the pullback towards 58,400, with 58,800 as the next potential level in the short term. On the downside, Shah placed the immediate support zone at 57,100 to 57,000.
Key Levels to Watch on 17 August
| Index | Support Zone | Resistance Zone | Previous Close |
|---|---|---|---|
| Sensex | 77,400 – 77,600 | 78,300 – 78,500 | 78,009.25 |
| Nifty 50 | 24,200 – 24,000 | 24,500 | 24,366.00 |
| Bank Nifty | 57,100 – 57,000 | 57,900 – 58,000 | 57,491.00 |
Traders and those who open demat account to participate in equity markets may note these technical levels as reference points for monitoring index movement on 17 August. As always, broader market conditions, global developments, and macroeconomic data releases remain key variables to track.
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