Sensex, Nifty Likely to Open Marginally Higher; Key Levels to Watch on August 12
Sensex and Nifty set for a positive opening on August 12; key levels, resistance, and support zones to watch in today’s trade.
Sensex and Nifty poised to open higher on August 12, tracking Monday’s strong rally in PSU banking, realty, and auto stocks.
On Tuesday, August 12, Indian stock markets are expected to open steadily as benchmark indices attempt to build on Monday's robust gains. At 8 a.m., the GIFT Nifty was up 26 points at 24,597, suggesting that domestic stocks were off to a good start.
Bulls recovered on August 11 and drove the Sensex and Nifty up almost 1% each thanks to robust purchases in PSU banking, real estate, and auto stocks. Following last week's tariff-related volatility, which sent the Nifty plunging to a three-month low and marking its longest weekly losing streak in five years, this rally assisted the indices in recovering.
With the sale of stocks valued at ₹1,202 crore, foreign institutional investors (FIIs) continued to be net sellers. Domestic Institutional Investors (DIIs), on the other hand, kept up their buying binge, acquiring shares valued at ₹5,972 crore, giving the market vital support.
Important Levels to Monitor Today
- The Nifty 50: Support is at 24,300; immediate resistance is at 24,630. 24,400 to 24,800 is the anticipated trading range.
- Bank Nifty: 54,900 is the support; 56,000 is the resistance. 54,800 to 56,200 is the anticipated trading range.
- After finding support at its 100-EMA level of 54,950 on Monday, the Bank Nifty recovered.
- Despite the upward trend, the India VIX increased 1.54% to 12.22, indicating caution.
- The Nifty Put-Call Ratio (PCR), which increased from 0.66 to 1.03 in the previous session, also showed market sentiment, indicating a stronger bullish bias as traders sold more Put options than Calls.
