Nifty 50, Sensex Outlook: Key Levels to Watch in Today’s Trade (Sept 2)

Indian equity benchmarks Nifty 50 and Sensex are set for a muted start on September 2 amid mixed global signals, with Gift Nifty trading around 24,761.50 — just 14 points above the previous Nifty futures close.

On Monday, markets snapped a three-day losing streak. The Sensex surged 554.84 points (0.70%) to 80,364.49, while the Nifty 50 jumped 198.20 points (0.81%) to close at 24,625.05.

Sensex Technical View 🚀

♦ Reversal signs: Sensex formed a bullish candle on daily charts, indicating a continuation of the pullback.

♦ Upside targets: Holding above 80,000 could lift the index toward 80,500 (20-day SMA) and even 80,800.

♦ Downside risk: A fall below 80,000 may trigger profit booking, warns Shrikant Chouhan of Kotak Securities.

Nifty 50 Prediction 📈

Strong candle formation: A bullish candle near 24,300 cluster support signals a short-term bottom, according to Nagaraj Shetti of HDFC Securities.

Crucial levels: Resistance at 24,700–24,800, support at 24,350–24,400.

Breakout watch: Sustained trade above 24,800 could open doors to 25,000–25,200, while failure to hold highs may drag the index back to 24,300–24,200.

Analyst views:

♦ Nilesh Jain (Centrum Broking): Resistance near 24,700 (21-DMA and 100-DMA confluence); breakout could push to 24,900, but selling pressure may persist below 25,000.

♦ Om Ghawalkar (Share.Market): Bias remains “cautiously positive,” with momentum hinging on flows, USD/INR trends, and sector participation from banks, autos, and IT.

Nifty OI Data (Derivatives) 🔍

♦ Call OI: 24,700 and 24,800 strikes highlight strong resistance.

♦ Put OI: 24,600 and 24,500 strikes indicate robust support.

♦ Implication: The 24,600–24,700 range is crucial for near-term direction, says Hardik Matalia of Choice Equity Broking.

Bank Nifty Prediction 🏦

Index close: Bank Nifty added 346.80 points (0.65%) to 54,002.45, forming a bull candle but staying below key moving averages.

Technical hurdles:

♦ Immediate barrier: 20-SMA at 54,500 must be crossed for a stronger uptrend (Om Mehra, SAMCO Securities).

♦ Support: 53,850 and 53,483 as key downside levels.

Medium-term view:

♦ Sudeep Shah (SBI Securities): Resistance at 54,300–54,400; breakout could extend pullback to 54,900. Support at 53,600–53,500 (200-day EMA).

♦ Bajaj Broking Research: Consolidation expected in 53,500–55,000 range if 200-day EMA (~53,500) holds. Breach below 53,200–53,500 could accelerate decline to 52,500–52,000.

Overall sentiment: Nifty 50 and Sensex show signs of short-term strength, but breakouts above resistance levels are essential for sustained upside, while Bank Nifty lags behind, signaling sectoral caution.