Stock Market Prediction Today, 11 August: Domestic equity benchmark indices are likely to remain range-bound but with a cautiously bullish bias on Tuesday, August 11, as technical analysts expect the NSE Nifty50 to hold above crucial support levels while the 30-share BSE Sensex consolidates near its 200-day moving average.
Sensex, Nifty at close on Monday
Amid a spike in crude oil prices due to geopolitical uncertainties, the Sensex closed marginally higher by 43.27 points, or 0.06 per cent at 78,542.44. During the day, it hit a high of 78,676.98 and a low of 78,298.92, gyrating 378.06 points.
The Nifty went up marginally by 13.15 points, or 0.05 per cent, to end at 24,583.80.
Analysts said the indices continued to witness choppy trade, with buying emerging at lower levels but gains being capped near key resistance zones.
Stock Market Prediction for Tuesday, August 11 by experts
According to Nandish Shah – Deputy Vice President, HDFC Securities, the Nifty continues to oscillate between its 200-day SMA at 24,758 and 200-day EMA at 24,384. “The primary trend remains bullish, with the index trading above its 20, 50, 100 and 200 day DEMAs,” said Shah, adding a decisive breakout above the 200-day SMA or a breakdown below the 200-day EMA is likely to determine the index’s next directional move.
“The Nifty witnessed a volatile, range-bound session on Dalal Street, closing at 24,583, up 13 points. The index opened 11 points higher but came under selling pressure during the first 30 minutes of trade. It subsequently reversed course, recovering more than 100 points by the end of the first half. However, the recovery failed to sustain, and the index declined nearly 75 points from the day’s high during the latter half of the session. NSE cash-market volumes were 2% higher than in the previous session,” he said.
A small candle was formed on the daily chart with minor upper and lower shadow, Shetti said.
He further stated the Nifty formed a doji-type candle pattern on the daily chart but this market action has less significance due to its formation within a range bound movement.
“As long as Nifty sustains above the previous breakout support area (support as per change in polarity) around 24300-24400 levels, there is a higher probability of decisive bounce from here or from the lower levels. Hence, any further weakness from here could be a buying opportunity. However, a decisive breakout above 24775 is expected to open sharp upside in the near term,” he added.
Dhupesh Dhameja, Derivatives Research Analyst at SAMCO Securities, said Nifty, from a technical perspective, continues to sustain above the 200-DEMA at 24,384, while the 24,500 psychological markemains an important near-term support.
“The index has successfully maintained its position above this level, keeping the broader structure constructive. The recent price action also suggests that dips towards the 24,500–24,400 region are being absorbed, although a decisive breakout is still required to establish the next directional leg,” he said.
“Nifty ended the session at 24,583.80, gaining 13.15 points (+0.05%), as the index continued to consolidate near its recent highs. The price action remains characterised by a series of relatively smaller-bodied candles, reflecting a phase of equilibrium between buyers and sellers rather than a decisive directional move. The absence of a strong bearish candle despite consolidation near higher levels indicates that selling pressure remains contained,” Dhameja concluded.
Going forward for Tuesday, he said 24,500-24,400 remains the critical support zone, with the 200-DEMA strengthening this base. “On the upside, 24,600-24,700 is the immediate resistance band. A sustained breakout above 24,700 could trigger fresh momentum buying and open the way towards 25,000. Conversely, a decisive break below 24,400 would weaken the structure and increase the possibility of profit booking,” the analyst added.
Sensex Prediction for Tuesday, August 11
Sachin Gupta, VP – Research, Technical Research, at Choice Broking Private Limited, said, the Sensex formed a green daily candle, indicating modest buying interest. However, he said the index faced resistance near the 200-Day EMA around 78,624, limiting the upside.
“A decisive close above this level could improve the technical structure and provide further upward momentum. The RSI stands at 59, reflecting healthy momentum and keeping the indicator comfortably above the neutral 50 mark, although stronger momentum would be confirmed on a sustained move above the 200-Day EMA,” he further stated.
According to Gupta, price action indicates that the Sensex witnessed buying interest from lower levels but faced resistance near the 78,680 mark, keeping the index within a defined range.
The immediate support zone is placed at 78,160–78,300, while resistance is seen at 78,680–78,800. The broader trading range stands at 78,160–78,800, with the near-term bias remaining sideways to bullish as long as the index sustains above its immediate support zone, Gupta added.
The analyst further stated the broader outlook remains sideways to bullish, with the index consolidating near an important technical hurdle. “Sustained buying above 78,680–78,800 could trigger a fresh upward move, while a break below 78,160–78,300 may weaken the near-term structure. Until a decisive breakout occurs, a buy-on-dips approach near support remains preferable while closely monitoring the 200-Day EMA for confirmation of the next directional move,” he added.
