The Indian stock market is likely to remain range-bound on Thursday, August 13, after key benchmark indices – Sensex and Nifty – ended lower for the second day on Wednesday as elevated crude oil prices and selling in Tata Group stocks after Tata Sons Chairman N Chandrasekaran said he will not seek reappointment when his current term ends on February 20, 2027, weighed on investors’ sentiment.
Despite profit booking dragging the indices into negative territory on Wednesday, technical analysts expect the broader uptrend to remain intact, with key support levels likely to determine whether the market resumes its upward momentum or sees further consolidation.
Sensex, Nifty at close on Wednesday
Riyank Arora, Associate Vice President – HNI & Derivatives, Hedged.in, said, “Benchmark indices retreated on 12 August 2026, as investors booked profits following the recent rally. Weakness in a handful of large-cap names set the tone for the session, and the close came in on a cautious footing. That said, the broader trend hasn’t been dented — global and domestic cues remain the key swing factors from here.”
BSE Sensex settled at 77,966.00, down 187 points. The index witnessed broad-based profit booking during the session but managed to hold above its crucial support levels. Immediate support is placed around 77,700–77,600, while resistance is seen near 78,200–78,500. A decisive move above the resistance zone would strengthen the short-term outlook, Arora furtehr said.
“Profit booking after a strong run is healthy, not alarming, as long as the market holds above its key supports. The broader uptrend remains intact. We’d continue favouring a buy-on-dips stance in fundamentally sound stocks, with risk management front and centre,” he concluded.
Sachin Gupta, VP – Technical Research, Choice Equity Broking, said, “The BSE Sensex ended today’s session at 77,966.35, declining 187.90 points (-0.24%). The index opened at 78,263.33, which also remained the day’s high, before slipping to an intraday low of 77,497.93. The benchmark recovered from the day’s low in the second half but still closed in negative territory, reflecting initial selling pressure followed by selective buying at lower levels.
Price action remained volatile, with the Sensex initially attempting to sustain the 78,000 mark during the first 15 minutes but failing to hold the level, which triggered further weakness. The index subsequently found support near 77,500 and staged a recovery during the second half of the session. The immediate support zone is placed at 77,250–77,500, while resistance is seen at 78,200–78,400. The broader trading range stands at 77,250–78,400, with the near-term bias remaining sideways.
Sector-wise, PSU Banks, Capital Goods, Bankex, Private Banks and Telecommunication were among the key outperforming sectors today. On the other hand, Healthcare, Focused IT, Information Technology, FMCG and Realty remained under pressure. The mixed sectoral performance indicates selective buying across banking and capital-oriented segments, while weakness in IT and defensive sectors continued to weigh on overall market sentiment.
From a technical perspective, the Sensex formed a red bearish daily candle, but the presence of a long lower wick indicates buying interest emerging from lower levels. After failing to hold 78,000 in the opening phase, the index bounced from around 77,500 and also found support near its 20-Day and 100-Day EMAs, highlighting underlying resilience. The RSI stands at 52.86, remaining above the neutral 50 mark, while the PCR at 1.04 indicates a relatively balanced derivatives setup. Sustained support from the key EMAs could help limit further downside.
The broader outlook remains sideways, with the Sensex consolidating between crucial support and resistance zones. Holding the 77,250–77,500 support area will be important for maintaining stability, while a decisive move above 78,200–78,400 could revive positive momentum. Until a clear breakout or breakdown emerges, the index is likely to remain range-bound, with buying interest at lower levels providing some cushion to the downside.”
Hitesh Tailor, Research Analyst – Research at Choice Equity Broking Private Limited, said, “Indian indices witnessed a volatile session, with Nifty 50 closing at 24,435.95, down 35.75 points (-0.15%). The index faced selling pressure during the first half, declining to an intraday low of 24,265.25, before a strong recovery in the later half helped it regain a significant portion of the losses. Nifty managed to close above the 24,400 mark, while the daily chart continues to indicate a broader recovery structure with RSI at 54.81, keeping momentum in the positive territory.
Sector-wise, PSU Banks, Media and Metals supported the market, while IT, FMCG and Auto remained weak. In the derivatives segment, PCR stood at 1.01, indicating a largely balanced setup. India VIX declined 1.62% to 11.6625, reflecting contained volatility. The highest Call OI was concentrated at 24,500–24,600, while Put OI remained prominent at 24,400–24,300, making these important positioning zones.
Technically, 24,200–24,250 remains the crucial support zone, where sustained buying interest could keep the recovery intact. On the upside, 24,500–24,550 is the immediate resistance band; a decisive move above this zone would strengthen the bullish momentum and open room for further gains. Until then, the index is expected to remain range-bound with buying interest emerging on dips.”
Bajaj Broking Research said, “On the daily chart, index formed a bullish hammer like candle with a small real body and a long lower shadow signaling buying demand at lower levels around the 20 days EMA and the previous breakout area. Going ahead, a follow through strength above Wednesday high 24,473 will open pullback towards 24,600-24,700 levels in the coming sessions.
Index in the last 7 sessions is seen consolidating in a narrow range retracing just 38.2% of its previous 7 sessions sharp up move from 23,606 to 24,774. A shallow retracement of its previous up move in equal time interval highlights a higher base formation. The broader trend in the Nifty continues to remain positive, as it consolidates above the breakout zone of the three-month triangular pattern and the current breather should be used to accumulate quality stocks. A decisive breakout above 24,700 would confirm the resumption of the uptrend, opening the way towards 25,200 in the coming weeks.
On the downside, 24,200–24,300 remains the immediate support zone, supported by the previous gap area and the 50-day EMA. While key short-term support is placed at 24,000 levels, index holding above the same will keep the short-term bias positive.”
