Stock Market Prediction Today, August 28: Indian equity markets are likely to remain under pressure on Friday, August 28, after benchmark indices – Sensex and Nifty – declined for the second consecutive day on Thursday due to last-minute selling in blue-chip shares such as HDFC Bank and Reliance Industries amid broad-based profit booking and persistent geopolitical uncertainty.’
Technical analysts said the near-term bias has turned cautious to weak, with the Nifty slipping below key technical support levels.
Sensex, Nifty at close on Thursday
Similarly, the 50-share NSE Nifty declined 116.90 points, or 0.48 per cent, to end at the day’s low of 24,090.85.
Stock market prediction today by experts
Despite the short-term weakness, experts point out that key structural supports remain intact as the market transitions into its next phase of consolidation.
Nifty Prediction Today, August 28 by experts
According to Bajaj Broking Research, the Nifty had formed a bearish candle with a lower high and lower low for the second consecutive session, signalling a continuation of the corrective decline.
The index in the process closed below the 50 days EMA.
The brokerage stated the Nifty started Thursday’s session on a positive note but failed to move above 24,300 levels and gave up its intraday gains to close sharply lower around the 24,100 levels.
“Last two weeks high in the Nifty is placed around 24,378 levels, failure to move above the same will keep the immediate bias corrective with key support placed at 24,000-23,800 levels being the confluence of the trendline support joining last 4 months lows, previous major gap area and 61.8% retracement of previous up move from 23,606 to 24,774,” it noted.
Overall, the brokerage said the index is expected to extend the recent consolidation and trade in the broad range of 23,800-24,600 in the coming sessions.
Intraday levels for Nifty
- Resistance: 24,200 and 24,300
- Support: 24,025 and 23,910
Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities, said the Nifty’s choppy movement with a weak bias continued for the second consecutive session on Thursday.
“Nifty closed the day lower by 116 points. The overall market breadth was negative on Thursday echoing profit booking in selective stocks across the board,” he said.
Shetti further stated a long bear candle was formed on the daily chart on Thursday that has broken slightly below the crucial support of ascending trend line at 24150 levels during closing CAS session. Nifty as per weekly timeframe chart is currently sliding down to the support of 24000 levels, the analyst added.
He added that the Nifty is currently moving towards the 24,000 support level on the weekly timeframe. “The underlying trend of Nifty is choppy with weak bias. Any failure to sustain above the crucial 24000 mark could trigger more weakness in the short term.”
According to him, the crucial overhead resistance is placed at 24380 for the index.
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Nifty daily chart – Thursday, August 27
Sensex Prediction today, August 28
On Thursday, Sensex dropped 539.35 points, or 0.70 per cent, to settle at the day’s low of 76,933.59.
According to Riyank Arora, Associate Vice President – HNI & Derivatives, Hedged.in, the decline reflected profit booking across the market, with selling pressure in select heavyweight stocks weighing on sentiment.
“The Sensex slipped 539 points to close at 76,933.59, as profit booking played out across the board,” he said.
Even so, Arora said the index held above its crucial supports. “Keep an eye on 76,700–76,500 on the downside and 77,200–77,500 on the upside — a decisive break above the latter would brighten the short-term picture,” he noted.
He described Thursday’s decline as a healthy corrective session after recent gains and said the broader trend continues to favour the bulls as long as crucial support levels remain intact.
“As long as key support levels remain intact, the overall trend continues to favour the bulls. Traders and investors may continue to adopt a buy-on-dips approach in fundamentally strong stocks while maintaining disciplined risk management,” he advised.
