Sensex Prediction for Wednesday, July 15 by experts: India’s benchmark equity indices are expected to remain range-bound on Wednesday, July 15. As the 30-share BSE Sensex suffered its steepest decline in four sessions amid rising crude oil prices, foreign fund outflows and renewed flare-up in West Asia, the experts have advised investors to closely watch the 77,000 mark on the index.
Sensex at close on Tuesday, July 14
Sensex top gainers and losers on Tuesday, July 14
Sensex Prediction for Wednesday, July 15 by experts
Analysts expect the Sensex to remain volatile but range-bound unless it breaks decisively below 76,200 or above 78,000 on Wednesday’s trading session. With the earnings season gathering pace, stock-specific action is likely to dominate trading, while investors will continue to monitor global crude prices, foreign fund flows and developments in West Asia for near-term direction.
According to Sachin Gupta, VP – Technical Research, Choice Equity Broking, Sensex has entered a consolidation phase after Tuesday’s sharp decline, with the index continuing to trade within a broad 76,200-78,000 range.
“Technically, the Sensex is now testing its short-term moving average support after Monday’s recovery attempt fell short of the key resistance band. Momentum has cooled off from the neutral-to-positive zone seen a day earlier, and with the index currently trading around 77,055, it is consolidating within a well-defined 76,200–78,000 range as traders await fresh directional cues,” he said.
He further stated the immediate support is placed at 76,200–76,500, while resistance is seen at 77,700-78,000; the overall bias remains sideways for now. “A decisive breakdown below the lower band could open the door to deeper profit-booking, while a bounce back above the upper resistance zone would revive the bullish setup seen earlier this week,” Gupta added.
Overall, Gupta said the Sensex is consolidating after a volatile stretch, having pared a sharp gap-down opening to trade little changed — a pattern that reflects indecision rather than conviction on either side.
“Price action shows the index struggling to sustain recovery attempt, with upward moves repeatedly running into supply near recent highs. Momentum has cooled from the neutral-to-positive footing seen earlier in the week, with the RSI easing back toward the midpoint at 53.21 and the MACD losing some of its earlier bullish thrust. Overall, the setup points to a sideways, range-bound structure, with traders likely to await a decisive directional move before committing conviction either way,” the analyst added.
SEBI-registered analyst, Vipin Dixena also believes the 77,000 level will remain the immediate pivot for Wednesday’s session. “Sensex remains under pressure as it is trading below the 50 EMA, indicating weak short-term momentum. The index is hovering near the crucial 77,000 support, while immediate resistance is placed at 77,400. RSI has slipped to around 39, reflecting weakening momentum but approaching oversold territory,” Dixena stated.
Hr further stated that a decisive break below 77,000 could trigger further downside, whereas reclaiming 77,400 would be the first sign of a recovery.
“Investors are likely to remain focused on the ongoing Q1 earnings season and geopolitical cues, with stock-specific results expected to drive market direction,” he suggested.
Broader markets, sectoral indices on Tuesday
Broader markets also closed lower as the BSE MidCap Select index tumbled 1.01 per cent and SmallCap Select index declined 0.55 per cent.
Among sectors, BSE MidSmall Private Banks Quality Tilt tanked 1.92 per cent, while Realty (1.91 per cent), PSU Bank (1.79 per cent), Auto (1.53 per cent), Financial Services (1.20 per cent), Bankex (1.16 per cent) and IT (1.09 per cent) also closed lower.
Healthcare Telecommunication, Utilities, Metal and Power were the gainers.
A total of 2,737 stocks declined, while 1,501 declined and 195 remained unchanged on the BSE.
On Monday, the Sensex went up by 47.01 points, or 0.06 per cent, to settle at 77,616.40. The Nifty eked out a marginal gain of 4.10 points, or 0.02 per cent, to end at 24,211.
(Disclaimer: The above article is meant for informational purposes only and should not be considered as any investment advice. ET NOW DIGITAL suggests its readers/audience to consult their financial advisors before making any money-related decisions.)
