Sensex Gain 166 Points, Nifty at 24,383; Monday Nifty Prediction

Market Review: Three-Day Winning Streak Extends as Nifty Claims the 24,350 Mark

Indian benchmark indices concluded the final trading session of the week on a high note, extending their positive momentum for the third consecutive session. Propelled by robust buying interest in heavy-hitting sectors—particularly financial services, automotive equities, and select blue-chip conglomerates—the market managed to shrug off early intraday volatility and close comfortably in positive territory.

At the closing bell, the 30-share BSE Sensex advanced by 166.49 points or 0.21 percent to settle at 78,094.64. Concurrently, the broader NSE Nifty 50 added 66.45 points or 0.27 percent, finishing the day above the crucial threshold at 24,383.60. Market breadth remained decisively in favor of the bulls. Out of the total actively traded stocks, approximately 2,444 advanced, 1,607 recorded declines, and 185 remained unchanged, reflecting widespread participation across capitalization tiers.

Top Movers and Sectoral Performance Breakdown

Equities Leaders and Laggards

The Nifty 50 index witnessed notable outperformance from financial and automotive names. Leading the pack of top gainers were Bajaj Finance, Bajaj Finserv, Jio Financial Services, Mahindra and Mahindra, and Adani Ports.

On the flip side, profit-booking and selling pressure weighed heavily on select technology and healthcare counters, with top losers including Tata Consultancy Services, Eterna, Max Healthcare, Infosys, and Wipro.

Sectoral Scorecard

Sectoral indices displayed a predominantly green bias, led strongly by media and auto stocks. Nifty Media emerged as the top-performing sector, surging by a stellar 2 percent. Nifty Auto followed closely, gaining 1.6 percent. Energy-linked segments also performed well, with Nifty Oil and Gas and Nifty Energy both posting gains of 1 percent. Defensive and cyclical plays like Nifty Pharma, Nifty Infrastructure, and Nifty PSU Bank registered moderate gains ranging between 0.5 percent and 0.7 percent.

Conversely, technology stocks faced severe headwinds. Nifty IT tumbled 1.5 percent, making it the worst-performing sectoral index of the day, while Nifty FMCG retreated by 1 percent. Demonstrating strong underlying market depth, the broader market indices outperformed the headline benchmarks, with both the Nifty Midcap 100 and Smallcap 100 indices moving higher by 0.4 percent.

Expert Insights: Fundamental Outlook and Macro Headwinds

Market experts maintain a cautiously optimistic outlook, balancing steady corporate earnings performance against persistent macroeconomic uncertainties.

Vinod Nair from Geojit Financial Services notes that while the market has maintained a constructive upward trajectory, visible profit-booking at elevated levels points to investor caution. High global bond yields and elevated interest rates continue to create a backdrop of hesitancy. According to Nair, the long-term sustainability of this recovery hinges heavily on the ongoing corporate earnings season—which has largely beaten street expectations so far—alongside evolving global risk factors.

Abhinav Tiwari from Bonanza shares a constructive view, highlighting that the return of foreign institutional investors, moderating crude oil prices, and resilient global sentiment are acting as strong cushioning elements for domestic equities. He emphasizes that upcoming June-quarter earnings results and geopolitical developments in West Asia will dictate the intermediate trend.

Technical Analysis and Nifty Trading Strategy for August 3

Technical experts point out that while the primary trend remains bullish, the Nifty is currently testing a heavy resistance cluster, which may trigger near-term consolidation.

Chart Formations and Momentum Indicators

Sudip Shah from SBI Securities identifies the immediate hurdle for the Nifty within the 24,450 to 24,500 zone. A decisive, sustained breakout above this ceiling could open the gates for a rapid upmove toward 24,650 and subsequently 24,800 over the short term. Conversely, immediate support is pegged firmly between 24,150 and 24,100.

Rupak De from LKP Securities observes that the index is comfortably defending key moving averages on hourly charts, confirming short-term resilience. However, momentum appears constrained due to fluctuating crude oil prices and Middle Eastern geopolitical friction.

Adding technical depth, Nagaraj Shetti from HDFC Securities points out that Friday’s session formed a small positive candle featuring both upper and lower shadows on the daily chart. This price action resembles a High Wave or Doji pattern near resistance, signaling indecision and potential short-term volatility. The Nifty is currently wrestling with a formidable resistance zone between 24,350 and 24,400—a confluence point comprising an opening downside gap from July 8, a swing high from July 17, and the 200-day exponential moving average. Consequently, traders should anticipate range-bound consolidation or minor pullbacks before any definitive breakout materializes.

Bank Nifty Outlook: Range-Bound Consolidation Continues

The banking benchmark experienced a choppy session on Friday before staging a resilient recovery from intraday lows.

• Price Action: Bank Nifty opened with a notable gap-down and slid lower in early trades, hitting an intraday low of 56,769. However, aggressive bargain-hunting at lower levels erased most losses, allowing the index to close flat-to-negative at 57,148, down 0.10 percent.

• Technical Setup: Over the past four sessions, Bank Nifty has strictly adhered to a tight range between 57,330 and 56,672, oscillating directly between its 20-day and 50-day exponential moving averages. Momentum indicators like the Relative Strength Index have flattened, mirroring a lack of aggressive directional bias, while the Average Directional Index confirms weak trend strength and subdued volatility.

Strategy for Bank Nifty

Looking forward to the August 3 trading session, immediate resistance for Bank Nifty is stacked in the 57,500 to 57,600 zone. A sustained move past this threshold could trigger a push toward 58,000 and 58,400. On the downside, immediate support is anchored securely in the 56,700 to 56,600 band. Traders are advised to adopt a stock-specific, range-bound trading approach until a clear breakout occurs.