Nifty 50, Sensex today: What to expect from Indian stock market in trade on September 2

The Indian stock market benchmark indices, Sensex and Nifty 50, are likely to open flat amid mixed global cues.

The trends on Gift Nifty also indicate a muted start for the Indian benchmark index. The Gift Nifty was trading around 24,761.50 level, a premium of nearly 14 points from the Nifty futures’ previous close.

On Monday, the Indian stock market ended with healthy gains, snapping their three-session losing run, with the benchmark Nifty 50 closing above the 24,600 level.

The Sensex rallied 554.84 points, or 0.70%, to close at 80,364.49, while the Nifty 50 settled 198.20 points, or 0.81%, higher at 24,625.05.

Here’s what to expect from Sensex, Nifty 50, and Bank Nifty today:

Sensex Prediction

Sensex formed a reversal pattern on intraday charts, and created a bullish candle on the daily charts, indicating a continuation of the pullback formation in the near future.

“For traders now, as long as Sensex trades above 80,000, the pullback formation is likely to continue. On the higher side, it could bounce back to the 20-day SMA (Simple Moving Average) or 80,500. Further upside may also continue, potentially lifting Sensex up to 80,800. On the flip side, if the index falls below 80,000, traders may prefer to exit their long positions,” said Shrikant Chouhan, Head Equity Research, Kotak Securities.

Nifty OI Data

On the derivatives front, the highest Nifty Call Open Interest (OI) is placed at the 24,700 strike, followed by the 24,800 strike, highlighting these levels as key resistance zones. On the Put side, the maximum OI is seen at the 24,600 strike, followed by the 24,500 strike, which will act as strong support levels.

This OI setup suggests that the 24,600 – 24,700 range will be crucial for Nifty’s near-term movement, with a decisive move on either side likely to set the next direction, said Hardik Matalia, Derivative Analyst – Research at Choice Equity Broking.

Nifty 50 Prediction

Nifty 50 index formed a strong bullish candle on the daily chart, signaling renewed strength.

“A long bull candle was formed on the daily chart that formed near the cluster support of 24,300 levels. Technically, this market action indicates a formation of short-term bottom reversal pattern. A sustainable move above the hurdle of 24.700 levels could open more upside in the coming sessions,” said Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities.

According to him, the short-term trend of Nifty 50 seems to have reversed the up post down trend, and a decisive follow-through upmove above 24,700 is likely to pull the index towards the next 25,000 levels. Any failure to sustain the highs could drag Nifty 50 down to the key supports of around 24,300 – 24,200 levels in the near term.

Nilesh Jain, Head – Technical and Derivatives Research Analyst (Equity Research), Centrum Broking Ltd. noted that the Nifty 50 index faces a key resistance zone around 24,700, where both the 21-DMA and 100-DMA coincide, and a breakout above this level could trigger an upside move towards 24,900.

“However, the Nifty 50 index is not fully out of the woods yet, and as long as it trades below 25,000, pullbacks may attract selling pressure. On the positive side, a buy crossover on the hourly MACD indicates scope for follow-up momentum in the near term. On the downside, strong support is placed at 24,350,” said Jain.

Om Ghawalkar, Market Analyst, Share.Market highlighted that the Nifty 50 reclaimed the 24,600 level, with immediate support at 24,350 – 24,400 and resistance at 24,700 – 24,800.

“A breakout above 24,800 could open the door toward 25,000 – 25,200. The bias remains cautiously positive, with stability hinging on flows, USD/INR trends, and follow-through from banks alongside autos and IT,” said Ghawalkar.

Bank Nifty Prediction

Bank Nifty index gained 346.80 points, or 0.65%, to close at 54,002.45, forming a bull candle which remained contained inside previous session price range signaling consolidation around the 200 days EMA.

“Bank Nifty index remains well below the 9-EMA, 20-EMA, and 50-SMA, keeping the bias tilted toward weakness. The 20-SMA at 54,500 is the immediate barrier that needs to be crossed for a sustained uptrend. On the downside, 53,850 remains the immediate support to watch, followed by the crucial swing base of 53,483,” said Om Mehra, Technical Research Analyst, SAMCO Securities.

Overall, he believes while Bank Nifty has managed to defend its key base, the index will need a stronger close above short-term resistances to signal any meaningful reversal. Until then, the stance remains cautious.

Sudeep Shah, Head – Technical Research and Derivatives at SBI Securities highlighted that the Bank Nifty index is yet to reclaim key technical levels and is lagging behind broader market benchmarks like Nifty 50 and the midcap and smallcap indices, which have shown stronger momentum.

“Going ahead, the zone of 54,300 – 54,400 will act as a crucial hurdle for the index. Any sustainable move above the level of 54,400 will lead to extension of the pullback rally upto the 54,900 level. While, on the downside, the zone of 53,600 – 53,500 will act as important support for the index, as the 200-day EMA is placed in that region,” said Shah.

Bajaj Broking Research said that the Bank Nifty index holding above the 200 days EMA placed around 23,500 will lead to consolidation in the range of 53,500 – 55,000 in the coming sessions.

“Bank Nifty has immediate support at 53,200 – 53,500 being the confluence of the 200 days EMA and the low of May 2025. A breach below the same will signal acceleration of decline towards the key support area of 52,500 – 52,000 levels,” said the brokerage firm.

Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.